K Rajaraman will lead IFSCA until October 2028 or age 65, ensuring continuity at GIFT City as the regulator expands into aircraft leasing, insurance, and fund management.
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K Rajaraman will stay on as chairperson of the International Financial Services Centres Authority beyond July 2026, the government said, extending his tenure to October 2028 or until he turns 65. The move gives the regulator stable leadership as it works to deepen the financial services hub at GIFT City.
Rajaraman, a retired 1989-batch IAS officer of the Tamil Nadu cadre, took charge of IFSCA on August 1, 2023. His new term runs until the month he turns 65, whichever comes first, according to a notification from the Department of Economic Affairs in the finance ministry. The reappointment follows the International Financial Services Centres Authority Act, 2019, and the rules that govern the chairperson's salary and service conditions.
The extension signals that the government wants continuity at a time when GIFT City is expanding its offerings beyond the initial focus on banking and capital markets. Aircraft leasing, insurance, and fund management are among the segments the regulator is pushing to develop. The unified regulator model, which combines oversight of banking, securities, and insurance within a single entity, is meant to attract global financial firms looking for a single point of compliance.
Rajaraman brings a mix of central and state government experience to the role. Before taking over at IFSCA, he served as Secretary of the Department of Telecommunications. He also held senior positions in the finance ministry, including Additional Secretary in the Department of Economic Affairs and Joint Secretary in the Department of Expenditure. In Tamil Nadu, he ran Chennai Metro Rail as managing director and served as commissioner of commercial taxes.
His background in both finance and telecom matters for the GIFT City project. The financial centre is betting on digital infrastructure and cross-border data flows, and Rajaraman's telecom experience could help coordinate with the Department of Telecommunications on connectivity and data rules. The IFSCA also works closely with the Reserve Bank of India and the Securities and Exchange Board of India on rules that govern foreign exchange, capital flows, and securities listings at GIFT City.
The regulator was set up in 2020 to act as a single window for all financial services at India's international financial services centres. So far, the bulk of activity has been concentrated at GIFT City in Gujarat, where banks, brokerages, and insurance firms have set up units. The government has offered tax incentives and relaxed capital controls to attract business, and the centre has seen growth in both onshore and offshore transactions.
Rajaraman holds a bachelor's degree in electronics and communications engineering, a master's in business administration, and a master's in economics. He was a gold medallist in his B.Tech programme.
The extension runs until October 2028, at which point he will turn 65. The government can also end the term earlier by issuing further orders. The notification did not specify any changes to Rajaraman's compensation or the size of the IFSCA board.
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