The new appointments include three independent directors and one non-executive director.
IBMA was set up by the National Spot Exchange Ltd and it has reportedly invested about Rs 1,200 crore in the bourse.
On January 15, NSEL also had appointed 5 new independent directors and a non-executive director to its board.
There will be three independent directors Dattatray Palekar, Varghese Jacob, and Vijay Ramakrishnan. While CEO of NSEL Saji Cherian, will be a non-executive director, IBMA said in a statement.
"The members joining IBMA come with a rich experience of over two decades in their respective fields," it added.
Earlier, the IBMA board comprised of six directors: Dewang Neralla, Shreekant Javalgekar, Anjani Sinha, Nemichand Sanghvi, Bharat Mehta and Ketan Shroff.
Meanwhile, commodity market regulator FMC has allowed NSEL to pay directly to members of IBMA.
In a letter to NSEL, FMC had directed that the payouts to the members registered under IBMA can be made directly from the NSEL escrow account.
NSEL suspended trading following a Consumer Affairs Ministry directive asking the bourse not to launch any new contracts till further order as it found violations of government norms in trading at the bourse.
The bourse had said it prepared a payment calendar and plans to settle all the dues in 30 weeks time, by paying Rs 174.72 crore each for first 20 weeks followed by Rs 86.02 crore each in next 10 weeks.
So far the bourse has defaulted 21 times in paying its dues as per payment calendar.