The International Financial Services Centres Authority (IFSCA) on July 16, 2024, issued a report of the Export Committee for drafting institutional arbitral rules for the proposed International Arbitration Centre at GIFT IFSC.
The following has been stated namely: -
• The Expert Committee, chaired by Dr. M. S. Sahoo, former Chairperson of IBBI, with legal experts in ADR, drafted institutional arbitral rules and proposed regulatory design for the International Arbitration Centre at GIFT IFSC, emphasizing speedy and cost-effective dispute resolution based on international jurisprudence.
• The committee's recommendations include emulating international best practices, proposing regulatory amendments under the IFSCA Act, 2019, Arbitration and Conciliation Act, 1996, and Mediation Act, 2023, establishing an institutional framework and judicial structure for the International Arbitration Centre at GIFT IFSC.
The report of the Expert Committee &ndash
