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The government has appointed Telecom Secretary K Rajaraman as the chairperson of the International Financial Services Centres Authority (IFSCA).

He will succeed Injeti Srinivas, the first chairperson of the regulatory authority, appointed in 2020.

As per a gazette notification, Rajaraman’s appointment is for a period of three years with effect from the date of assumption of charge, or till attaining the age of 65, or until further orders, whichever is the earliest.

The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.

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The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the maiden international financial services centre in India.

Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA, and IRDAI regulated the business in IFSC.

The main objective of 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.