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.
Conclusion:
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.
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