K Rajaraman Appointed As Chairman Of IFSCA, Strengthening India's Global Financial Hub

The government has appointed K Rajaraman as the chairman of the International Financial Services Centres Authority (IFSCA), PTI reported.

He will succeed Injeti Srinivas, who was named the regulatory authority's first chairperson in 2020. According to a gazette notice, Rajaraman's appointment is for a term of three years beginning on the day of assumption of responsibility and lasting until either he turns 65 or until further orders, whichever comes first.

The International Financial Services Centres Authority Act of 2019 authorised the creation of the IFSCA in April 2020. Its main office is at Gandhinagar's GIFT City.

The International Financial Services Centre (IFSC) in India has a centralised authority known as the IFSCA that oversees the development and supervision of financial services, financial institutions, and financial products.

GIFT IFSC is currently India's first international financial services hub. The domestic financial authorities, particularly the RBI, Sebi, PFRDA, and IRDAI, governed IFSC activities before the foundation of IFSCA.

The main goals of IFSCA are to create a solid worldwide network, concentrate on the needs of the Indian economy, and act as an international financial platform for both the entire region and the entire world economy.