Question
Where is the International Financial Services Centres
Authority (IFSCA) planning to set up an international arbitration center for dispute resolution?Solution
• The International Financial Services Centres Authority (IFSCA) is going to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution. • 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. • 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.
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