Brokers’ Forum, the association of brokers of Asia’s oldest stock exchange Bombay Stock Exchange, has been allocated a total of 4.5 lakh square feet of Built Up Area (BUA) in Gujarat International Finance Tec-City (GIFT) at Gandhinagar, India’s first globally benchmarked International Financial Services Centre (IFSC). The Forum was initially allotted 3 lakh square feet of BUA by GIFT to build the iconic Tower at GIFT City. However, due to an overwhelming response from member brokers, the Forum decided to take up an additional space of 1.5 lakh square feet of BUA in GIFT. BSE Brokers’ Forum will invest an additional about Rs 80 crore, taking the total investment at GIFT City to about Rs. 200 crore.
Shri Saurabh Patel, Honourable Minister of Finance, Government of Gujarat handed over allotment letter to BSE Brokers’ Forum’s Chairman Shri Siddharth Shah. Welcoming the Forum’s decision of additional investment, Shri Saurabh Patel said that the overwhelming response from the members of BSE Brokers Forum indicates the potential of GIFT City to emerge as a preferred business destination for the Financial Services.
He further added, “We welcome decision of BSE Brokers’ Forum for setting up their operations Hub in GIFT City and are happy to see that the vision of Hon’ble Prime Minister of India Shri Narendra Modi of Developing India’s first Global Financial Hub at GIFT City as a smart city is accepted by the financial world on merits and the state of the art infrastructure being developed at GIFT City is becoming an important benchmark in the country. 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 the state of Gujarat and India as a Global Financial Hub and create large number of jobs.”
Commenting on the development, Mr. Siddharth Shah, Chairman, BSE Brokers’ Forum said, “It is a proud moment for all of us that the BSE Brokers’ Forum has been successfully able to take up about 4.5 lakh square feet of space at GIFT City. We intend to build an iconic tower like the BSE Building which is not only the “Barometer of the Economy” but a symbol of the capital markets in the country. It is a historic moment for all of us as we intend to build this Iconic tower in India’s most Hi-tech city. GIFT City is the dream project of our Hon’ble Prime Minister as it is indeed a state-of-the-art city with most modern infrastructure. GIFT City is fast emerging as most preferred destination for financial sector in our country.”
Mr. Ramakant Jha, MD & Group CEO of GIFT Company Ltd. said, “In the coming years we expect to have stock exchanges from across the world to come and set up operations at GIFT City which is emerging as India’s first International Financial Services Centre (IFSC) and will offer various offshore facilities within this the country would be able to attract business worth about $ 50 billion, which is otherwise being done in other countries.
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. 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 and has made allotments for facilities like World Trade Centre, ICSE School, Training Centre, Business Club, Retail Mall, Hotel and Residential Apartments.