The Ministry of Finance has notified the appointment of Mr. Solomon Arokiaraj, Additional Secretary in the Department of Economic Affairs, as a Member of the International Financial Services Centres Authority (IFSCA).
The announcement, issued through S.O. 3625(E) by the Financial Market Division of the Department of Economic Affairs, amends the Government's earlier notification dated July 24, 2020 (S.O. 2435(E)), which had been modified in May 2022, September 2022, and November 2022.
Mr. Arokiaraj's inclusion comes under the powers granted by Section 5(1)(c) of the International Financial Services Centres Authority Act, 2019, which allows the Central Government to nominate members to the Authority.
The IFSCA, headquartered at GIFT City in Gujarat, serves as the unified regulator for financial products, financial services, and financial institutions in India's international financial services centres. The Authority plays a key role in promoting ease of doing business, developing global market participation, and regulating entities operating within IFSCs.
The notification was signed by Aparna Bhatia, Economic Adviser, on behalf of the Ministry of Finance.
Official copy of the notification has been attached
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