Managing director of recognised stock exchange or clearing corporation requires Board approval, term limits, disqualifications, and removal powers. Appointment and renewal of the managing director require prior approval of the Board, with each appointment for a term not exceeding five years and a maximum aggregate period of ten years subject to an age limit of sixty five. Exchanges and clearing corporations must set qualifications and procedures per Board guidelines. The managing director is disqualified from certain shareholding, trading/clearing membership and concurrent executive roles; limited non executive posts may be permitted with approval. Removal is by the governing board with Board approval for failure to implement directions, and the Board may suo motu remove the managing director with a reasonable opportunity to be heard. Duties include overall management, compliance, risk management and ensuring adequate infrastructure.