Thanks Sinha ji for posting this interesting species and earlier discussoins on the same. Would like to inform that as per Kew Plant Llist Fluggea species are now in the family Phyllanthaceae. The species under discussion are two distinct species :
I) Fluggea leucopyrus Willd. (accepted name ) syn- Securinega leucopyrus (Willd) Muell-Arg
2) Fluggea virosa (Roxb. ex Willd.) Royle (accepted name ) syn - Securinega virosa (Roxb.ex Willd.) Pax. & Hoffm.
Your picture appears to me as Fluggea virosa due to the description you have given of spines only in the lower main branches, and I can see small lenticular specks on the bark which is indicative of the species.In Fluggea leucopyrus the branches are somewhat straggling, branchlets angular, slender, and ending in sharp spines.
A simple key from Dr. Almeida's flora Vol IV-B pg 350:
1.Unarmed; leaves 2.5-8cm long-------------------------------- Fluggea obovata
2.Spinous; leaves rarely exceeding 2.5 cm long-----------Fluggea leucopyrus
regards,
Rashida.