Retired 1983 batch Indian Administrative Service (IAS) officer from the Odisha Cadre- Injeti Srinivas has been appointed as the 1st Chairman of the International Financial Services Centre Authority (IFSCA) on 6th July 2020.
Injeti Srinivas has retired as the Secretary of the Ministry of Corporate Affairs on 31st May 2020. He has been appointed for a period of three years as the Chairman of International Financial Services Centre Authority.
International Financial Services Centre Authority (IFSCA)
During the winter session of the Parliament in 2019, on 12th December the bill to set up a unified authority that will be regulating the financial activities across all the International Financial Services Centres (IFSCs) in the country was passed by the parliament.
On 27th April 2020, through a notification by the Union Ministry of Finance, the International Financial Services Centre Authority (IFSCA) was established. The notification also stated that the headquarter of the IFSCA will be in Gujarat’s capital city Gandhinagar (GIFT City: Gujarat International Finance Tec-City is the first IFSC of India which is also located at Gandhinagar).
IFSCA will consist of a Chairman, and one member will be nominated by each of the regulators under the IFSCA Act 2019 (SEBI, RBI, IRDAI etc are the regulators). Apart from this, there will also be two members of the Central Government in IFSCA.
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