New Delhi, The International Financial Services Centres Authority (IFSCA) is “on the job” to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala Sitharaman in her Budget speech in 2022 announced setting up of an international arbitration centre at Gujarat International Finance Tec-City (GIFT City).
Currently, GIFT-IFSC is the maiden international financial services centre in India.
“The proposal is under consideration of the government…we are already on the job”, he said at an event organised by the PHD Chamber of Commerce and Industry.
The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.
Asked if crypto currency is allowed in IFSC, Rajaraman said it is not permitted as it is not a safe financial product.
However, he said, IFSCA is working on tokenisation of real world assets and the regulator is working on financial sector assets.
IFSCA was established in April last year under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.
IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the maiden international financial services centre in India.
Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Sebi, PFRDA and IRDAI regulated the business in IFSC.
The main objective of IFSCA is to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
