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Ministry officials Mr. Rao and Ms. Iyer are to sit on the IFSCA. Under Section 5, how are the two Members from the Ministry dealing with Finance brought onto the Authority?

Two Members are nominated by the Central Government from among officials of the Ministry dealing with Finance, and they sit ex officio. They do not come through the Selection Committee, which is relevant only for the two other Members under clause (d).

  1. ARecommended by the Selection Committee and appointed as part-time Members
  2. BNominated by the Central Government from the Ministry's officials, ex officioCorrect
  3. CNominated by the Reserve Bank of India from the Ministry's officials
  4. DElected by the other Members of the Authority from among Ministry officials

Explanation

Section 5(1)(c) provides for two Members from amongst officials of the Ministry dealing with Finance, nominated by the Central Government, ex officio. The Selection Committee route applies only to the two clause (d) Members.

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