Appointment process for key management personnel now requires independent search, NRC review and Governing Board final approval. Mandates a governance process for appointment and related actions for specified KMPs (Compliance Officer, Chief Risk Officer, Chief Technology Officer, Chief Information Security Officer): MIIs must engage an independent external agency to recommend candidates, the NRC evaluates recommendations and, after discussion with management, forwards recommendations to the Governing Board which makes the final appointment decision. NRC similarly evaluates re-appointments, terminations and resignations, and Governing Boards must give KMPs a reasonable opportunity to be heard before termination. Governing Boards must prescribe cooling-off periods for KMPs joining competing MIIs and record and inform SEBI when a PID is not re-appointed.