Key management personnel - SEBI Ready Reckoner - SEBI

As per Regulation 2(1)(k) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 Key management personnel shall include: i. any person appointed as the managing director or executive director; or ii. a person serving as head of any department or vertical and directly reports to the managing director or to the directors on the governing board of the depository; or iii. a person serving as head of a core function as specified under Fourth Schedule of these regulations; or iv. a person who stands higher in hierarchy to the head of any department(s) handling core function(s) in the depository; or v. reporting officials of key management personnel; or vi. any person defined as a key managerial personnel under the Companies Act, 2013 ; or vii. any other person who is key decision making authority at the level of the depository or its direct or indirect material subsidiaries, as identified by the managing director or its Nomination and Remuneration Committee: Provided that in the case of a subsidiary of a depository that is regulated by a financial sector regulator; the norms specified by such a regulator may be considered for determining as to whether the person at the subsidiary is designated as a key management personnel. As per regulation 2(1)(j) of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 key management personnel shall include: i. any person appointed as the managing director or executive director; or ii. a person serving as the head of a department or vertical and directly reporting to the managing director or to the directors on the governing board of the recognised stock exchange or recognised clearing corporation; or iii. a person serving as the head of a core function as specified under Part C of Schedule II of these regulations.; or iv. a person who stands higher in hierarchy to the head of any department(s) handling core function(s) in the recognised stock exchange or recognised clearing corporation; or v. reporting officials of key management personnel; or vi. any person defined as a key managerial personnel under the Companies Act, 2013 ; or vii. any other person who is a key decision making authority at the level of the recognised stock exchange or recognised clearing corporation or its direct or indirect material subsidiaries, as identified by the managing director or its Nomination and Remuneration Committee: Provided that in the case of a subsidiary of a recognised stock exchange or a recognised clearing corporation that is regulated by a financial sector regulator; the norms specified by such a regulator may be considered for determining as to whether the person at the subsidiary is designated as a key management personnel.