The government has appointed Telecom Secretary K Rajaraman as the new chairperson of the International Financial Services Centres Authority (IFSCA). Injeti Srinivas, the first chairperson of the regulatory authority appointed in 2020, will be succeeded by Rajaraman.

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According to a gazette notification, Rajaraman's appointment will be effective for a period of three years from the date he assumes charge, or until he reaches the age of 65, or until further orders, whichever occurs earliest. The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.

The IFSCA serves as a unified authority for developing and regulating financial products, financial services, and financial institutions within the International Financial Services Centre (IFSC) in India. Currently, GIFT IFSC is India's first international financial services cent.

Prior to the establishment of IFSCA, domestic financial regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI) regulated business operations in the IFSC.

The main objective of the IFSCA is to establish a solid global connect and focus on the needs of the Indian economy, while also serving as an international financial platform for the entire region and the global economy.

Also read: IFSCA to set up panel for onshoring innovation to GIFT city