Friday, August 12, 2022

NSE IFSC appoints ex-CAG Rajiv Mehrishi as the Chairman-Governing Board

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Mumbai: Ex-CAG Rajiv Mehrishi has been appointed as the chairman of the governing Board of NSE IFSC Limited (NSE's International exchange in GIFT city) effective from January 25, the company said in an official statement released Tuesday. The International Financial Services Centres Authority (IFSCA) had earlier approved his appointment as Public Interest director on the governing Board of NSE IFSC with effect from December 9 2021. Mehrishi is a retired Indian Administrative Service (IAS) officer and he was the 13th Comptroller and Auditor General of India (C&AG) from 2017 to 2020. Mehrishi has also served as Vice Chairman of the United Nations panel of external auditors. A few of his prior roles include being Finance Secretary from 2014 to 2015, Home Secretary from 2015 to 2017 and Chief Secretary to the Government of Rajasthan from 2013 to 2014. 

The new chairman holds a master degree in history from Saint Stephen's College Delhi and a degree in Business Administration from Strathclyde Business School, Glasgow.

"The board and management of NSE IFSC welcome Rajiv Mehrishi as Chairman of NSE IFSC. His experience in corporate governance, finance, audit and corporate law will be immensely beneficial for the future development of NSE IFSC", the company further in the statement.

About NSE IFSC Limited

NSE IFSC Limited (NSE International Exchange) incorporated on November 29, 2016, by the Registrar of Companies, Gujarat, is a fully owned subsidiary company of National Stock Exchange of India Limited (NSE) and has received approval from the Securities and Exchange Board of India (SEBI) to establish an international exchange in Gujarat International Finance Tech City (GIFT) – International Financial Service Centre (IFSC) Gandhinagar. GIFT city, which is a special economic zone, is India's first IFSC.

Exchange and Financial Services units located in GIFT IFSC are offered a competitive tax structure and facilitative regulatory framework. The benefits include exemptions from security transaction tax, commodity transaction tax, dividend distribution tax, capital gain tax waivers and no income tax.

NSE International Exchange has been launched to grow the financial market as well as expected to bring capital into India.

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