SIAC’s representative office at GIFT City to be operational in January

Gandhinagar, Dec 23 (IANS) The Singapore International Arbitration Centre (SIAC) will start operating its representative office at the Gujarat International Finance Tec-City (GIFT City) from January, an official said here.

The SIAC in June had signed a memorandum of agreement with GIFT for dispute resolution mechanisms at the country’s first International Financial Services Centre (IFSC) here.

Under the agreement, SIAC and the Singapore International Mediation Centre (SIMC) will collaborate with the Indian companies to resolve international commercial disputes in the GIFT city.

“All the formalities have been completed and the SIAC will start their operations here through their representative office from January,” said Dipesh Shah, head (IFSC & Strategy) at GIFT City.

“SIAC, and the SIAC Rules, are widely used by Indian and international companies investing in India, to resolve their disputes. So the opening of the office will be big boost towards dispute redressal,” he said.

Talking about the GIFT city, Shah also said the BSE starting an international stock exchange will further boost the prospects of the IFSC.

Prime Minister Narendra Modi will inaugurate the international trading operations of the BSE on January 9 on the eve of the Vibrant Gujarat Global Summit-2017.

Shah said following the BSE’s international exchange, as many as 84 trading members with the BSE will also set up business at the IFSC.

“Besides, being operational with transactions worth over A$1 billion, we have received committed investment of over $1700 million of which $300 million have already been made,” he added.