Ex-Corporate Affairs secretary Injeti Srinivas appointed IFSCA chairman

Former Corporate Affairs Secretary Injeti Srinivas was on Monday appointed the first chairman of International Financial Services Centres Authority (IFSCA), an unified authority for regulating all financial services, to be headquartered in Gujarat's Gandhinagar, according to an official order.

The Appointments Committee of the Cabinet has approved his appointment for a period of three years, the order issued by the Personnel Ministry said.

Srinivas, a 1983-batch IAS officer of Odisha cadre, superannuated as the Corporate Affairs Secretary in May this year.

The IFSCA will regulate all financial services in international financial services centres (IFSCs) established under the Special Economic Zones Act, 2005.

Currently, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDAI).

The authority, that came into effect from April 27, 2020, can have eight members and a chairman.

One member (ex-officio) each will be nominated by the RBI, SEBI, IRDAI and the Pension Fund Regulatory and Development Authority (PFRDA), according to the International Financial Services Centres Act, 2019.

Two members (ex-officio), from amongst the officials of the ministry dealing with finance, to be nominated by the central government and two other members to be appointed by the central government on the recommendation of a selection committee, according to the law.