Compensation committee rules require public-interest majority and board-approved policies to govern key management pay and tenure.

Regulation requires a compensation committee with a majority of public interest directors, chaired by a public interest director, to determine key management personnel compensation pursuant to a compensation policy that conforms to Board-specified norms. Managing director compensation must be Board-approved and not changed without prior Board approval. Compensation must be disclosed in the depository's report under the Companies Act. Tenure of key management personnel other than directors is a fixed period determined by the compensation committee.

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