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of <h1>Managing Director Roles at Stock Exchanges Limited to 5-Year Terms, Max Tenure of 10 Years, Age Cap at 65</h1> The appointment, renewal, and termination of a managing director at a recognized stock exchange or clearing corporation require prior approval from the Board. These entities must adhere to Board guidelines regarding qualifications, appointment procedures, and terms, with a maximum term of five years and a total tenure not exceeding ten years, subject to an age limit of 65. The managing director cannot hold shares or positions in related entities and may be removed by the governing board or the Board for non-compliance. Current managing directors must meet these conditions post-regulation commencement, considering prior terms for eligibility.
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