A 1983-batch IAS officer, Injeti Srinivas has been appointed as 1st chairman of the International Financial Services Centres Authority (IFSCA) for a period of three years. The Appointments Committee of the Cabinet has approved his appointment.
Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part-time members in the Authority.
About International Financial Services Centres Authority:
The IFSCA was recently established by the finance ministry on April 27 as the unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
The main function of the authority will be to regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions which have been previously approved by any appropriate regulator in an IFSC.
Important takeaways for all competitive exams:
- Headquarters of IFSCA: Gandhinagar, Gujarat.