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Dept. of Personnel and Training appoints Injeti Srinivas as the first chairman of IFSCA

Dept. of Personnel and Training appoints Injeti Srinivas as the first chairman of IFSCA

The senior bureaucrat, Injeti Srinivas, was appointed as the first chairman of the International Financial Services Centre Authority for Gujarat International Finance Tech City. He is a 1983 batch IAS officer from the Odisha cadre.

Key Points:

  • He served at the corporate affairs ministry for nearly three years. He retired as corporate affairs secretary on May 31.
  • Before that, he worked as a secretary, department of sports, as well as director-general of SAI.
  • He has been appointed by the department of personnel and training as the chairman of the IFSCA for three years.
  • IFSA will act as a unified authority to regulate all financial services in international financial services centres (IFSCs) across the country.
  • The primary function of the authority is to regulate financial products such as financial services, securities, deposits and financial institutions that have been previously approved by any appropriate regulator in an IFSC.
  • Excluding the chairman, the IFSCA will have a member each nominated from IRDAI, PFRDA, RBI, SEBI and two members from the Centre.
  • The Central government has been abstained from enabling full authority over all the powers as envisaged in the Act.

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