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The Centre has appointed two members to the International Financial Services Centre Authority (IFSCA), which is a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
The two members who have been appointed are Pankaj Jain, Additional Secretary in the Department of Financial Services in Finance Ministry and Anand Mohan Bajaj, Additional Secretary in the Department of Economic Affairs (DEA) in Finance Ministry.
The main function of the IFSCA is to regulate all financial products such as securities, deposits or contracts of insurance, financial services and financial institutions, which have been previously approved by an appropriate regulator in an IFSC.
Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part-time members in the Authority.
The Centre had this month appointed Injeti Srinivas, a retired IAS officer and former Secretary in the Ministry of Corporate Affairs (MCA), as Chairman of IFSCA.
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