Senior bureaucrat and telecom secretary K Rajaraman will be the next chairman of the International Financial Services Centres Authority (IFSCA), the finance ministry said on Saturday. He will succeed Injeti Srinivas, 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, a 1989 batch Indian Administrative Service Officer of the Tamil Nadu batch, is appointed “for a period of three years with effect from the date of assumption of charge of the post, or till attaining the age of 65 years, or until further orders, whichever is the earliest”.
Rajaraman had assumed charge as the telecom secretary in October 2021. Prior to this, he had served as the additional secretary (Investments & Infrastructure) in the DEA. He had also served as a joint secretary in the department of expenditure and held key positions in the Tamil Nadu government, including the managing director of Chennai Metro Railway.
His appointment comes at a time when the IFSCA aims to draw global investors to set up businesses in the areas of banking, investments (especially green finance and social impact capital), insurance and reinsurance, capital market and asset management.
Under Srinivas, the IFSCA had sought to emerge as a leading fund-raising destination for both Indian and foreign issuers and as a global hub for fintech start-ups, among others. The new chairman is expected to build on the significant progress already made.
The IFSCA was set up on April 27, 2020. Headquartered at GIFT City in Gandhinagar, Gujarat, it’s 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, the GIFT IFSC is the only international financial services centre in India.
Prior to the setting up of the IFSCA, various financial sector regulators such as RBI, SEBI, PFRDA and IRDAI used to regulate the businesses in IFSC.
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