New Delhi, 15 October 2014

Gujarat Finance Minister Shri Saurabh Patel today, in the presence of Union Finance Minister Shri Arun Jaitely, handed over the allotment letter for the development of the Commercial Tower at Gujarat International Finance Tec-City (GIFT) for the members of BSE Brokers’ Forum to Vice Chairman Shri Alok Churiwala. India’s first globally benchmarked International Financial Services Centre (IFSC), will host an iconic futuristic Green Tower for members of BSE Brokers’ Forum. The BSE Brokers’ Forum will invest an estimated Rs 120 crore to set up this tower with the intention of setting up their back-office operations to this new location as it will offer modern facilities at a significantly lower cost.

The Forum has been allotted 3 lakh square feet for 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% equity in the Bombay Stock Exchange.

Welcoming this major development for Gujarat, Shri Saurabhbhai Patel, Finance Minister, GoG said, “developing country’s first Global Financial Hub at GIFT City as smart city has been the vision of Shri Narendra Modi, Prime Minister of India 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.

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 5000 companies being listed on the BSE, BSE is the world’s No. 1 exchange in terms of listed members.

Presence of leading Capital Market players through BSE Brokers’ Forum at GIFT City is another testimony of the sound value proposition being offered by GIFT City to various businesses. 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, State Bank of India, 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.

Gujarat International Finance Tec-City (GIFT) 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% share of the financial services potential in India.

Shri Dipesh Shah, Vice President of GIFT City and Shri Ajit Sanghavi, Governing body member & In-charge of GIFT Project, BSE Brokers’ Forum attended the event.