Gujarat government on Wednesday allotted 300,000 square feet of built up area to the BSE Brokers’ Forum for setting up a commercial tower at Gujarat International Finance Tec-City (GIFT City).

State Finance Minister Saurabh Patel on Wednesday handed over the allotment letter to the vice-chairman of BSE Brokers' Forum Alok Churiwala in New Delhi in the presence of Union Finance Minister Arun Jaitely. India's first globally benchmarked International Financial Services Centre (IFSC) will host an iconic futuristic Green Tower for members of BSE Brokers’ Forum.

The BSE Brokers’ Forum will invest an estimated Rs 120 crore to set up this tower with the intention of setting up their back-office operations to this new location as it will offer modern facilities at a significantly lower cost, an official statement said.

The Forum has been allotted 300,000 square feet for development of a commercial building for their members. BSE may also set up an exchange office in this new building at GIFT, it added.

Currently, the BSE Brokers’ 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 stake in the Bombay Stock Exchange (BSE), the statement said.

“The Gujarat Government with the help of Central Government is taking all necessary steps to fast track the development of GIFT City which will transform State of Gujarat and India as a whole and create large number of jobs,” Patel said.

Leading Banks like, State Bank of India, Bank of Baroda, Bank of India, Syndicate Bank, Corporation Bank, HDFC Bank etc. have already been allotted space in GIFT City.

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