Srinivasan, 48, was among the few judges interviewed by Obama for the top judicial post, but in the end he opted to nominate judge Merrick Garland to the Supreme Court.
Encouraged by the fact that Obama during his presidency nominated a record number of Indian-Americans to senior judiciary positions, community leaders from across the country were hoping that Srinivasan would be the pick.
"The expectations were high and Sri was eminently qualified. The community was disappointed to say the least. This SCOTUS (Supreme Court of the United States) process could take a while during this political season so let's wait and see what happens," M R Rangaswami, a Silicon Valley-based entrepreneur and philanthropist, told PTI.
"However, It is gratifying to see so many Indian- Americans run for office in this election cycle. We could actually have an Indian American caucus next year!" he said.
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Rangaswami is currently planning for the next Indian- American presidential inaugural ball for the new president to be elected in the November 8 presidential elections.
"For the first time in American history, the President interviewed an Asian American for the US Supreme Court. While we are disappointed that an AAPI was not selected, we are pleased that President Obama strongly considered Judge Sri Srinivasan.
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Ravi Batra, an Indian-American attorney from New York, said: "While I would have loved to have Sri nominated... Still Garland, with a longer life, actually has a longer and more documented history of dedicated public service and is an honour to our Republic that he has been so nominated."
"Judge Garland's even-handedness and his commitment to justice are readily apparent from his record," he said.
While Sikh American Legal Defence and Education Fund (SALDEF) had called on Obama to nominate the first Asian American Supreme Court Justice, the advocacy group in a statement said that it realised the profound statement Srinivasan made as the first Asian American in history to make it to a President's shortlist.
"SALDEF wholeheartedly supports President Obama's nomination of Chief Judge Garland, we are encouraged by the consideration of Judge Srinivasan, and we eagerly await the first Asian American Supreme Court Justice," SALDEF said.