Govt approves appointment of Injeti Srinivas as Chairman of IFSCA
Injeti Srinivas, the 1983-batch IAS officer of Odisha cadre and the former Corporate Affairs Secretary will head the IFSCA for a period of three years.
Injeti Srinivas has been appointed as a Chairman of the International Financial Services Centres Authority (IFSCA) by the Appointments Committee of the Cabinet. The news was confirmed through an official notice released on July 6, 2020.
As per the notice, the 1983-batch IAS officer of Odisha cadre and the former Corporate Affairs Secretary will head the IFSCA for a period of three years.
IFSCA was established by the Finance Ministry on April 27, 2020, as the unified authority that will regulate all the financial services in International Financial Services Centres (IFSCs) in India.
Government of India appoints IAS Injeti Srinivas as Chairman, International Financial Services Centres Authority.— ANI (@ANI) July 6, 2020
Injeti Srinivas: Background
While working at the Ministry of Corporate Affairs, Injeti Srinivas had played an instrumental role in pushing through the significant reforms in the Insolvency and Bankruptcy Code and Companies Act.
As part of the government’s objective was to improve the ease of doing business, he played a crucial role in the decriminalisation of various procedural, minor, and technical offenses under the Companies Act.
Srinivas also ensured an increase in the threshold for initiating the insolvency proceedings under the IBC to Rs. 1 crore, which aimed at insulating Micro, Small, and Medium Enterprises (MSMEs) from the pandemic effect.
As the head of the Insolvency Law Committee, Srinivas pushed for the inclusion of home buyers as financial creditors under the IBC for the housing projects in order to ensure that they had powers to make construction firms accountable.
Established by Finance Ministry on April 27, 2020, the main objective of the authority will be to regulate financial products such as financial services, securities, deposits or contracts of insurance, and financial institutions that have been previously approved by any appropriate regulator in an IFSC. As per the notification, IFSCA will be headquartered at GIFT City in Gandhinagar, Gujarat.