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Mr. Rao is a Joint Secretary in the Ministry dealing with Finance. The Central Government wishes to place him on the IFSCA Authority. Under Section 5 of the IFSCA Act, 2019, in which capacity can he be placed, and how many such Members may there be?

Mr. Rao can be one of the two Members from the Ministry dealing with Finance, nominated by the Central Government ex officio. This is separate from the regulator nominees and from the two other Members recommended by the Selection Committee.

  1. AAs a Member nominated by SEBI; one such Member
  2. BAs one of two Members from the Ministry dealing with Finance, nominated by the Central Government, ex officioCorrect
  3. CAs one of two other Members appointed on the Selection Committee's recommendation
  4. DAs the whole-time Chairperson, appointed by the Selection Committee

Explanation

Section 5(1)(c) provides two Members from officials of the Ministry dealing with Finance, nominated by the Central Government, ex officio. The clause (d) Members are appointed on Selection Committee recommendation and are not drawn through this ministry route.

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