FIFS announces key changes in its constitution
The body announced that the changes are a result of months of research, studying various global self-governing organisations
The Federation of Indian Fantasy Sports, a self-regulatory industry body for online fantasy sports in India, announced that its Governing Council has approved changes in its constitution. To ensure efficiency and transparency in FIFS, the body informed that they consulted their legal counsel and advisors to create a best-in-class governing structure. The changes are a result of months of deliberation and research of various global self-governing organisations, according to FIFS.
Here’s a list of the crucial changes made in the FIFS constitution:
- 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
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