Injeti Srinivas appointed as the 1st Chairman of IFSCA

Retired  1983 batch Indian Administrative Service (IAS) officer from the Odisha Cadre- Injeti Srinivas has been appointed as the 1^st Chairman of the International Financial Services Centre Authority (IFSCA) on 6^th July 2020.

• Injeti Srinivas has retired as the Secretary of the Ministry of Corporate Affairs on 31^st 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 12^th 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 27^th 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.