A group of brokers from the Bombay Stock Exchange have come together to set up its own building for carrying out operations from GIFT City.
The Dalal Street Commercial Co-op Society Ltd., with 72 broker-members currently, will develop a building which would serve as the base for their operations in Gujarat International Finance Tec-City, its secretary Anil Shah said. The foundation stone for the building, 11th in GIFT City, was laid by Chief Minister Vijay Rupani today.
Shah added that society members were shifting their operations to GIFT City in order to avail Gujarat government’s incentives like zero stamp duty on the trading of shares and investments and derivatives.
There will be relaxation in stamp duty for registration, capital subsidy, and electricity will be provided at competitive rates. No stamp duty for everyday trade in stock market happening from GIFT City will help brokers pass on benefits to clientsAnil Shah, Secretary, Dalal Street Commercial Co-op Society Ltd.
Rupani said that incentives from the government, including benefits on Employees' Provident Fund contribution for five years, would help make the city a global financial hub. He added that GIFT City was emerging as an international financial centre due to the efforts of Prime Minister Narendra Modi.
He said Mumbai remained the financial capital of the country and Maharashtra and Gujarat would work together for the development of the country. "We know that Maharashtra and Gujarat were one state in the past. Despite separating, the two states share good relations. Mumbai continues to be the financial capital. We are trying to work positively together to develop GIFT City."