Telecom Secretary K Rajaraman appointed as IFSCA chairperson, appointed for three years

On behalf of the government, Telecom Secretary K Rajaraman has been appointed as the chairperson of the International Financial Services Center Authority (IFSCA). He will replace Injeti Srinivas, who was the first chairperson of IFSCA.
The notification issued by the government said that Rajaraman has been appointed for a period of three years or till the age of 65 years or until further orders, whichever is earlier.
IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial institutions in the International Financial Services Centre. Presently GIFT IFSC is the first International Financial Services Center in India.
IFSCA was established in April 2020 under the International Financial Services Center Authority Act 2019. Its headquarter is located in GIFT City, Gujarat.
Prior to the establishment of IFSCA, regulation in International Financial Services Centers was handled by institutions like RBI, SEBI, FRDA, and IRDA.
IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy. It has also been created to serve the global economy as an international financial platform.
GIFT City is a planned business city located in Gujarat. It has been built on 886 acres of land. It is situated between Gandhinagar and Ahmedabad, the capital of Gujarat. Its full name is Gujarat International Finance Tec-City (Gift City). It is being developed by the government as the financial center of London, Shanghai, New York, Hong Kong, Singapore, and Dubai. Through this, the government's effort is to develop India as an international financial hub.