Regulation 27 - Compensation and tenure of key management personnel - Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018

Compensation and tenure of key management personnel 27. (1) A recognised stock exchange or a recognised clearing corporation shall constitute a Nomination and Remuneration Committee comprising a majority of public interest directors and chaired by a public interest director. (2) The Nomination and Remuneration Committee shall determine the compensation of key management personnel in terms of a compensation policy. (3) The compensation policy shall be in accordance with the norms for compensation policy specified under PART I of Schedule II of these regulations. (4) The compensation payable to the managing director shall be as approved by the Board and the terms and conditions of the compensation of the managing director shall not be changed without prior approval of the Board. (5) The compensation given to the key management personnel shall be disclosed in the report of the recognised stock exchange or recognised clearing corporation under section 134 of the Companies Act, 2013. (6) The report under sub-regulation (5) shall 1 [ consist of ] ratio of compensation paid to each key management personnel, vis-a-vis. median of compensation paid to all employees of the recognized stock exchange or recognized clearing corporation. (7) The tenure of a key management personnel, other than a director, shall be for a fixed period, as may be decided by the Nomination and Remuneration Committee. Explanation: For the purpose of sub-regulation (7), the tenure refers to the period of posting as key management personnel in a regulatory department, which shall be for a fixed period *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 before it was read as, comprise of