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Jun 30, 2022

Guidelines on Compensation of KMPs and Senior Management in NBFCs

RBI, by its Circular dated April 29, 2022, as part of the framework for scale-based regulation for Non-Banking Financial Companies (‘NBFCs’), introduced guidelines (‘Guidelines’) on compensation of key managerial personnel (‘KMP’) and senior management in NBFCs (excluding NBFCs categorised under the ‘base layer’ and Government owned NBFCs), which Guidelines are intended to provide broad guidance to NBFCs and their Nomination and Remuneration Committees (‘NRCs’) in formulating their compensation policy. The Guidelines will come into effect from April 01, 2023.

The salient features of the Guidelines are as follows:

i.     Applicable NBFCs are required to each constitute an NRC as per the Companies Act to oversee the framing, reviewing and implementation of compensation policy of the NBFC and to ensure that the ‘fit and proper’ status of directors is maintained; and

ii.   The Guidelines set out principles for compensation, including the components, the composition of fixed pay, principles for variable pay, bonus and malus or a clawback applicable on the variable pay.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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