FIPB is an inter ministerial body that has been formed to regulate the FDI in certain specified sectors. The permanent members of the board comprised of the following Secretaries to the Government of India: Secretary to Government, Department of Economic Affairs, Ministry of Finance – Chairperson Secretary to Government, Department of Industrial Policy & Promotion, Ministry of Commerce & Industry . Secretary to Government, Department of Commerce, Ministry of Commerce & Industry Secretary to Government, Economic Relations, Ministry of External Affairs Secretary to Government, Ministry of Overseas Indian Affairs. Additionally, the Board may co-opt other Secretaries of the Government of India and officials of financial institutions, banks and professional experts in industry and commerce, when required. ROLE OF FIPB: To expedite foreign investment approval To connect with potential investors To streamline FDI guidelines To implement proposals To identify proposal Grievance redressal Co-ordinates with other destination Promotes India as FDI Destination Ensuring implementation of FDI policy . Initially constituted under Prime Minister’s Office in the wake of economic liberalization drive of the early 1990s. The recommendations of the FIPB were approved through a 3 tier mechanism. i.e. Committee of senior officials ( to examine and make recommendations) Empowered committee on foreign investment (ECFI) (for deciding recommendations of FIPB for projects in which total investment in project was up to Rs. 300 crore.) (chaired by the finance minister) Cabinet committee on foreign investment (CCFI) for deciding on the recommendations of the FIPB for projects in which the total investment was more than Rs. 600 crore. The Board was reconstituted in 1996 with transfer of the FIPB to Department of Industrial Policy and Promotion (DIPP). Recommendations of FIPB in respect of the project proposals each involving a total investment of ₹ 600 crore or less were considered or approved by Industry minister. Project proposals with total investment of more than ₹ 600 crore were submitted to Cabinet Committee on Foreign Investment. If companies are to adopt the financial restructuring then they must notify SIA (Secretariat of industry assistance) within 30 days of receipt of funds. The FIPB was transferred to the Department of Economic Affairs; Ministry of Finance in 2003. The levels of approval were essentially retained, except to the extent that recommendations of FIPB for project-proposals involving a total investment of less than `600 crore were considered and approved by the Finance Minister and those with a total investment beyond ` 600 crore were submitted to the CCEA for decision.