On July 6, 2020 Government appointed former corporate affairs secretary and IAS officer, Injeti Srinivas as the 1st chairman of the International Financial Services Centre Authority(IFSCA) for a 3 years term. IFSCA regulates all financial services in international financial services centres (IFSCs) in Gandhinagar.
Other Members of IFSCA
In addition to the chairman, IFSCA has other members who have been nominated from the Reserve Bank of India(RBI), Securities and Exchange Board of India(SEBI), The Insurance Regulatory and Development Authority of India(Irdai),Pension Fund Regulatory and Development Authority (PFRDA) and two members from the Centre.
About Injeti Srinivas
i.Injeti Srinivas is a 1983 batch IAS officer from the Odisha cadre
ii.He retired as corporate affairs secretary on May 31 on his superannuation.
iii.He also has served as the secretary of the department of sports and as the director general of Sports Authority of India (SAI)
Gist about IFSCA
i.The Union government had notified that it had set up the IFSCA on April 27, 2020. It will act as a unified authority to regulate all financial services in IFSCs across the country.
ii.The notification has brought into effect certain provisions of the IFSCA Act, 2019, in relation to its functioning. The Central government has been refrained from enabling full authority over all the powers as envisaged in the Act.
iii.It will provide a single-window regulatory institution, which accelerates the development of India’s 1st IFSC at Gujarat International Finance Tec-City (GIFT), Gandhinagar.
Main Function– To regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions that were previously approved by any appropriate regulator in an IFSC.
Note: According to the Act, the regulators include SEBI, RBI, Irdai and PFRDA.
Headquarters– Gandhinagar, Gujarat