MUMBAI
"The Mumbai Centre for International Arbitration (MCIA) will be ready by July. We will move it to its permanent location in the IFSC building in Bandra Kurla Complex (BKC) later," a senior official who is involved with the exercise told dna. "This will be the first in India and match global standards," he added.
In a boost for country's Make in India ambitions and the plans for setting up an International Financial Services Centre (IFSC) in the city, Mumbai will soon get the first international arbitration centre which will be on the lines of global centres like London and Singapore.
"The Mumbai Centre for International Arbitration (MCIA) will be ready by July. We will move it to its permanent location in the IFSC building in Bandra Kurla Complex (BKC) later," a senior official who is involved with the exercise told dna. "This will be the first in India and match global standards," he added.
The centre — which will be temporarily located in one of Mumbai's central business districts — will be on lines of arbitration institutions like Singapore (SIAC), France (ICC) and London (LCIA). The MCIA is expected to attract manufacturing and investments to India and Maharashtra by creating a legal and regulatory framework and reassuring the international and domestic business community through a strong system which will help enforce contracts. This institutional arbitration and dispute resolution setup will be on the lines of global systems.
Unlike court proceedings, arbitration is seen as less formal and cost and time effective. Officials admit that for the IFSC to succeed, dispute redressal mechanisms need to be world-class and point to the example of London. Taxation laws will also have to amended to attract investments.
In 2007, a high powered expert committee on making Mumbai an international finance centre had submitted its report to the Centre.
For establishing the IFSC, the Maharashtra government has already set up a task force under union minister of state for finance Jayant Sinha which also consists of BJP MP from Mumbai North Central Poonam Mahajan, chief secretary Swadheen Kshatriya, senior officials from the state and central governments. It has chief minister Devendra Fadnavis' officer on special duty Kaustubh Dhavse as the member convenor.
The set up of the MCIA, which has been registered as a not-for-profit charitable trust, will also boost the IFSC plans. The state government plans to operationalise the IFSC by around 2018. The set up of the MCIA will also help Mumbai emerge as an international arbitration hub and also incubate a wider economic ecosystem.
"The MCIA will help retain around $5 to 10 billion in India (through dispute resolution). Otherwise, this money would have headed to locations like Singapore and London," the official noted.
The MCIA drafting committee, which consists of domestic and international experts in arbitration, is working on the arbitration rules, which have also been reviewed by jurists and leading lawyers like former Supreme Court judge BN Srikrishna, Fali Nariman and Harish Salve.
Incidentally, the Singapore International Arbitration Centre (SIAC), which has its overseas liaison office in Mumbai, notes on its website that: "Indian parties contributed to the highest number of filings at SIAC in 2013, generating 85 of 259 new cases. This growing trend follows on from recent years where the number of new cases involving at least one Indian party has grown steadily and for instance, increased tenfold in the period from 2001 to 2012. In 2014, India remained a strong contributor to SIAC's international caseload, ranking third among SIAC's top foreign users."
The MCIA will organise global outreach programs to market the institution and also Mumbai and Maharashtra. It will also train government employees on international best practices in arbitration.
BGT 2024, Ind vs Aus: Can Shubhman Gill be the new Cheteshwar Pujara? Is he really ready?
The Ultimate Guide to Luxury Gifting: Discover Heirloom Pashmina by Pashmina.com
Effortless Relocations: The Perks Of Professional Removalists In Melbourne
Watch: Pakistan fan with 'Imran Khan' poster asked to leave Hobart stadium in Australia
International Criminal Court issues arrest warrant against Israeli PM Benjamin Netanyahu for...
WATCH: World’s shortest woman meets world’s tallest woman, video goes viral
IND vs AUS 1st Test: Predicted playing XIs, Perth weather forecast and pitch report
IND vs AUS: When will Rohit Sharma join India squad? Check latest update
'Scam 2024': Diljit Dosanjh lookalike pranks people on Pune streets, video goes viral
Delhi Air Pollution: Centre announces staggered work timings for govt employees; check details
Mukesh Ambani's Reliance Jio loses nearly 80 lakh subscribers in just 30 days, BSNL adds...
IND vs AUS, 1st Test Dream11 prediction: Fantasy cricket tips for India vs Australia match
This country has most expensive passport in world, not US, UK, UAE, it costs Rs...
Amid rising air pollution, Delhi-NCR's crematorium records cleanest air; check AQI here
Revolutionising Medical Imaging: Venudhar Rao Hajari’s impact on healthcare technology
Abhishek Gupta and Onevision Media: Scaling brands on social media
Video shows Korean girl eating jalebi for first time, her reaction to Indian sweet goes viral
Cristiano Ronaldo confirms THIS YouTube star as his next guest, says, 'Will break Internet'
Delhi Assembly Elections: AAP releases first list of 11 candidates for 2025 polls
Adani Group's FIRST REACTION after US indicts Gautam Adani in alleged bribery case
Instagram introduces new feature, know how to reset app's algorithm, change your feed
Oppo Find X8 and X8 Pro launched in India, check specifications, price, other details
Charges against Gautam Adani: BJP's scathing attack on Congress, questions timing of development
Jasprit Bumrah's BIG statement on taking up Perth test captaincy, says, 'tactically better...'
Blackout on breaks: Company imposes no-sick-leave policy until 2025
Drug-laden terrorists on India's western, northern frontiers
Mohammad Shami trolls Sanjay Manjrekar over IPL auction bid prediction, says, 'Baba ki...'
IND vs AUS Test: When and where to watch 1st match of Border-Gavaskar trophy, know details here
CAQM amends Grap Stages III, IV, enforces stricter measures in Delhi-NCR amid air pollution woes
Malayalam actor Meghanathan passes away at 60 after suffering from...
Adani Green Energy's FIRST reaction after US indicts Gautam Adani in alleged bribery case
'Keep me out of...': Pakistani Instagram star Mathira on MMS leak controversy
Delhi Air Pollution: AQI marginally improves from 'severe' to 'very poor' category
'I love him, he loves me! Why hurt...': Rekha's bold confession about Amitabh Bachchan goes viral
Meet man, IITian who built Rs 5493 crore firm, has this Mukesh Ambani connection, he is from...
Shillong Teer Results TODAY November 21, 2024 Live Updates: Check winning numbers here
‘I didn’t have time to…’: When AR Rahman revealed having ‘agreement’ before marriage to Saira Banu
Viral video: Woman's sizzling belly dance to 'Namak' impresses internet, watch
Hardik Pandya banned, Mumbai Indians captain to miss first match of IPL 2025 due to...
Meet man who studied at IIM, IIT, then built Rs 1160000000 company, got inspired by…
Meet woman, who quit as dentist for UPSC exam, became IAS officer with AIR...
Viral video: Little girl steals hearts with her adorable dance to 'o meri cutie', watch
Gautam Adani's company signs another pact to acquire 100% stake in...
CBSE Date Sheet 2025 announced: Class 10, 12 board exams to begin from...
Apollena: Aditi Sharma on how space-based drama encourage young girls, says 'no matter how many...'
Is Mia Khalifa dating ex-Man City star Julian Alvarez? Former adult star says 'It certainly...'
IPL 2025 auction RTM rule: How this year’s right-to-match card is different from previous seasons
'Virat Kohli is trying to...': Shoaib Akhtar makes BIG statement on Champions Trophy 2025
Maharashtra Election 2024: Mukesh Ambani and family cast their votes in Mumbai
Centre revises performance-linked incentive scheme for THESE employees; check details
Manipur violence: Prohibitory orders to be relaxed in Imphal Valley for 7 hours
Jharkhand Exit Poll Results 2024: 36-41 seats predicted for BJP, JMM to secure…