Finance Ministry has appointed Pramod Rao, Executive Director, SEBI, as a Member in the Board of International Financial Services Centre Authority (IFSCA). 

Rao has replaced Sujit Prasad, Executive Director SEBI, who was appointed as a Member (representing SEBI) in IFSCA in July 2020.

It maybe recalled that Rao took charge as SEBI Executive Director on July 15, 2022. Prior to this assignment at SEBI, Rao, an alumnus of the National Law School of India University, held the position of Group General Counsel at ICICI Bank and provided strategic oversight to the legal function for the ICICI Group. 

Earlier, he had served as a Member of the Board of Directors of ICICI Securities Ltd, ICICI Prudential Trust Ltd and ICICI Trusteeship Services Ltd.

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The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019 with a mandate to develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (IFSC).

Currently, GIFT City in Gujarat is India’s first and only operational IFSC.

In the recent years, India has been making concerted efforts to attract foreign businesses into its international financial services Centre (GIFT City in Gujarat). Several fiscal incentives have been accorded to various players in the financial services industry to enhance the attractiveness of this IFSC for foreign businesses.