SEBI ED Pramod Rao Appointed as a Member of the IFSCA Board by the Finance Ministry

Pramod Rao Joins IFSCA Board

The Finance Ministry has appointed Pramod Rao, Executive Director of the Securities and Exchange Board of India (SEBI), as a Member of the International Financial Services Centre Authority (IFSCA) Board. He replaces Sujit Prasad, who previously held the position representing SEBI since July 2020.

Pramod Rao’s Background and Experience

Pramod Rao took on the role of SEBI Executive Director on July 15, 2022. He brings with him a wealth of experience, having previously served as Group General Counsel at ICICI Bank, where he provided strategic oversight to the legal function for the ICICI Group. Rao is an alumnus of the National Law School of India University and has also served on the Board of Directors of ICICI Securities Ltd, ICICI Prudential Trust Ltd, and ICICI Trusteeship Services Ltd.

Introduction to IFSCA

IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019. Its primary objective is to develop and regulate financial products, services, and institutions within International Financial Services Centres (IFSCs). Currently, GIFT City in Gujarat is India’s sole operational IFSC.

India’s Initiatives to Attract Foreign Businesses to IFSCs

India has been actively working to attract foreign businesses to its International Financial Services Centres, with a particular focus on GIFT City in Gujarat. To enhance the appeal of IFSCs for foreign businesses, various fiscal incentives have been provided to players in the financial services industry. These initiatives aim to position India’s IFSCs as preferred destinations for international financial services, fostering growth and development.


The appointment of Pramod Rao as a Member of the IFSCA Board reflects the Finance Ministry’s commitment to the development and regulation of financial services in IFSCs. With his vast experience and background in the financial sector, Rao is well-positioned to contribute to the growth and success of IFSCs, particularly in GIFT City. India’s ongoing efforts to attract foreign businesses and provide fiscal incentives demonstrate the country’s dedication to establishing thriving and competitive International Financial Services Centres.

SEBI ED Pramod Rao – FAQs

Q1: What are India’s efforts in establishing competitive IFSCs?

Ans: India is working to develop itself as a top location for international financial services by offering tax incentives and creating an inviting atmosphere for foreign enterprises to open up shop in IFSCs.

Q2: What is the significance of Pramod Rao’s appointment to the IFSCA Board?

Ans: The nomination of Pramod Rao demonstrates the Finance Ministry’s dedication to the growth and regulation of financial services in IFSCs. Rao is anticipated to help to the development and success of IFSCs, notably in GIFT City, because to his significant experience and background.

Q3: What is Pramod Rao’s background and experience?

Ans: Pramod Rao graduated from India University’s National Law School. Prior to his position as SEBI Executive Director, he worked at ICICI Bank as Group General Counsel, where he was responsible for the strategic direction of the legal department for the ICICI Group. ICICI Securities Ltd, ICICI Prudential Trust Ltd, and ICICI Trusteeship Services Ltd all had him on their boards of directors.


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