Under section 189(1), the Insolvency and Bankruptcy Board of India consists of a Chairperson and:

Section 189(1) provides for a Chairperson, three ex officio members from the Central Government (not below Joint Secretary) representing the Ministries of Finance, Corporate Affairs and Law, one ex officio member nominated by the Reserve Bank of India, and five other members nominated by the Central Government, "of whom at least three shall be the whole-time members". All are appointed by the Central Government. Under section 189(4), members other than ex officio members hold office for five years or until the age of sixty-five, whichever is earlier.