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IFSC Authority: Chakraborty’s name doing rounds for Chairman post

By IndianMandarins- 07 May 2020
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If some well-placed sources are to be believed the names of Atanu Chakraborty (Retd IAS:1985:GJ) is doing rounds in crucial quarters for the post of Chairman, International Financial Services Centre (IFSC) Authority. 

It may be underlined that on April 27, 2020, the NaMo government drafted a notification stating that the IFSC Authority will be headquartered in Gandhinagar, Gujarat (the place where GIFT City is located) instead of Mumbai. 

Sources also say that timings are great indicators in such matters and that could have fuelled the speculations over his name as IFSC Chairman but former Union Corporate Affairs Secretary Tapan Ray (Retd IAS:1982:GJ) appears a natural claimant of the top job who is heading the GIFT City as Managing Director since June last year. 

It may be underlined that the IFSC Authority will consist of nine members and will be appointed by the Central government. These are -- a chairperson; a member each from RBI, SEBI, IRDAI and PFRDA; two members from Ministry of Finance and two members on the recommendation of a Search Committee. IFSC is the International Financial Services Centre which provides world-class financial services to the non-residents and residents.

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IFSC: A Backgrounder:

IFSC was the brain-child of former Union Finance Minister P Chidambaram. As the Chairman of the High-Powered Expert Committee (HPEC), he had on February 10, 2007, recommended that India must have an International Financial Services Centre (IFSC) with its headquarter in Mumbai.

As usual the then Gujarat CM Narendra Modi in 2007, became the first to announce building Gujarat International Finance Tech-City (GIFT City) at Gandhinagar. The GIFT City was India's first IFSC and was set up through the SEZ Act of 2005.

On November 25, 2019, the IFSC Authority Bill was introduced in the Lok Sabha to regulate the financial services market in the IFSC in India. It was applicable to all the IFSCs set up through the SEZ Act, 2005. The Bill was passed in the Lok Sabha and Rajya Sabha on 11.12.2019 and 12.12.2019 respectively. However, nothing was stated in the Bill about the location of headquarters of the IFSC Authority.

The IFSC Authority will regulate financial products, financial services and financial institutions -- previously approved by any of the appropriate regulators such as RBI, SEBI, IRDAI and PFRDA. The financial products include securities, deposits and contracts etc.

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