Dear Pooja,
No, there is not. For a second-order formative construct, reliability, discriminant validity, and convergent validity criteria developed for reflective measurement models (e.g., AVE, composite reliability, Fornell-Larcker, and HTMT) are generally not applicable because the construct is formed by its dimensions rather than reflected by them.
Instead, assessment should focus on content validity, collinearity among formative dimensions (VIF), the significance and relevance of formative weights, convergent validity through redundancy analysis, and nomological validity.
If the lower-order constructs are reflective, their reliability, convergent validity, and discriminant validity should still be assessed separately.
Diamantopoulos and Winklhofer (2001) discuss this issue and explain why psychometric criteria developed for reflective constructs are not directly transferable to formative constructs.
Best regards,
MRS