Telecom Secretary K Rajaraman will be the next chairman of the International Financial Services Centres Authority (IFSCA), the Finance Ministry said on Saturday. 

He has been appointed as IFSCA chief for three years from the date of his assuming charge of the post, or till attaining the age of 65 years, or until further orders, whichever is the earliest, according to an order issued by the Department of Economic Affairs in the Finance Ministry.

Rajaraman, a 1989 batch Tamil Nadu cadre IAS officer, will succeed Injeti Srinivas, who had taken over as the first chairman of the IFSCA in early July 2020 for a period of three years.

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.