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of <h1>Regulation 5A: Appointment Rules for Managing Director in Insolvency Professional Agencies, Age Limit and Tenure Specified</h1> Regulation 5A of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, outlines the appointment and service conditions for a managing director of an insolvency professional agency. The managing director must be selected via open advertisement and be under 55 years at the time of joining, with a possible extension to 60 years. The tenure ranges from three to five years, with a maximum of two terms. The appointment requires approval from a compensation committee and the Board, which also holds the authority to remove the managing director for non-compliance or misconduct. The managing director is an ex-officio member of several committees.
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