It is our constant endeavour to ensure efficient & transparent governance of FIFS. Towards the same, we engaged our legal counsel and advisors to create a best-in-class governing structure for FIFS. And, after several months of deliberations and studying various self-governing organisations around the world, we are implementing some critical changes in FIFS. The key highlights are:
- Incorporation of a new ‘not for profit’, Section 8 company, limited by guarantee in New Delhi.
- FIFS has been reconstituted with the Board having 8 members – 1 Founder Member and 7 Platinum Members with one member one voting right.
- The Board will delegate powers to run the day to day business of FIFS to the Governing Council, which will consist of the Board members, Chairman, Advisors, President, CEO and Legal Counsel.
- Governing Council will form an Integrity committee and an Innovation committee for ensuring that legitimate contests are offered and innovation is promoted in the industry.
- The Board shall constitute the Fantasy Sports Regulatory Authority (FSRA) which shall be an independent body within FIFS to regulate and govern the judicial and regulatory aspects of the FIFS. Will be chaired by the Chairman of FIFS with independent Advisors as other members.
- The office of the Ombudsman & Ethics officer will continue to be an independent office that will continue to protect the interest of the users.
This evolution of FIFS will ensure that our organisation has a transparent structure and implements the right standards and best practices for efficient governance. As India’s first and only self-regulatory body for the fantasy sports industry, FIFS will continue to work towards consumer protection, promoting innovation, and industry development.