Nafisa, a former Miss India and ace swimmer, has worked in acclaimed films like "Junoon". She is actively involved with non-governmental organisations Action India and The Naz Foundation, and has also worked with quake victims in Gujarat.
She forayed into politics last year as the Congress candidate in Kolkata against Trinamool Congress leader Mamata Banerjee in last year's parliamentary elections, but lost.
Raveena Tandon quit last week citing personal reasons, nearly a year after a controversy over her alleged absence at the organisation's meetings.
The actress said she found it "increasingly difficult" to balance her current commitments and workload, and wished to resign due to time constraints and other unavoidable circumstances due to which she would not be able to devote the time required to do justice to her duties.
Raveena was appointed to the post in 2003 during the previous National Democratic Alliance (NDA) regime. In November she was accused of not attending a single meeting of the CFSI - an allegation she strongly refuted.