For section 9 of the principal Act, the following section shall be substituted, namely:--
"9. Selection Committee for Chairperson and Members of Commission-(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--
(a) the Chief Justice of India or his nominee............Chairperson;
(b) the Secretary in the Ministry of Corporate Affairs.............Member;
(c) the Secretary in the Ministry of Law and Justice...............Member;
(d) 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 competition matters including competition law and policy......................................................Members.
(2) The term of the Selection Committee and the manner of selection of panel of names shall be such as may be prescribed.".