India IDExchange
Sign up
Limited time. Limited Seats.|Foresight ₹85,000 ₹60,000 + 18% GST|12 months of accessGet Foresight

India ID Exchange · Board Seats

NRC Chair Roles in Financial Services Industry in Mumbai

Nomination and Remuneration Committee chairs on Mumbai’s bank, NBFC, insurance, AMC and fintech boards — what the seat actually owns, who qualifies for it, what it pays, and which seats are open on the Exchange right now.

Seats on this page
0
Open now
0
Seats forecast to open
94
Boards read daily
3,790
See these seats with ForesightJump to open seats

Sitting fees, the company behind each mandate and the application deadline are members-only.

01

The seats

What is open on the Exchange today, what the filings say is coming, and who moved this quarter.

Open NRC chair seats — Mumbai financial services

Drawn live from the Exchange. Governance shape is public; identity, fees, deadline and the mandate brief sit behind membership, exactly as they do on each seat’s own page.

No NRC chair seat in Mumbai is open on the Exchange today.

Seats of this exact shape surface irregularly. The Exchange reads 3,790 boards every day and most appointments become visible weeks before they are advertised anywhere — Foresight members are matched to them as they form. The closely related seats below are open right now.

Get matched as these open

Other committees in Mumbai (6)

Open seats on the same sector’s boards in Mumbai, on committees other than the NRC chair.

What is hidden on the 6 seats above

  • · The company behind each mandate, where it has authorised disclosure
  • · Sitting fees, committee fees and annual retainer — always members-only
  • · The application deadline and the full mandate brief
  • · Direct application, without waiting for a seat to open to free members

NRC Chair Roles in Financial Services Industry in Mumbai is a narrow, high-competition shape. Foresight members apply the day a seat is posted, up to ten a day; free members wait for the deadline window and a cap of one application a week. On a shortlist of five, that timing is the contest.

Unlock with Foresight

The NRC seats that haven’t been advertised yet

An independent director serves a term of up to five years and no more than two consecutive terms. So a sitting NRC chair four and a half years into a first term is not a possibility — it is a vacancy with a date on it, visible in the exchange filings long before any search firm is appointed.

Across the 572 sitting NRC chairs on financial-services boards the Exchange tracks, this is what the filings say about the next twelve months:

75

First term completing

Four to five years served. Renewable once — but this is where the NRC starts a skills-gap review.

13

Second term completing

Nine to ten years served. Cannot be renewed again; the seat must change hands.

6

Already past ten years

Beyond the two-term ceiling. Succession is overdue and the board knows it.

94 financial-services NRC chairs are at or past a term boundary right now. Every one of them is a seat that has to be refilled — and almost none of them will ever be advertised.

Forecast derived from filed appointment dates in the exchange corporate-governance filings for the period ending 2026-06-30. These are predicted term completions, not announced vacancies — a re-appointment or an early exit moves the date.

How Foresight works

Deploy your own search agent across all 3,790 boards — and let it bring the seat to you

Your agent works the entire company universe every day: tenure clocks running down, independence ratios slipping, committees left short, resignations filed that morning. It reads every one of them against your own profile — sector, function, committee, city, eligibility, capacity.

Then it finds your seats and brings them to you — ahead of the search firm, ahead of the advertisement, ahead of the shortlist. Every role that reaches you is one you are eligible to take and positioned to win, with the brief, the fees and the deadline already open.

Deploy my search agentLearn how it works

Get your board seat the smart way — matched roles, found for you and brought to you.

Board movements this quarter

Financial-services boards only, from Board Governance Daily, drawn from the latest exchange filings (Jun 2026). Every independent-director departure below is a seat a Nomination and Remuneration Committee must now refill — under SEBI LODR a listed company has three months to do it.

Appointments: 124Departures: 152
CompanyDirectorChange
STATE BANK OF INDIASanjay LohiyaAppointed
STATE BANK OF INDIASandeep Natwarlal ShahAppointed
HDFC BANK LIMITEDRajiv KumarAppointed
HDFC BANK LIMITEDBhavesh C ZaveriDeparted
SHRIRAM FINANCE LIMITEDMorihiko FujiAppointed
SHRIRAM FINANCE LIMITEDShinichi FujinamiAppointed
Anjani Finance LimitedNilay AgrawalAppointed
Anjani Finance LimitedANKUR AGRAWALDeparted
ICICI BANK LIMITEDAshwani BhatiaAppointed
ICICI BANK LIMITEDRadhakrishnan NairDeparted
Read Board Governance Daily →

Monitor the board movements & get your board seat proactively

Every departure above starts a three-month clock. Foresight members see them the day they are filed.

Become a Foresight member now
02

The market

Who holds this seat, how often it changes hands, where it sits, and what it pays. Every figure below is computed from exchange filings.

Who holds this seat today

Across the financial-services boards the Exchange tracks, 572 people currently chair a Nomination and Remuneration Committee. This is what they look like, drawn from the exchange filings for the period ending 2026-06-30.

1

Listed boards, median

Most hold a single listed directorship, not a portfolio

22.5%

Hold three or more

The seat is not concentrated in a small circle

6.1 : 1

Incumbents per opening

Sitting chairs against seats reaching a term boundary

How long they have served

An independent director serves up to five years per term and no more than two consecutive terms. The distribution below is the single best answer to “when does this seat come free?”

Under 2 years
144 (25.2%)
2 to 5 years
273 (47.8%)
5 to 8 years
112 (19.6%)
8 to 10 years
36 (6.3%)
Over 10 years
6 (1.1%)

73.0% of these chairs have been in the seat under five years. The seat turns over more often than its reputation suggests — and only 7.4% are past year eight, so most of the movement comes from resignations and board refreshes rather than the two-term ceiling.

How often the seat changes hands

54

New NRC chairs in the last 12 months

9.4% of the seats changed hands — roughly one in 11, every year.

61.4%

Of them hold one listed board

The committees appointing NRC chairs this year reached for single-board directors, not portfolio veterans.

You do not need an existing board portfolio to chair an NRC in financial services. Of the 54 people appointed to this seat in the last year, most held a single listed directorship at the time we read the filings. The qualification that mattered was sector and remuneration-governance depth — not the number of boards already on the CV.

Aggregate figures only. No individual director or company is identified.

Where these seats actually are

Candidates aim at the names they recognise. The seats are somewhere else.

Top 100 by market cap
30 (5.2%)
Top 500 by market cap
71 (12.4%)
Top 1000 by market cap
59 (10.3%)
Top 2000 by market cap
113 (19.8%)
Outside the top 2000
299 (52.3%)

52.3% of financial-services NRC chair seats sit at companies outside the top 2,000 by market capitalisation. These are the boards that never appear in a headline, rarely retain a search firm, and fill the seat through whoever the committee happens to know. They are also, for most candidates, the realistic first chair.

What else they carry

The median NRC chair here sits on 2 committees across their boards and chairs one. 40% chair two or more. An NRC chair is rarely only an NRC chair — the seat travels with audit or risk membership, and committees look for that combination rather than a single specialism.

How much slack the board has

Across 473 of these boards, the median has 50% independent directors on a board of 7. Half the board, and no more. 274 sit at or below that line — so a single resignation forces an appointment, on a clock.

This is why the seat reaches you late, or not at all. A mid-size lender that loses an independent director has weeks to replace them and no search budget. It appoints from the committee’s own address book. The Exchange reads these boards every day and surfaces the vacancy as it forms — which is the only point at which a stranger can still be considered.

How much room the committee has

A Nomination and Remuneration Committee must have at least three directors. That floor is the most underrated fact in Indian board recruitment, because most committees sit exactly on it.

59.4%

Sit at exactly three members

290 of 488 committees have no spare member

186

Have four or more

Only these can absorb a resignation without appointing

12

Are already below three

Each one owes an appointment now

59.4% of these committees are one resignation away from being short. A company that drops below three has to appoint, and a listed company must fill an independent-director vacancy within three months. That is not a hiring plan — it is a deadline, and it is the single most reliable reason a board calls a stranger.

Who chairs, by gender

Every listed company must have at least one woman director. The usual criticism is that women reach the committee but not its chair. In financial services, the filings do not support that.

30.3%

Of NRC chairs are women

Across 403 chairs whose gender is recorded

29.7%

Of all NRC members are women

The comparison that tests the glass-committee claim

The two figures are effectively the same. Women are reaching the chair of this committee at the rate they reach the committee at all — so on this evidence the constraint is getting onto the board, not being passed over for the gavel once there.

What the seat pays

Independent director pay in financial services has two layers, and confusing them is the most common mistake candidates make when negotiating. The first is sitting fees, paid per meeting and capped by law at ₹1 lakh a meeting. The second is profit-linked commission, which is where the real spread sits. The ranges below are drawn from the annual reports of 499 financial-services companies.

Lower quartileMedianUpper quartileTop decile
Per board meetingn=87₹40,000₹80,000₹1 lakh₹1 lakh
Per committee meetingn=85₹25,000₹50,000₹75,000₹1 lakh
Annual, per independent directorn=141₹87,500₹3.5 lakh₹11.4 lakh₹27 lakh
Highest-paid ID at the companyn=141₹1 lakh₹4 lakh₹17 lakh₹36 lakh

Read the last two rows together. The median independent director in this sector earns ₹3.5 lakh a year, but at the top decile that figure is ₹27 lakh. Sitting fees barely move across that range — the difference is almost entirely commission, and commission is set by the NRC. Chairing the committee that sets it is the seat described on this page.

Ranges across companies, not offers. Coverage is partial — sample size is shown for each row.

A range tells you the market. It does not tell you the offer.

Foresight members see the actual disclosed figure for the specific company behind every seat on the Exchange — board fee, committee fee, and what its independent directors were paid last year — before deciding whether to apply. On a seat you would travel for, the difference between the median and the upper quartile is the entire decision.

See what each firm pays
03

The seat itself

What an NRC chair owns, why financial services changes the job, and the tests a committee will apply to you.

What an NRC chair actually owns

The Nomination and Remuneration Committee is constituted under Section 178 of the Companies Act 2013 and SEBI LODR Regulation 19. Its chairperson must be an independent director — the company’s own chairperson may sit on the committee but may not chair it. In practice the role carries four things:

  • CEO and senior-management succession

    The committee identifies who is qualified to become a director or to sit in senior management, and recommends appointment and removal. In a bank this is the most consequential thing the board does in a decade, and the NRC chair runs it.

  • Remuneration policy and its defence

    Formulating the criteria for director, KMP and senior-management pay — then defending that policy to proxy advisers, institutional investors and, at a listed entity, the AGM floor.

  • Board evaluation

    Specifying the performance-evaluation methodology for the board, its committees and individual directors, and carrying it out with enough candour that it is not theatre.

  • Independence and fit-and-proper testing

    Assessing whether a director genuinely qualifies as independent — and in regulated financial entities, running the regulator's fit-and-proper process on every director, every year.

Why financial services changes the job

An NRC chair at a listed manufacturer and an NRC chair at a private bank hold the same statutory office and do materially different work. Three differences decide whether a candidate is credible in Mumbai’s financial-services boardrooms:

Compensation is a supervised activity

RBI’s compensation guidelines govern the pay of the MD & CEO, whole-time directors and material risk takers at private-sector banks — including the split between fixed and variable pay, deferral, and malus and clawback provisions. The NRC chair owns that architecture and the correspondence that goes with it. This is technical work with a supervisor on the other end of it, not a benchmarking exercise.

Fit-and-proper is a standing duty

Directors of banks and NBFCs are subject to regulatory fit-and-proper criteria, assessed on appointment and re-tested annually through signed declarations and a continuing due-diligence file. The NRC is where that process lives. An NRC chair who has never maintained such a file is starting from behind.

Succession runs against a regulatory clock

Senior appointments at regulated financial entities require regulatory clearance, and tenure ceilings apply to bank chief executives. Succession therefore cannot begin when the incumbent resigns; it has to be a rolling slate, maintained years ahead. Boards test for a candidate who has run that cadence.

Do you qualify for this seat?

The honest tests a Mumbai financial-services NRC applies, in the order it applies them:

  1. 01Are you independent of this company as SEBI LODR defines it — no material pecuniary relationship, no promoter relation, no recent employment, and clear of the cooling-off periods?
  2. 02Do you clear the regulator's fit-and-proper criteria, including the negative tests on defaults, disqualifications and regulatory action?
  3. 03Do you hold a Director Identification Number and, unless exempt, have you registered with the IICA independent director databank and cleared the proficiency self-assessment?
  4. 04Are you inside the directorship caps once this seat is added — the Companies Act limits, the tighter SEBI limits for listed entities, and any sector restriction?
  5. 05Can you evidence remuneration-governance or succession work at the level this board needs? A former CHRO shows the policy craft; a former banker shows the regulatory fluency; the strongest candidates show both.
  6. 06Can you commit the time? An NRC chair at a regulated financial entity typically carries more committee meetings than the board calendar alone suggests, plus regulator correspondence between them.

The Exchange runs these tests against your profile automatically

Foresight members are matched to NRC seats as they form — including the ones that never reach a job board — with the eligibility tests already applied, so you see the seats you can actually take.

Start with Foresight
04

Doing the job

The obligations that recur, what to establish in your first hundred days, and a checklist to work through.

The NRC chair’s regulatory year

Most committee failures are calendar failures rather than judgement failures. These are the obligations that recur, and the provisions they sit under. References are to the Companies Act 2013 and SEBI LODR; a financial-services board carries the RBI layer on top of all of them.

First board meeting of the year

s.149(7)

Every independent director files a declaration that they continue to meet the independence criteria. The committee is the body that has to be satisfied by it, not merely the body that receives it.

At least once a financial year

LODR Reg. 19(3A)

The Nomination and Remuneration Committee must meet. In practice a functioning committee meets four times, because remuneration decisions cluster around the annual appraisal and the AGM.

At least once a year, separately

LODR Reg. 25(3)

The independent directors meet with no non-independent directors and no management present. This is where a remuneration disagreement can be raised without the executive in the room.

Annually, before the evaluation

LODR Reg. 19(4), Sch. II Pt. D

The committee lays down the criteria for evaluating every director. Setting the criteria after the fact is the most commonly observed lapse in this area.

Annually

LODR Reg. 17(10)

The board carries out the performance evaluation of the independent directors, and the committee's own effectiveness is assessed within it.

By 30 September

MCA

DIR-3 KYC for every director holding a DIN. A lapsed DIN deactivates the directorship, which makes this an administrative failure with a governance consequence.

Continuous, in banks and NBFCs

RBI

Fit-and-proper due diligence on every director, with signed annual declarations and a documented committee record. Compensation for whole-time directors, CEOs and material risk takers follows RBI's Guidelines on Compensation of 4 November 2019, including the fixed and variable split, deferral, malus and clawback. Some compensation matters need prior RBI approval, and that has a lead time.

Provisions are summarised for orientation. Verify against the current text of the Act, the Listing Regulations and the applicable RBI direction before relying on any single item.

Your first hundred days as NRC chair

An incoming chair is handed a committee mid-cycle, with decisions already in motion and a remuneration policy someone else wrote. What you establish in the first three months decides whether the committee recommends or merely ratifies for the rest of your term.

  1. Days 1-15

    Establish that you are properly seated

    Confirm on the record that you are classified independent, that the committee has three or more directors, that all of them are non-executive and at least two thirds independent, and that the company chairperson, if a member, is not chairing. Then read the terms of reference against the statutory role. A charter that quietly narrows the remit is the single most common way an NRC becomes decorative.

  2. Days 15-30

    Read the minutes looking for silence

    Ask for the last four sets of committee minutes and the last two versions of the remuneration policy. You are not looking for what was decided. You are looking for what was approved with no recorded discussion. Recurring silence around one executive's variable pay, or a policy amended without a benchmark, tells you exactly where the committee has been conceding.

  3. Days 30-45

    Take control of the benchmark

    Establish who advises on remuneration and to whom they report. If a consultant reports to the CHRO or the managing director, the committee is receiving management's view of the market rather than the market. Move the engagement to the committee, then require a peer set you have approved. A peer group chosen by management is the quietest way to justify a number.

  4. Days 45-60

    Open the fit-and-proper file

    In a bank, NBFC or insurer this is where the seat's real exposure sits. Read every director's declaration, confirm the committee's own due diligence is documented rather than assumed, and identify who has been designated a material risk taker and on what basis. Ask when that designation was last revisited. If the answer is unclear, that is your first finding.

  5. Days 60-80

    Test the deferral machinery on paper

    Confirm that malus and clawback exist in the executed employment contracts and not only in the policy. Establish the specific event that would trigger each one, and who decides whether it has occurred. A clawback clause nobody can operationalise gives the board no protection and the regulator no comfort.

  6. Days 80-100

    Put succession in front of the board

    Name a successor for the managing director, for each key management position, and for every independent director whose term is running out, including your own. Most boards discover a vacancy when it happens. A committee that has already named the bench turns a three-month statutory scramble into a decision, and that is the work this seat exists to do.

Get the NRC Chair Readiness Checklist

Two pages, free. The appointment tests that decide whether you may chair at all, the four documents to demand before your first meeting, the RBI compensation and fit-and-proper layer that applies to banks, NBFCs and insurers, and the annual cycle most committees miss. Written to be worked through.

No cost. We hold your details only to send board-seat information you asked for, and you can withdraw at any time.

Questions directors actually ask

Who can chair the Nomination and Remuneration Committee of a listed company in India?

The chairperson of the NRC must be an independent director. A non-executive director who is not independent may sit on the committee, and the chairperson of the company may be a member, but neither may chair it. The committee itself must be constituted of non-executive directors with a substantial independent majority under SEBI LODR Regulation 19 and Section 178 of the Companies Act 2013.

What makes an NRC chair role in financial services different from other sectors?

Two things. First, in banks and NBFCs the NRC also runs the fit-and-proper assessment of directors under RBI's criteria, including the annual declarations and the continuing due-diligence file — a compliance duty most sectors do not place on the committee. Second, RBI's compensation guidelines govern the pay of the MD and CEO, whole-time directors and material risk takers in private banks, including deferral, malus and clawback. The NRC chair owns that architecture, so the seat carries regulatory correspondence that an NRC chair in manufacturing never sees.

Do I need to have been a CHRO to chair an NRC?

No, and the assumption costs candidates seats. NRC chairs are drawn from three pools: former CHROs, former CEOs and MDs who have run succession from the other side of the table, and governance specialists — company secretaries, lawyers and long-serving independent directors. In financial services a former banker with remuneration-governance exposure is frequently preferred over a generalist HR leader, because the RBI compensation rules are technical.

How much does an NRC chair earn on a Mumbai financial-services board?

Compensation has three parts: sitting fees per board meeting, sitting fees per committee meeting, and in many listed companies a share of profit-linked commission. Committee chairs frequently receive a higher committee sitting fee than members. Actual figures vary widely by market capitalisation and are disclosed per company; India ID Exchange shows the disclosed or benchmarked figure on each seat to Foresight members.

How many board seats can I hold at the same time?

The Companies Act caps directorships at twenty companies, of which no more than ten may be public companies. SEBI LODR applies a tighter limit for listed entities, and lower caps again for the number on which a person may serve as an independent director. Financial-sector regulators add their own restrictions, and a bank's NRC will test cross-directorships for conflict before recommending you.

Where are NRC chair vacancies in financial services actually advertised?

Most are never advertised. They are filled through the NRC's own network, a retained search firm, or an investor nomination. That is the gap India ID Exchange exists to close: the Exchange reads 3,790 company boards every day, surfaces the seats as they form, and matches them to a director's profile before the search becomes a mandate.

India ID Exchange

94 NRC chairs in financial services are at a term boundary right now

Deploy your search agent across all 3,790 boards. It finds the seats that match your profile and brings them to you — with the brief, the fees and the deadline already open.

Become a Foresight memberBrowse every open seat

Related board seats