The BSE Brokers’ Forum will be investing Rs 120 crore to set up a commercial tower for its back-office operations at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. The Forum has been allotted 300,000 square feet area for development of a commercial building for their members. The members of the forum hold 40 per cent equity in the Bombay Stock Exchange (BSE).
Gujarat finance minister Saurabh Patel handed over allotment letter for the Green Tower to BSE Brokers’ Forum in presence of Union Minister Arun Jaitely in New Delhi on Wednesday. The forum members decided to set up operations in India’s first globally benchmarked International Financial Services Centre (IFSC) as it offers modern facilities at a significantly lower cost.
The BSE Brokers’ Forum has been playing a vital role in the development of the capital market in general and trading members in particular. Currently, the Forum has 742 trading members in the equity segment and 93 trading members (associate) of the commodity segment as its members. The BSE Brokers hold around 40 per cent equity in the Bombay Stock Exchange. Gujarat government officials said that BSE may also set up an exchange office in this new building at GIFT.
Speaking on the occasion Patel said, “With more than 5,000 companies being listed on the BSE, BSE is the world’s No. 1 exchange in terms of listed members, presence of leading capital market players through BSE Brokers’ Forum at GIFT City is another testimony of the sound value proposition being offered by GIFT City to various businesses. GIFT City with state-of-the-art infrastructure facilities is fast emerging as most preferred location for various financial institutions for setting up their operations.” Leading Banks like, State Bank of India, Bank of Baroda, Bank of India, Syndicate Bank, Corporation Bank, HDFC Bank etc. have already been allotted space in GIFT City.
Being developed on an integrated smart city, GIFT City, has also made allotments for facilities like World Trade Centre, ICSE School, Training Centre, Business Club, Retail Mall, Hotel and Residential Apartments.
Welcoming the development Patel said, “In the coming years it is expected to have more stock exchanges from across the world to come and set up operations at GIFT City which is going to emerge as India’s first International Financial Services Centre and will offer offshore banking facilities.” He said that developing GIFT City as smart city has been the vision of Prime Minister Narendra Modi and Gujarat government was taking all necessary steps to fast track the development of GIFT City.
GIFT City is a venture between Gujarat government and IL&FS. It is being developed as India’s first multi-service Special Economic Zone (SEZ) with International Financial Service Centre (IFSC) status which will cater to India’s large financial services potential by offering global firms, world-class infrastructure and facilities. It is estimated that GIFT would provide 500,000 direct and an equal number of indirect jobs.