According to Article 280 of Constitution, the President appoints a Finance Commission once in every 5 Years.
This provision is also a Fundamental feature of Indian Constitution, which is not found in any other Constitution.
The President has the power to appoint a new Finance Commission even before the expiry of 5 years, if he deems it necessary. In other words, the appointment of the Finance Commission is a continuous process according to our Constitution.
Objectives of Finance Commission
To determine the basis for the allocation of funds collected from the taxes, which are divisible between the centre and the states.
| Finance Commission | Chairman |
|---|---|
| 1st (1951) | Mr KC Niyogi |
| 2nd (1956) | Mr KA Santhanam |
| 3rd (1961) | Mr AK Chanda |
| 4th (1966) | Mr RV Rajamannar |
| 5th (1968) | Mr Mahaveer Tyagi |
| 6th (1972) | Mr Brahmananda Reddy |
| 7th (1977) | Mr JM Shellat |
| 8th (1982) | Mr.YB. Chavan |
| 9th (1987) | Mr.NKP Salve |
| 10th (1992) | Shri KC Pant |
| 11th (1998) | Prof AM Khusro |
| 12th (2004) | Dr C Rangarajan |
| 13th (2008) | Dr Vijay L Kelkar |
| 14th (2012) | YV Reddy |
| 15th (2020) | NK Singh |
| Regulators | Sectors | Chairman | Headquarter |
|---|---|---|---|
| Reserve Bank of India (RBI) | Financial system and monetary policy, Money Market | Shaktikanta Das | Mumbai |
| Securities and Exchange Board of India (SEBI) | Security & Capital Market, Stock broking & Merchant Banking, Nidhis, Chit Fund Companies | Madhabi Puri Buch | Mumbai |
| Insurance Regulatory and Development Authority (IRDA) | Insurance Industry | Debasish Panda | Hyderabad |
| Telecom RegulatoryAuthority of India (TRAI) | Telecommunication Industry | Anil Kumar Lahoti | New Delhi |
| Forward Markets Commission | Commodity Market | Ramesh Abhishek | Mumbai |
| Pension Fund Regulatory and Development Authority (PFRDA) | Pension sector | Deepak Mohanty | New Delhi |