5. Composition of Authority.-
(1) The Authority shall consist of the following Members, to be appointed by the Central Government,namely:-
(a) a Chairperson;
(b) one Member each to be nominated by-
(i) the Reserve Bank of India, ex officio;
(ii) the Securities and Exchange Board of India, ex officio;
(iii) the Insurance Regulatory and Development Authority of India, ex officio; and
(iv) the Pension Fund Regulatory and DevelopmentAuthority, ex officio; (c) two Members, from amongst the officials of the Ministry dealing with Finance, to be nominated by the Central Government, ex officio; and
(d) two other Members to be appointed by the Central Government on the recommendation of a Selection Committee.
(2) The Chairperson shall be a whole-time Member and other Members referred to in clause (d) of sub-section (1) may be appointed as whole-time or part-time Members as the Central Government may deem fit.
(3) The Members shall be persons of ability, integrity and standing who have shown capacity in dealing with matters relating to financial sectors or have special knowledge or experience of law,finance, economics, accountancy, administration or in any other discipline which in the opinion of the Central Government, shall be useful to the Authority.
(4) The Selection Committee referred to in clause (d) of sub-section (1) shall consist of such Members and constituted by the Central Government in such manner as may be prescribed.