In an exclusive interview to Livemint, veteran lawyer Zia Mody opens up on the evolving M&A landscape. According to Mody, while the "friendly" M&A will continue, the adversarial component in such transactions has also come to assume significance. " The promoters that are at risk are the ones that have smaller shareholdings," she says. In a competitive deal-making environment, promoters need to be more mindful of regulations such as the takeover code and the IBC norms. Mody also opens up on how fear of missing out is catching up with private equity in a big way. "The general investor sentiment right now is that there will be a positive return to power, that there will be continuity and that the reform agenda will continue," she concluded.