New Delhi: The Centre has reappointed K Rajaraman (Retd. IAS:1989:TN) as the Chairperson of the International Financial Services Centres Authority (IFSCA), extending his tenure beyond July 31, 2026, until he attains the age of 65 years on October 24, 2028.
The decision ensures continuity in the leadership of India’s unified financial regulator for the International Financial Services Centre (IFSC) at GIFT City, Gujarat, as it continues efforts to strengthen India’s position as a global financial services hub.
Extension Beyond Initial Three-Year Term
K Rajaraman was initially appointed as IFSCA Chairperson on August 1, 2023, for a three-year tenure ending on July 31, 2026.
According to the latest order issued by the Centre, he will now continue in office until October 24, 2028, when he reaches the prescribed age of 65 years.
The extension reflects the government’s emphasis on leadership stability at IFSCA as the regulator oversees the rapid expansion of financial services at GIFT City.
Leadership at IFSCA
As Chairperson of IFSCA, Rajaraman has been responsible for regulating and promoting banking, insurance, capital markets, fund management, aircraft leasing, fintech and other financial services operating from India’s International Financial Services Centre at GIFT City.
During his tenure, IFSCA has continued efforts to attract global financial institutions, strengthen regulatory frameworks and position GIFT City as a competitive international financial hub.
Former Telecom Secretary
Before taking over IFSCA in August 2023, Rajaraman served as Secretary, Department of Telecommunications (DoT) in the Government of India.
During his tenure as Telecom Secretary, he oversaw several landmark initiatives, including:
- India’s 5G spectrum auctions
- Major telecom sector reforms
- Rationalisation of Adjusted Gross Revenue (AGR) norms
- Reduction in bank guarantee requirements
- Rollout of BSNL’s indigenous 4G network under the Atmanirbhar Bharat initiative
His tenure was widely associated with policy reforms aimed at strengthening India’s digital and telecom ecosystem.
Distinguished Civil Services Career
A 1989-batch IAS officer of the Tamil Nadu cadre, K Rajaraman has held several important assignments in both the Central and Tamil Nadu governments.
His key positions include:
- Secretary, Department of Telecommunications
- Additional Secretary, Department of Economic Affairs, Ministry of Finance
- Joint Secretary, Department of Expenditure
- Commissioner, Commercial Taxes, Tamil Nadu
- Managing Director, Chennai Metro Rail Limited (CMRL)
- Special Secretary, Industries Department, Tamil Nadu
- District Collector of Tiruchirappalli, Kanchipuram and Thoothukudi
He also played a significant role in drafting the Tamil Nadu Industrial Policy, 2007, and worked extensively on infrastructure, investment promotion and public finance.
Educational Background
Born on October 24, 1963, Rajaraman has an academic background spanning engineering, finance and economics.
He holds:
- B.Tech in Electronics and Communication Engineering from TKM College of Engineering
- MBA in Financial Management from IGNOU
- M.A. in Economics from Annamalai University
Before joining the Indian Administrative Service, he worked as a Design Engineer at BHEL, Tiruchirappalli.
He secured First Rank in the Engineering Services Examination (1986) and later achieved All India Rank 9 in the Civil Services Examination, joining the IAS in the 1989 batch.
Driving India’s Global Financial Hub
The extension comes at a crucial stage as IFSCA continues to expand the scope of financial services available at GIFT City. The authority has been working to attract global banks, insurers, asset managers, fintech companies and international financial institutions while creating a globally competitive regulatory ecosystem.
By retaining K Rajaraman at the helm until 2028, the Centre has signalled its preference for continuity in leadership as India’s premier international financial centre enters its next phase of growth.
