The Government of India has established this Authority.
The headquarters of the authority is to be established in Gandhinagar, Gujarat.
The main function of the authority is to regulate financial products such as contracts of insurance, deposits, and securities of the financial institutions.
The authority consists of 9 members that are appointed by the Government of India.
The members are to have a term of three years.
The members include Chairperson, two members from Ministry of Finance, one each from RBI, SEBI, IRDAI and PFRDA and two members based on the recommendation of search committee.