Injeti Srinivas appointed chairman of IFSCA

The Appointments Committee of the Cabinet approved the appointment of Injeti Srinivas as chairman of the International Financial Services Centres Authority (IFSCA), according to an official notice on Monday.

The former corporate affairs secretary and 1983-batch IAS officer of the Odisha cadre will head the IFSCA for a period of three years, the notice said.

While at the helm of the ministry of corporate affairs (MCA), Srinivas was instrumental in pushing through significant reforms in the Insolvency and Bankruptcy Code (IBC) and the Companies Act.

As part of the government’s objective to improve the ease of doing business, Srinivas played a pivotal role in the decriminalisation of various minor, procedural and technical offences under the Companies Act.

He also ensured an increase in the threshold for initiating insolvency proceedings under the IBC to Rs 1 crore, aimed at insulating micro, small and medium enterprises (MSMEs) from the pandemic fallout.

Heading the Insolvency Law Committee, Srinivas pushed for the inclusion of home buyers as financial creditors under the IBC for housing projects to ensure they had powers to make construction firms accountable.

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.

The body will be headquartered at GIFT city in Gandhinagar, Gujarat, as per the notification.

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