Report of the Expert Committee for drafting institutional arbitral rules for the proposed International Arbitration Centre at GIFT IFSC

IFSCA publishes Report of the Expert Committee for drafting institutional arbitral rules for the proposed International Arbitration Centre at GIFT IFSC. The recommendations of the committee inter-alia include:

1. Emulating the international best practices from major jurisdictions, such as use of technology, third party funding, representation by foreign lawyers, etc;
2. Regulatory architecture for the ADRC, wherein amendments are proposed under IFSCA Act, 2019; Arbitration and Conciliation Act, 1996 and the Mediation Act, 2023 to provide choice of governing law for the parties, recognizing third party funding, dedicated bench for hearing the appeals and application for arbitration seated at IFSC, etc;
3. Institutional framework for ADRC wherein committee has recommended legal structure, administrative structure, governing framework for ADRC, etc.; and
4. A judicial framework for the IFSC wherein a dedicated court structure in various phases has been recommended.

The report of the Expert Committee can be accessed on the IFSCA website at https://shorturl.at/CExX9.