The so-called normalisation committee will attempt to bring the Bosnian federation into line with the statutes of football's ruling body FIFA and its European counterpart UEFA and oversee the election of a new executive committee by the end of November.
"After discussions with various stakeholders and following consultation with UEFA, a six-person normalisation committee with football personalities from Bosnia-Herzegovina has been established and put in place," said FIFA in a statement.
"The normalisation committee acts immediately as the Bosnia football federation executive committee."
The ban means Bosnia cannot play international matches - including Euro 2012 qualifiers - and the country's clubs cannot take part in European competition or sell players abroad.
FIFA said the committee's first task would be to prepare an ordinary general assembly and adopt new statutes by May 26 at the latest, a process from which the NFSBiH leadership must be excluded.
"(The committee must) ensure that all connections or relationships with any members of the "former" NFSBiH leadership are cut immediately with regard to the decision-making in financial, administrative, sporting and other matters," said FIFA.
"This normalisation committee has taken over all statutory rights and duties of the NFSBiH executive committee as well as of the presidency," said FIFA.
"The mandate of the normalisation committee will expire after new executive committee elections have been held according to the newly-adopted statutes."
