Prime Minister Narendra Modi’s dream project Gujarat International Finance Tec-City (GIFT) got a major boost as three lakh sq ft built-up area has been allotted to the BSE Brokers’ forum on Wednesday in New Delhi.
The BSE Brokers’ Forum will invest an estimated
Rs120 crore to set up this tower for their back-office operations to this new location as it will offer modern facilities at a significantly lower cost. Gujarat Finance Minister Saurabh Patel handed over the allotment letter to the forum’s vice chairman Alok Churiwala in presence of Union Finance Minister Arun Jaitely for the development of the Commercial Tower at GIFT on the outskirts of Gujarat’s capital Gandhinagar.
India’s first globally benchmarked International Financial Services Centre (IFSC) will host an iconic futuristic Green Tower for members of BSE Brokers’ Forum. The Forum has been allotted three lakh square feet plot for the development of a commercial building for their members. BSE may also set up an exchange office in this new building at GIFT.
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.
“Developing country’s first Global Financial Hub GIFT City as smart city has been the vision of Prime Minister Modi and the Gujarat Government with the help of Central Government is taking all necessary steps to fast track the development of GIFT City which will transform State of Gujarat and India as a whole and create large number of jobs,” said Saurabh Patel.
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. With significant growth expected in the Indian equity and commodity markets in future, GIFT City offers world class back-office operation facilities at very competitive rates. With more than 5,000 companies being listed on the BSE, BSE is the World’s No. 1 exchange in terms of listed members.
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, SBI, Bank of Baroda, Bank of India, Syndicate Bank, Corporation Bank, HDFC Bank etc. have already been allotted space in GIFT City. The GIFT City being developed on an integrated smart city has also made allotments for facilities like World Trade Centre, ICSE School, Training Centre, Business Club, Retail Mall, Hotel and Residential Apartments.
GIFT is a Government of Gujarat Project in partnership with Il&FS is developing India’s First Global Financial Hub. GIFT is India’s first multi-service 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 aims to attract the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5, 00,000 direct and an equal number of indirect jobs which would require 62 million square feet of real estate office and residential space. like all leading financial centres, GIFT will target a 6-8 per cent share of the financial services potential in India.