Explanation:

- The Finance Commission of India is an essential body in charge of distributing financial resources between the central and state governments.

- Article 280 of the Indian Constitution lays out the mandate for the Finance Commission’s formation.

- ? President (Option 4): Under Article 280, the Finance Commission is constituted by the President of India every five years or at such earlier time as he considers necessary.

- Vice President (Option 1): The Vice President plays no role in the establishment of the Finance Commission.

- High Court (Option 2): The High Court is part of the judiciary and does not deal with constituting the Finance Commission.

- Supreme Court (Option 3): The Supreme Court is unrelated to the formation of Finance Commissions.