Brazil, Russia, India, China and South Africa have opposed the notions to select next Managing Director of the International Monetary Fund (IMF) from Europe. Executive Directors representing Brazil, Russia, India, China and South Africa, (BRICS) in the IMF in a joint statement argued that such a selection criteria on the basis of nationality undermines the legitimacy of the fund. The BRICS nations noted that the recent financial crisis which erupted in developed countries underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy. They said several international agreements have called for a truly transparent, merit-based and competitive process for the selection of the Managing Director of the IMF and other senior positions in the Bretton Woods institutions. AIR correspondent reports, India is in constant consultations with the developed and emerging economies on the appointment of a new IMF chief. Finance Minister Pranab Mukherjee has said the government is keeping a close watch on the developments. The post of the IMF managing director fell vacant following the exit of Dominique Strauss-Kahn, who is being tried for charges of sexual assault. When asked about the possibility of new chief from a developing country, Mr Mukherjee said, there are set procedures and as IMF is a financial institution, shareholding and voting power are relevant factors. AIR correspondent adds, although the demand is growing that the next chief should be from an emerging nation, several leaders from European countries have extended their support to Finance Minister of France, Christine Lagarde. Besides Lagarde, Planning Commission Deputy Chairman Montek Singh Ahluwalia and former British Prime Minister Gordon Brown figure in the list of probables for the top IMF job.