The Centre has extended the tenure of K Rajaraman as Chairperson of the International Financial Services Centres Authority (IFSCA) for 27 months beyond July 31, 2026, allowing him to continue at the helm of India's unified financial services regulator until he attains the age of 65 years in October 2028 or until further orders, whichever is earlier. According to the latest gazette notification dated July 30, 2026 issued by the Department of Economic Affairs, the extension is aimed at ensuring continuity in the leadership of IFSCA as the regulator works towards expanding and strengthening India's International Financial Services Centre ecosystem at GIFT City in Gujarat. Rajaraman will be attaining 65 years on October 24, 2028, and was initially appointed in 2023 for an initial period of three years.
The extension has been formalized under the provisions of the International Financial Services Centres Authority Act, 2019, and the International Financial Services Centres Authority (Salary, Allowances and Other Terms and Conditions of Service of Chairperson and Members) Rules, 2020, as notified by the Department of Economic Affairs in the Finance Ministry. As reported by The Hindu BusinessLine, Rajaraman has been reappointed under these comprehensive regulatory frameworks governing the authority's operations and governance structure.
K Rajaraman, a retired 1989-batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre, assumed charge as IFSCA Chairperson on August 1, 2023. Prior to his appointment as Chairman, Rajaraman was Secretary, Department of Telecommunications, Government of India. During his career in the Union Government, he held key positions in the Ministry of Finance, including Additional Secretary in the Department of Economic Affairs and Joint Secretary in the Department of Expenditure. He has also served in several senior roles in the Tamil Nadu government, including Managing Director of Chennai Metro Rail Ltd and Commissioner of Commercial Taxes.
IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019, and is headquartered at GIFT City, Gandhinagar. As per Business Standard, IFSCA serves as 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 only 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.
