<span style="color: #222222;">The New Delhi International Arbitration Centre Bill, 2019 was introduced in Lok Sabha today. The Bill replaces an Ordinance which was promulgated in March this year. </span><br />'' <br />'' <span style="color: #222222;">It seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalized arbitration.  </span><br />'' <br />'' <span style="color: #222222;">The legislation has provision to declare the NDIAC as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism.</span>