Depository governance requires balanced board composition with public interest and shareholder directors and listed-company governance norms. The governing board of a depository must include shareholder directors, public interest directors and the managing director, with the managing director serving as an ex officio director distinct from the other categories. Public interest directors must be no fewer than shareholder directors, an employee-appointed director is deemed a shareholder director, and at least one public interest director is required for quorum. The chairperson is elected from public interest directors with prior Board approval. Listed-company disclosure and corporate governance norms apply mutatis mutandis to depositories, subject to the transitional compliance period set by the amendment.