Arokiaraj appointed as ex-officio member of IFSC Authority
Solomon Arokiaraj
, an additional secretary in the department of economic affairs, as an ex-officio member of the
International Financial Services Centre
Authority (IFSCA).
Arokiaraj will succeed
Surbhi Jain
, who passed away in May. The finance ministry made the announcement through a notification.
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Currently, the IFSCA is headed by former telecom secretary
K Rajaraman
. Its members are Pankaj Sharma, a joint secretary with the department of financial services; R Lakshmi Rao, executive director at the Reserve Bank of India (RBI); Parmod Kumar Arora, member in the Insurance Regulatory and Development Authority of India (IRDAI); and Mamta Rohit, executive director at the Pension Fund Regulatory and Development Authority (PFRDA).
Set up in April 2020, 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 in India. Currently, the GIFT IFSC is the maiden international financial services centre in the country.
Prior to its establishment, domestic financial regulators, such as the RBI, Sebi, PFRDA and IRDAI, were regulating the business in the IFSC.
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