Singapore International Arbitration Centre (SIAC) can expect tough competition soon. Amchi Mumbai is planning to have its own “International Arbitration Centre” on similar lines which will offer a range of arbitrary services to business community across the world

“We are trying to have an International Arbitration Centre in Mumbai soon. At present most disputes go to Singapore for arbitration. This centre will create great opportunities as Mumbai already presence of global CEOs,” Chief Minister Devendra Fadnavis said on Saturday. If things work out, this would be India's first such centre.

Fadnavis was speaking at the Foundation Day ceremony of National Law University. The development is significant as government is already going to establish International Finance Services Centre in Mumbai. He also added that many global investors often express concerns over predictability of laws and enforcement of contracts and whether judiciary of that country is neutral. “Justice delivery system is the key to global investment,” said Fandnavis.

Singapore's Arbitration Centre has been working since 1991 as an independent non-profit organisation. Interestingly, SIAC also has a liaison office in Mumbai at One India Bulls Centre since 2013.

“Indian parties contributed to the highest number of filings at SIAC in 2013, generating 85 of 259 new cases. New cased increased tenfold in past ten years. In 2014, India ranked third among top foreign users,” states the SIAC website.

Arbitration is a less formal procedure than court litigation, and it is conducted in private, away from the glare of the media and the public. Generally, arbitration can also be more cost-efficient and speedier than court litigation.

The SIAC usually deal with commercial, construction/engineering, corporate, shipping/maritime, trade and insurance arbitrations. The cases usually take 9-12 months for arbitration. Two parties having no connection with Singapore can also seek arbitration. Hearings can also be held in their respective countries.

“Besides being international business hub, Singapore is also a party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Arbitral awards which are final and binding, are generally enforceable in approximately 150 countries under the New York Convention” describes the SIAC website.

Lower Judiciary needs immense improvement, says CM

Fadnavis also expressed concern over rising cost of getting justice and said that lower judiciary needs immense improvement which will also help to relieve HC and SC. He urged NLU to create human resources in law to meet global investors need. He also urged students to get expertise in evolving laws related to intellectual property rights, IT which need more interpretation.