Reed Smith Client Alerts

Key takeaways

  • Report recently recommended new Alternative Dispute Resolution Centre for India’s International Financial Services Centres
  • Unique High Court with foreign judges and option to have foreign lawyers also proposed
  • Alternative Dispute Resolution Centre would offer arbitration, mediation and a more diverse set of dispute resolution methods
  • Report also accepts global best practices including freedom for parties to choose governing laws and third-party funding of arbitrations

Autoren: Gautam Bhattacharyya Hasit Seth

Introduction

India has a rapidly expanding alternative financial services system regulated by the International Financial Services Centre Authority (IFSCA). The IFSCA, with its broad powers, manages the International Financial Services Centres (IFSCs). At present, there is one operational IFSC – the Gujarat International Finance Tec-GIFT City (GIFT City). As of June 2024, GIFT City IFSC banking institutions held US$62.45 billion in assets and transacted US$89.54 billion in business. Between April and June 2024, US$98.86 billion in capital markets transactions were executed in GIFT City’s exchanges; among other transactions, 137 aviation assets were leased. (source: IFSCA Bulletin April-June 2024)