The Federation of Indian Fantasy Sports, a self-regulatory industry body for online fantasy sports in India today shared on its website that its Governing Council has approved changes in its constitution.
The notification mentioned that to ensure efficient and transparent governance of FIFS they have engaged their legal counsel and advisors to create a best-in-class governing structure.
As India’s first and only self-regulatory body for the fantasy sports industry, FIFS has reiterated that it will continue to work towards consumer protection, promoting innovation, and industry development
After several months of deliberations and studying various self-governing organisations around the world, they 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.
FIFS believes that this evolution will ensure that its 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 has averred it will continue to work towards consumer protection, promoting innovation, and industry development.