Telecom Secretary K Rajaraman has been selected by the government as the new chairperson of the International Financial Services Centres Authority (IFSCA). Rajaraman will take over from Injeti Srinivas, who served as the inaugural chairperson since 2020. According to a gazette notification, Rajaraman’s appointment is valid for three years starting from the date he assumes charge, or until he reaches the age of 65, or until further orders are issued, whichever occurs earlier.
About the International Financial Services Centres Authority (IFSCA)
- The International Financial Services Centres Authority (IFSCA) was formed in April 2020 through the enactment of the International Financial Services Centres Authority Act, 2019. Its headquarters is situated in GIFT City, Gandhinagar.
- The IFSCA serves as a unified regulatory body responsible for the development and supervision of financial products, services, and institutions within the International Financial Services Centre (IFSC) in India. Currently, GIFT IFSC is India’s first international financial services center. Before the establishment of IFSCA, domestic financial regulators such as RBI, SEBI, PFRDA, and IRDAI regulated activities within the IFSC.
- The primary goals of IFSCA are to foster strong global connections, cater to the needs of the Indian economy, and function as an international financial hub for the region and the global economy at large.