Finance Ministry appoints SEBI ED Pramod Rao to IFSCA Board

Finance Ministry appoints SEBI ED Pramod Rao to IFSCA Board: Pramod Rao, Executive Director of SEBI, has been appointed to the Board of the International Financial Services Centre Authority (IFSCA) by the Finance Ministry. Rao has replaced Sujit Prasad, Executive Director SEBI, who was appointed as a Member (representing SEBI) in IFSCA in July 2020.

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It maybe recalled that Rao took charge as SEBI Executive Director on July 15, 2022. Rao, an alumna of the National Law School of India University, previously served as Group General Counsel at ICICI Bank, where he provided strategic control of the ICICI Group’s legal department.

Earlier, he had served as a Member of the Board of Directors of ICICI Securities Ltd, ICICI Prudential Trust Ltd and ICICI Trusteeship Services Ltd.

About the IFSCA

The International Financial Services Centres entity (IFSC) is a statutory entity established by the International Financial Services Centres Authority Act of 2019 with the responsibility to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSC). GIFT City in Gujarat is currently India’s first and only operating IFSC. In the recent years, India has been making concerted efforts to attract foreign businesses into its international financial services Centre (GIFT City in Gujarat). Several fiscal incentives have been accorded to various players in the financial services industry to enhance the attractiveness of this IFSC for foreign businesses.