Mandated to submit its report in two months, the panel includes filmmaker Rakeysh Omprakash Mehra, adman Piyush Pandey, film critic Bhawana Somaaya, National Film Development Council MD Nina Lath Gupta and Joint Secretary (Films) Sanjay Murthy.
An Information and Broadcasting Ministry statement here said the panel has been formed "in sync with the vision" of Prime Minister Narendra Modi.
"During their deliberations, the Committee would be expected to take note of the best practices in various parts of the world, especially where the film industry is given sufficient and adequate space for creative and aesthetic expression," it said.
The panel would recommend broad guidelines, procedures under the provisions of the Cinematograph Act, rules for the benefit of the chairperson and other members.
The staffing pattern of CBFC would also be looked into in an effort to recommend a framework which would provide efficient, transparent user friendly services, it added.
Filmmakers have complained of arbitrary objections and cuts sought by the board in the recent past including the criticism for the cuts the latest James Bond movie "Spectre" had to go through for its screening in India.
A list of banned "cuss" words, circulated by CBFC chief Pahlaj Nihalani had also become a subject of controversy.
When contacted, Benegal told PTI that the I&B ministry "spoke to me a couple of days ago...I am yet to know exactly what the proposal is...This is a committee formed by the government to see how effective, transparent and satisfactory the system is."
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