BSE Brokers' Forum to invest Rs 120 crore for tower at GIFT City

New Delhi: BSE Brokers' Forum will set up an iconic commercial tower costing Rs 120 crore at the Gujarat International Finance Tec-City (GIFT) City near Gandhinagar.

Gujarat Finance Minister Saurabh Patel on October 15, in the presence of Union Finance Minister Arun Jaitely, handed over the allotment letter for the development of the commercial tower at GIFT for the members of BSE Brokers' Forum to Vice Chairman 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 Gujarat government said in a statement.

The BSE Brokers' Forum, it added will invest an estimated Rs 120 crore to set up this tower for setting up their back office operations to this new location as it will offer modern facilities at a lower cost. "Its a golden day for GIFT city. Bombay Stock Exchange Brokers Forum has bought a building of 3 lakh square feet in GIFT city.

GIFT city is dream project of Prime Minister Narendra Modi to make Gandhinagar as financial hub," Patel told reproters after meeting Jaitley. The Forum has been allotted 3-lakh square feet and BSE may also set up an exchange office in the building at GIFT.

Brokers's 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.

Patel further said developing India's first Global Financial Hub at GIFT City as smart city has been the vision of Modi and the Gujarat Government with the help of Central Government is taking all necessary steps to fast track it.

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 India's first multi-service SEZ with IFSC status which  will cater to India's large financial services potential by offering global firms, world-class infrastructure and facilities.

It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of real estate office and residential space, the Gujarat government said. Like all leading financial centres, GIFT will target a 6-8 per cent share of the financial services potential in India.