David played 10 Tests, 97 ODIs for the country and has replaced previous chairman Hemalata Kala.
David, who played 10 Tests and 97 ODIs for the country from 1995 to 2008, replaces Hemalata Kala, the chairman of the previous panel, which had their tenure ended in March this year after the Women's T20 World Cup in Australia.
Besides David, the new committee also features Mithu Mukherjee, Renu Margrate, Arati Vaidya and V Kalpana, all former India Test cricketers.
"On account of seniority, Neetu David, the former left-arm spinner, will head the five-member committee," said BCCI secretary Jay Shah in a statement.
"She holds the world record for best bowling figures in an innings in a Test for her 8/53 against England Women in the Jamshedpur Test held in 1995."
"She is also the second-highest wicket-taker for India in WODIs with 141 scalps and was also the first from India to take 100 WODI wickets."
The delay in naming the new panel had attracted criticism from a lot of corners, but the board waited till near the next assignment, with the COVID-19 pandemic enforcing an extended break in the women's international calendar.
David & her team will be selecting the three teams to take part in the Women's Challenger Series to be played in the T20 format in UAE and the future assignments from there onwards.
A BCCI official told PTI on conditions of anonymity that they are really happy to have David on board as the new chairman because of her unquestionable cricketing credentials, having once been India's highest ODI wicket-taker before the great Jhulan Goswami surpassed her.
"Neetu is a big name in Indian women's cricket and has the stature. I don't think anyone can question Neetu's credentials to become head of selection panel," the official said.
Vaidya, the co-member of David's team, played 3 Tests and 6 ODIs between the mid to late 1990s, and has been appointed from the west zone, while Margrate, a medium-pacer, who played for India in five Tests and 23 ODIs, is the candidate selected from the central zone.
Mukherjee, from the east zone, was part of the previous panel and didn't complete her full term. The former batter played 4 Tests for India and has been retained to complete her tenure, which still has two years left.
Representing India in three Tests and eight ODIs from 1986 to 1991 as a wicketkeeper batter, Kalpana, is the fifth candidate appointed from the south zone.