The centre, which is competing with the likes of the Singapore International Arbitration Centre (SIAC) and the London Court of International Arbitration (LCIA), hopes to attract domestic as well as foreign organisations to conduct arbitration in India. Its opening comes as more and more companies, in India and across the globe, use arbitration to settle disputes. 

‘Much cheaper’

Neeti Sachdeva, the MCIA’s new registrar, says the centre aims to compete by implementing international best practices while introducing new features coupled with an attractive fee scheme. She said that MCIA offers services which are ‘much cheaper than Singapore, the LCIA or ICC [International Court of Arbitration],’ adding that the MCIA’s emergency arbitrators can provide enforceable relief within 28 days.

Opening the legal field

The establishment of the MCIA may be one of the first steps taken by India to open its legal field to international organisations, with the country’s regulators having met with lobby groups in July to discuss the possibility of passing legislation that would open the country’s legal market to foreign firms.

Sources: Forbes; Legally India