Senior bureaucrat and telecom secretary Okay Rajaraman would be the next chairman of the Global Financial Companies and products Centres Authority (IFSCA), the finance ministry said on Saturday. He’ll succeed Injeti Srinivas, who had taken over as the first chairman of the IFSCA in early July 2020 for a duration of three years.
In a notification, the division of enterprise affairs (DEA) said Rajaraman, a 1989-batch Indian Administrative Carrier Officer of the Tamil Nadu cadre, is appointed “for a duration of three years with originate from the date of assumption of fee of the submit, or till achieving the age of 65 years, or till further orders, whichever is the earliest”.
Rajaraman had assumed fee as the telecom secretary in October 2021. Earlier than this, he had served as the additional secretary (Investments & Infrastructure) in the DEA. He had furthermore served as a joint secretary in the division of expenditure and held key positions in the Tamil Nadu executive, at the side of the managing director of Chennai Metro Railway.
His appointment comes at a time when the IFSCA objectives to blueprint world investors to residing up companies in the areas of banking, investments (especially green finance and social affect capital), insurance and reinsurance, capital market and asset management.
Under Srinivas, the IFSCA had sought to emerge as a number one fund-elevating traipse map for both Indian and international issuers and as a world hub for fintech originate-ups, among others. The recent chairman is anticipated to net on the quite rather a lot of progress already made.
The IFSCA became residing up on April 27, 2020. Headquartered at GIFT Metropolis in Gandhinagar, Gujarat, it’s a unified authority for the strategy and laws of financial merchandise, financial companies and products and financial institutions in the Global Financial Companies and products Centre (IFSC) in India. At recent, the GIFT IFSC is principally the most easy world financial companies and products centre in India.
Earlier than the setting up of the IFSCA, a huge range of financial sector regulators equivalent to RBI, SEBI, PFRDA and IRDAI feeble to manage the companies in IFSC.
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