The Bangalore-based cricketer will join former West Indies captain Clive Lloyd and Australian Alan Hurst in the panel of second tier of part-time match referees.
Sri Lankans Ranjan Madugalle and Roshan Mahanama, South African Mike Procter and New Zealand's Jeff Crowe were retained in the Elite panel of full-time match referees after a review conducted by ICC Chief Executive Malcolm Speed and Chairman of Cricket Committee Sunil Gavaskar.
England's Chris Broad, who had twice called Indian offspinner Harbhajan Singh for chucking, was axed from the panel.
Board of Control for Cricket in India (BCCI) had also recommended Dilip Vengsarkar, Robin Singh, Kiran More and Shivlal Yadav, besides Srinath, for the post. But, ICC selected the former fast bowler, BCCI secretary Niranjan Shah said.Srinath, who had played 67 Tests, had taken 236 wickets at an average of 30.49, while claiming 315 scalps at 28.08 in 229 One-day Internationals.