K Rajaraman: Telecom Secretary K. Rajaraman gets new responsibility, appointed as chairman of IFSCA.

The Central Government has appointed Telecom Secretary K.K. Rajaraman has been appointed as the chairman of the International Financial Services Centers Authority (IFSCA). He will succeed Injeti Srinivas, the first chairperson of the regulatory authority, appointed in 2020. According to a notification issued by the Department of Personnel and Training on Saturday, Rajaraman’s appointment is for a period of three years from the date of assumption of charge, or till he attains the age of 65 years, or until further orders, whichever is earlier.

Explain that IFSCA was established in April 2020 under the International Financial Services Center Authority Act, 2019. Its headquarter is in GIFT City Gandhinagar. IFSCA is the unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Center (IFSC) in India. Presently it is the first International Financial Services Center in India.

Let me tell you, IFSCA was established in April 2020 under the International Financial Services Center Authority Act, 2019. Its headquarter is in GIFT City Gandhinagar. IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Center (IFSC) in India. Presently GIFT IFSC is the first International Financial Services Center in India.

Prior to the establishment of IFSCA, the domestic financial regulators i.e. RBI, SEBI, PFRDA and IRDAI used to regulate the business in IFSC. The main objective of IFSCA is to develop strong global linkages and focus on the needs of the Indian economy. Also to act as an international financial platform for the entire region and the global economy as a whole.