(1) The Finance Committee of each Institute shall consist of the following persons, namely:—

(a) the Chairperson of the Board shall be the ex officio Chairperson of the Committee;

(b) one representative of the Government of India, Ministry of Human Resource Development, Department of Higher Education handling the matters relating to finance, ex officio;

(c) one representative of the State Government in which the Institute is located, ex officio;

(d) one representative of the industry partners chosen from amongst themselves;

(e) the Director, ex officio; and

(f) the officer in-charge of finance and accounts of the Institute, ex officio Secretary.

(2) The members of the Finance Committee other than ex officio members shall hold office for a term of three years.