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Count the Members of the Authority as per Section 5 of the IFSCA Act, 2019, if all posts are filled: Chairperson, one nominee each of RBI, SEBI, IRDAI and PFRDA, Finance Ministry officials, and Selection Committee appointees. What is the total, and how many are ex officio nominees of regulators plus Ministry officials?

The Authority has 10 Members: one Chairperson, four regulator nominees (RBI, SEBI, IRDAI, PFRDA), two Finance Ministry officials and two Selection Committee appointees. Six of them, the four nominees and two Ministry officials, are ex officio.

  1. A10 Members in total, of whom 6 are ex officioCorrect
  2. B9 Members in total, of whom 5 are ex officio
  3. C10 Members in total, of whom 4 are ex officio
  4. D8 Members in total, of whom 6 are ex officio

Explanation

Chairperson 1 + four regulator nominees 4 + two Finance Ministry officials 2 + two Selection Committee appointees 2 = 10. The ex officio ones are the four regulator nominees and the two Ministry officials = 6. Counting only regulator nominees gives 4, which omits the Ministry officials.

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