The newly set up regulator International Financial Services Centre Authority (IFSC) for Gandhinagar situated financial social economic zone (SEZ) or Gujarat International Finance Tech (GIFT) city got its first chairman in senior bureaucrat Injeti Srinivas.
On Monday, Department of Personnel and Training (DOPT) by way of a notification announced former secretary of Ministry of Corporate Affairs (MCA) will be appointed as Chairman of IFSCA for a period of three years.
Srinivas had retired as Secretary, MCA on 31 May.
This comes after government notified setting up of IFSCA on 28 April, which will act as an unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
So far the regulations for entities and financial services at IFSC were governed by banking, capital markets and insurance regulators such as Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (IRDAI). Which typically led to many important regulations and development work falling between regulatory bodies.
The notification on 28 April had brought into effect certain provisions of the IFSCA Act, 2019, related to its functioning, however, the Centre refrained from fully enabling the authority with all its powers as envisaged in the Act.
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. Apart from the chairman IFSCA will have one member each nominated from RBI, Sebi, IRDAI and pension regulator and two members from Central government.
Srinivas is 1983 batch IAS officer from Odisha cadre and served at MCA for close to three years. Before that he served as secretary at Department of Sports as well as Director General of Sports Authority of India (SAI).