Best Capital Markets Law Firm Teams in India for an Internship

If you’re chasing an internship in Capital Markets, not every firm’s ECM/DCM team carries the same weight. Chambers and Partners ranks Indian law firms specifically by practice area, and a handful of teams consistently sit at the top for equity and debt capital markets work. This guide breaks down which firms actually lead in Capital Markets, so you can target your internship applications where the real deal flow is.

What Makes a Capital Markets Team Worth Targeting

Capital Markets work covers IPOs, QIPs (Qualified Institutional Placements), rights issues, non-convertible debentures, and bond offerings, work that sits squarely at the intersection of corporate law and finance. A strong Capital Markets team gives interns exposure to high-value, headline transactions, not routine contract review. Since this practice area moves in cycles tied to market activity, the strength of a firm’s team in a given year genuinely matters for how much live deal exposure you’ll actually get.

Shardul Amarchand Mangaldas & Co (SAM)

SAM’s Capital Markets practice is highly reputed for both equity and debt work, regularly acting on headline mandates in India. The team handles IPOs, secondary offerings, QIPs, and non-convertible debentures, advising clients across financial services, technology, energy, and life sciences. SAM is also instructed on REIT public offerings, a genuinely specialised niche within capital markets. Prashant Gupta, who heads the firm’s Capital Markets practice from Delhi, is considered a leading name in this space.

AZB & Partners

AZB runs a market-leading Capital Markets team, particularly active on IPOs and QIPs, representing both issuers and underwriters on cross-border matters. The firm is also strong on debt offerings, including non-convertible debentures and foreign currency convertible bonds, across financial services, telecommunications, and real estate. AZB’s Mumbai-based senior partner Varoon Chandra is regularly instructed by major financial institutions on large-scale IPOs and QIPs.

Trilegal

Trilegal’s Capital Markets team regularly advises underwriters, foreign investors, investment funds, and issuers, with particular strength in IPOs, QIPs, and rights issues. The team draws on Trilegal’s broader banking practice for debt capital markets work, and handles transactions across technology, retail, and life sciences. Partner Bhakta Patnaik, based in Mumbai, specialises across both equity and debt capital markets.

Cyril Amarchand Mangaldas (CAM)

CAM fields one of the largest Capital Markets teams among Indian firms, and Yash Ashar, based in Mumbai, has long been considered a market leader in this space specifically. CAM leads major rights issues and QIPs, alongside bond work, and remains one of the most active firms in the ECM space by sheer transaction volume.

Khaitan & Co

Khaitan & Co’s Capital Markets team is held in high regard for handling both ECM engagements like IPOs and QIPs, and novel DCM matters including high-yield bonds. The firm acts for domestic and international investment banks, financial institutions, and public sector organisations. Abhimanyu Bhattacharya, based in Mumbai, handles a range of IPOs and rights issues for the firm.

JSA (J. Sagar Associates)

JSA advises on both equity and debt capital markets matters, regularly acting for underwriters on IPOs, with an established reputation specifically in non-convertible debentures and MTN programmes. The firm also advises on the formation, registration, and IPOs of infrastructure investment trusts (InvITs), a genuinely specialised area within the broader capital markets practice.

S&R Associates

S&R Associates punches above its size in Capital Markets, despite being considerably smaller than the full-service firms above. Sandip Bhagat, based in Mumbai, is considered a leading ECM lawyer, and the firm remains a consistent presence in Chambers’ Capital Markets rankings despite its boutique structure.

What to Know Before You Apply

A few things worth keeping in mind as you target these teams:

• Mumbai is the centre of gravity. Nearly every senior Capital Markets partner named above is based in Mumbai, since that’s where most ECM and DCM deal activity concentrates. If you’re aiming for this practice area, a Mumbai office internship generally offers stronger exposure than the same firm’s other locations.
• Deal cycles matter. Capital markets activity moves with broader market conditions. A strong IPO season means genuinely more live deal exposure for interns; a quieter year means more time on research and documentation review.
• This is a specialised ask. Naming Capital Markets specifically in your application, rather than “general corporate,” signals genuine interest and helps you get placed with the right team once you’re in.

The Bottom Line

Shardul Amarchand Mangaldas, AZB & Partners, Trilegal, Cyril Amarchand Mangaldas, Khaitan & Co, JSA, and S&R Associates make up the core of India’s top Capital Markets teams, per Chambers and Partners’ current rankings. If Capital Markets is genuinely the practice area you want to build a career in, target your internship applications specifically at these teams’ Mumbai offices, and say so explicitly in your cover letter.

If your CV needs work before you apply, read how to make a law student CV that stands out to recruiters. And if you’re comparing this against other practice areas or firms more broadly, our guide to top law firms in India: a ranking guide can help you widen the picture.

Have questions about which firm or practice area fits your goals? Ask a mentor directly on The LawCademy’s QnA Mentorship Segment. – https://thelawcademy.in/questions/ask-a-mentor/