(1) The Chairperson and other Members of the Commission shall be appointed by the Central Government from a panel of names recommended by a Selection Committee consisting of—

1. the Chief Justice of India or his nominee — Chairperson;
2. the Secretary in the Ministry of Corporate Affairs — Member;
3. the Secretary in the Ministry of Law and Justice — Member;
4. two experts of repute who have special knowledge of, and professional experience in, international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs or administration — Members.

(2) The Central Government shall, within two months from the date of occurrence of any vacancy by reason of death, resignation or removal of the Chairperson or a Member and six months before the superannuation or end of tenure of the Chairperson or Member, make a reference to the Selection Committee for filling up of the vacancy.

(3) The Selection Committee shall finalise the selection of the Chairperson and Members within three months from the date on which the reference is made to it.

(4) The Selection Committee shall recommend a panel of two names for every vacancy referred to it.

(5) Before recommending any person for appointment as Chairperson or other Member of the Commission, the Selection Committee shall satisfy itself that such person does not have any financial or other interest which is likely to affect prejudicially his functions as such Member.

(6) No appointment of the Chairperson or other Member shall be invalid merely by reason of any vacancy in the Selection Committee.