The establishment of the Mumbai Centre for International Arbitration opens an alternative to other more well-known arbitration hubs like London and Singapore.
According to a report from Forbes, the centre is set to begin proceedings this month and hopes to attract domestic as well as foreign organisations to conduct arbitration in the country as opposed to other arbitration hubs.
The centre is competing with the likes of the Singapore International Arbitration Centre (SIAC) and the London Court of International Arbitration (LCIA).
The opening of the MCIA comes as more and more companies, in India and across the globe, use arbitration to settle disputes.
In Australia, the Perth Centre for Energy and Resources Arbitration (PCERA) was launched in late 2014 to establish Perth as the go-to arbitration hub in the resources industry not only in the country but beyond.
Based on the Forbes report, there seems to be a growing competition between these organisations to lead in the arbitration space.
Neeti Sachdeva, the MCIA’s new registrar who previously worked with Economic Laws Practice, the LCIA and the Magic Circle firm Freshfields Bruckhaus Deringer, the MCIA aims to compete by implementing international best practices while introducing new features coupled with an attractive fee scheme.
In an interview with Legally India, she said that MCIA offers services which are “much cheaper than Singapore, LCIA or ICC [International Court of Arbitration].”
Meanwhile, the MCIA’s rules also provide for complex multi-party and multi-contract scenarios, Forbes said.
Sachdeva also pointed out to Legally India that MCIA’s emergency arbitrators can provide enforceable relief within 28 days.
The establishment of the MCIA may be one of the first steps taken by India to open its legal field to international organisations.
In July, the country’s regulators met with lobby groups for the possible passing of legislation that would open the country’s legal market to foreign firms.