In a significant move, K Rajaraman, a 1989-batch IAS officer and Telecom Secretary, has been appointed as the new Chairperson of International Financial Services Centres Authority (IFSCA) by central government.
He will succeed Injeti Srinivas, 1983-batch IAS officer of the Odisha cadre and the former corporate affairs secretary, who had taken over as the first chairman of the IFSCA in early July 2020 for a period of three years.
In a notification, the Department of Economic Affairs (DEA) said Rajaraman, an IAS Officer of the Tamil Nadu cadre, will be on this post for three years from the date of his assumption of charge of the post, or till attaining the age of 65 years, or until further orders, whichever is the earliest.
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the maiden international financial services centre in India. It was set up in April 2020 under the International Financial Services Centres Authority Act, 2019, at GIFT City, Gandhinagar in Gujarat. Prior to the establishment of IFSCA, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
