The Modi administration on Monday appointed former Corporate Affairs Secretary Injeti Srinivas as chairman of newly created International Financial Services Centre Authority (IFSCA) for three years.
Mr. Srinivas was a 1983 batch IAS officer who superannuated as Secretary, Ministry of Corporate Affairs.
In April, the Centre notified the IFSCA, a unified body to regulate all financial services in International Financial Services Centres (IFSCs) with its headquarters in Gandhinagar, Gujarat.
The main function of the authority is 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.
It is meant to provide a single-window regulatory institution which accelerates the development of India’s first IFSC at the Gujarat International Financial Tec (GIFT) City, Gandhinagar
