The Indian government has appointed K Rajaraman, the Telecom Secretary, as the new chairperson of the International Financial Services Centres Authority (IFSCA). Rajaraman will succeed Injeti Srinivas, who held the position since 2020. According to the official gazette notification, Rajaraman’s appointment is valid for a three-year term from the date he assumes charge, or until he reaches the age of 65, or until further orders are issued, whichever occurs earlier.
The IFSCA was established in April 2020 through the enactment of the International Financial Services Centres Authority Act, 2019. Headquartered in GIFT City, Gandhinagar, it serves as a unified regulatory body responsible for the development and supervision of financial products, services, and institutions within India’s International Financial Services Centre (IFSC). The GIFT IFSC is currently India’s first international financial services center. Before the establishment of IFSCA, regulatory activities within the IFSC were overseen by domestic financial regulators such as RBI, SEBI, PFRDA, and IRDAI.
The primary objectives of IFSCA are to foster strong global connections, cater to the needs of the Indian economy, and serve as an international financial hub for the region and the global economy at large. Under the leadership of K Rajaraman, the IFSCA is expected to continue its efforts in promoting the growth and development of the financial services sector within the IFSC, further strengthening its position as a significant player in the global financial landscape.