SIAC office may see first hearing soon, says GIFT CEO

Gujarat International Finance Tec-City (GIFT) is hopeful that the office of Singapore International Arbitration Centre at the city would see the first set of hearing soon, GIFT MD and CEO Ajay Kumar Pandey said.
Also, around 3-4 foreign banks are likely to soon set up shops at the International Financial Services Centre (IFSC) in Gujarat's GIFT City and are waiting for RBI to issue certain operating guideline, he added.
At present, 11 Indian banks are operational in GIFT city.
"For a successful financial services centre to be there, you need independent dispute resolution mechanism...So we convinced the Singapore International Arbitration Centre(SIAC) to open their office and they opened office in August 2017. And hopefully we should start seeing the first set of hearing soon.

"And another 6-7 Indian banks are in the pipeline," Pandey told reporters here.
He further said that insurance policies worth USD 20 billion by insurance companies operating from GIFT city has been issued so far.

Pandey also said that more than 150 companies are operating from GIFT city.
It is an integrated development on 886 acres of land with 62 million square feet of built-up area which includes office space, residential, schools and hospitals.
It also has a dedicated multi-services special economic zone (SEZ) for international operations for the services sector. The SEZ also has a status of India's first IFSC.