The government has extended the tenure of the Chairman of the International Financial Services Centres Authority (IFSCA), K Rajaraman, for 27 months.
The Central Government hereby re-appoints K Rajaraman to the post of Chairperson, IFSCA, for a period beyond July 31, 2026 till attaining the age of 65 years, or until further orders, whichever is earlier, the finance ministry said in a gazette notification dated July 30.
Rajaraman will be attaining 65 years on October 24, 2028. He was appointed in 2023 for an initial period of three years.
Prior to appointment as the Chairman, Rajaraman was Secretary, Department of Telecommunications, Government of India.
IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at 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 Centre (IFSC) in India. At present, GIFT IFSC is the only international financial services centre in India.
Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Sebi, PFRDA and IRDAI regulated the business in IFSC.
The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
