Srinivasan has been forced to step aside following the Supreme Court's direction that former cricketers Sunil Gavaskar and Shivlal Yadav perform split duties as BCCI president in his place.
While Gavaskar has been made in-charge of the Indian Premier League, ex-off spinner Yadav has been directed to look after non-IPL related issues.
FICA Executive Chairman Paul Marsh today said it was imperative that the ICC Board also acted strongly in response to the situation involving Srinivasan who is scheduled to take over as the first chairman of ICC Board in June.
"Serious allegations of betting and spot fixing in IPL 2013 have been made against Mr Gurunath Meiyappan as the alleged Team Principal of Chennai Super Kings and these remain the subject of proceedings before the Indian Supreme Court," said Marsh in a media release.
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"While we are pleased that Mr Srinivasan, at the behest of the Supreme Court, has agreed to step down from his duties as BCCI President, we are of the firm belief that he should not be exercising any functions on behalf of the ICC either, while any investigations concerning his conduct or that of his company are pending or unresolved," he said.
"The Supreme Court order from last Friday noted that Mr Srinivasan had made a written offer through his legal counsel to step aside from his functions as BCCI President until investigations into the allegations against him were completed.
"The Supreme Court has issued an interim order prohibiting any employees of India Cements Limited (other than players or commentators) from performing any duties for the BCCI. FICA understands that the order applies to Mr Srinivasan, as Managing Director of the company," Marsh said.