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Rajaraman named as Chairman, IFSCA; Telecom Secretary post falls vacant

By IndianMandarins- 09 Jul 2023
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New Delhi (09.07.2023): Three and a half months ahead of retirement of K Rajaraman (IAS: 1989: TN) was appointed as Chairperson of the International Financial Services Centres Authority (IFSCA) for a period of three years or till attaining the age of 65 years. Currently, Rajaraman is Secretary, Department of Telecom He was scheduled to retire in October this year. Having got a post-retirement assignment Rajaraman cleared the deck for takers awaiting their turn. 
Rajaraman replaces Injeti Srinivas (Retd IAS: 1983: OR), the first chairperson of IFSCA headquartered at GIFT City established under the IFSCA Act 2019.
IFSCA is a unified authority for development and regulation of financial products, financial services and financial institutions in the international financial services centre in India in the areas of banking, insurance, securities and funds management.
The main objective of the 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.

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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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