On Saturday, Devendra Fadnavis, the chief minister of Maharashtra inaugurated India’s first centre for international arbitration in Mumbai. Initially, MCIA( Mumbai Centre For International Arbitration) will be located at Express Towers but there will be a bigger and more exclusive facility at Bandra Kurla Complex(BKC) as promised by Fadnavis.
MCIA will develop an ecosystem for the proposed International Financial Services Centre (IFSC) in Mumbai and apart from this, it will also attract Global Companies along with the Indian Businesses.
MCIA will be governed by a 17-member governing council. Fadnavis also emphasised on the joint efforts made by Maharashtra and the Union Government to put in place the policy mechanism and physical apparatus for “an efficient, transparent and credible dispute resolution system”.
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