With Rs 200 crore investment, 72 brokers of Bombay Stock Exchange will set up a dedicated 18-storey building at the GIFT City. Setting their business headquarters at the GIFT and operating from here will exempt them from paying Stamp Duty, bringing operational efficiency and providing a better standard of living. The presence of global players at GIFT City will also enable them to accelerate their business.
These brokers are stakeholders of The Dalal Street Commercial Cooperative Society Limited. Of these, 55 are from Mumbai, 12 from Gujarat, while the rest are Delhi, Kolkata, Kanpur, Agra and Bengaluru. "We hope to add another 30-40 brokers. The complex will come up in the Domestic Area of the International Financial Services Centre (IFSC) at GIFT City," said Anil Shah, secretary of the Society.
The Society is betting high on technology and other infrastructure at GIFT City to grow its business. "The infrastructure will be on the lines of Singapore. The metro train service will also start from 2021. The exemption from Stamp Duty will result in substantial savings," said Shah. Under various schemes of Gujarat government, capital subsidy and incentive on power tariff and electricity duty in form of subsidy of Re 1/unit of power are available. Also, the EPF contribution will be reimbursed.
GIFT City officials see the move as enabling the return of brokers to Gujarat and re-emergence of Gujarat as a major hub for trading in equity markets. "Brokers and professionals from Gujarat had moved to Mumbai as it is the financial capital of the country. At GIFT City, we are providing a better standard of living and lower cost of operations, making a case for them to return. Most of these brokers are from Mumbai," said Dipesh Shah, head (IFSC ) at GIFT City.
With international stock exchanges now operating out of GIFT City, brokers feel that the entire ecosystem will give a boost to their business. There are talks of Nifty Futures shifting from Singapore Exchange to India International Exchange (of National Stock Exchange) at GIFT City. The move will also increase the tax collection for the state in terms of Income Tax as well as Goods and Services Tax (GST).
THE MEMBERS
- Brokers are stake-holders of Dalal Street Commercial Cooperative Society Limited.
- Of these, 55 are from Mumbai, 12 from Gujarat, while the rest are Delhi, Kolkata, Kanpur, Agra and Bengaluru.
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