Mumbai to get its first Arbitration Centre

The financial capital of India is likely to get the International Arbitration Centre. This will be the India’s first arbitration centre for dealing the financial disputes.

Flash points

• The financial disputes of India were dealt in the Singapore Arbitration centre, now with the establishment of the International arbitration centre in Mumbai it will be a boon to the Indian companies
• Out of the 259 cases registered at Singapore arbitration centre in 2013, 85 were from Indian companies
• The MCIA will be implemented under the Make in India initiative and it is likely to attract $2billion worth investments
• It will find solutions for the financial disputes of companies according to its new framework of rules that meet global standards
• The drafting committee of MCIA includes Nish Shetty, Partner, Clifford Chance, Singapore and Vyapak Desai Partner, Nishith Desai and Associates who have constituted the Arbitration Rules of the MCIA
• The MCIA has been registered as a not-for-profit charitable trust in Mumbai
• The taxation for the special economic zones that are going to be set up as a part of the International Finance Services Centre are being evolved by Union minister of state Jayant Sinha and other legal experts
• The proposed rules of MCIA will be in par with the SICA(singapore), FCC(France ) and LCIA(London)
• The MCIA will have road shows conducted all over the world to popularize MCIA and also to attract investments for Maharashtra

Points to note

• Maharashtra CM- Devendra Fadnavis
• Capital– Mumbai
• Finance Minister– Arun Jaitley