Variable pay governance: deferred remuneration, prohibition on equity-linked awards, and mandatory malus and clawback arrangements.

Compensation norms require a defined variable pay component with a significant portion deferred for a minimum multi-year period; ESOPs and other equity-linked instruments are prohibited for key management personnel; malus and clawback arrangements must be included. The policy must consider the depository's financial health, industry-comparable compensation, role and responsibilities, revenues and profits, periodic review, and must not incentivise excessive short-term risk. Board approval for the managing director's compensation is required at appointment.

---

---

---