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Correct Option is 1 only

Parliament has passed the New Delhi International Arbitration Centre Bill, 2019, with the Rajya Sabha approving it by a voice vote. The Lok Sabha has already passed the bill. It replaces an ordinance which was promulgated in March this year. The Objectives of Bill is to create NDIAC as an independent and autonomous regime for institutionalized domestic and international arbitration and establishing India as an International Hub of Arbitration. Statement 1 is correct: The legislation has provision to declare the NDIAC as an institution of national importance. Statement 2 is incorrect: The NDIAC will be headed by a Chairperson, who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having experience in arbitration to be appointed by the Central Government in consultation with the Chief Justice of India. Besides, it will also have two Full-time or Part-time Members from amongst eminent persons having experience in arbitration. In addition, one representative of a recognized body of commerce and industry shall be nominated on rotational basis as a Part-time Member. The Secretary, Department of Legal Affairs, Ministry of Law & Justice, Financial Adviser nominated by Department of Expenditure, Ministry of Finance and Chief Executive Officer, NDIAC will be ex-officio Members.

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