K. Rajaraman, IAS (Retd.)

Chairperson - International Financial Services Centres Authority (IFSCA)

Shri K. Rajaraman has assumed the responsibility of the Chairperson of International Financial Services Centres Authority (IFSCA) on 1st August 2023 after serving for nearly 35 years in various leadership roles in Government of India and Government of Tamil Nadu. Prior to joining IFSCA, he served in the Indian Administrative Service till his retirement in August 2023 as the Secretary to Government of India in the Department of Telecommunication. He is a B.Tech Graduate in Electronics & Communications, a first-class MBA and Master of Economics.

Starting his career as a Design Engineer in BHEL, Trichy, during his rich and varied experience as an IAS Officer, he had held various administrative positions in the areas of Investment Promotion, Foreign Direct Investment, Public Sector Undertakings, Industrial Infrastructure, VAT Administration, etc. He was MD of Chennai Metro Railways for nearly 4 years during its early construction phase, Commissioner for Commercial Taxes in Government of Tamil Nadu, and Joint Secretary Expenditure in Government of India. He also served as Additional Secretary, Investment, IER and Administration in the Department of Economic Affairs, Ministry of Finance.

Vijay Krishnamurthy

Managing Director & CEO - India International Exchange (IFSC) Ltd., GIFT City

Vijay Krishnamurthy, Managing Director & CEO of India International Exchange (India INX), is widely regarded as a leading innovator in India’s fixed-income and cross-border market ecosystem. His product vision, regulatory depth, and market-building leadership are steering India INX toward becoming a globally competitive exchange within GIFT City IFSC.
A critical force in India’s debt and index infrastructure, he pioneered security-level valuations and developed debt and hybrid indices that became benchmarks for the fixed-income market. He also introduced the Request for Quote (RFQ) platform, now central to institutional and retail bond trading.
Under his leadership at India INX, the USD-denominated Sensex Futures were introduced, opening new avenues for foreign investors to participate in India’s growth. He later drove the expansion of India INX Global Access, enhancing international investor connectivity and access to global securities. At India INX, his vision propelled the Global Securities Market to establish USD 82 billion in MTN programmes and list USD 61 billion of debt securities, positioning the exchange among the fastest-growing offshore listing venues worldwide.
His policy contribution spans multiple SEBI committees and working groups, where he has contributed to reforms across debt markets, index governance, and disclosure frameworks. He works closely with IFSCA, to strengthen GIFT City’s positioning as a competitive international financial centre.
An alumnus of SIES College of Management Studies with a PGDBA in Finance and Marketing, Vijay is a respected voice at global forums such as the Asia Pacific FIX Conferences and is recognised as a decisive market architect shaping India’s next generation of debt and international market infrastructure.