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of <h1>Regulation 25A: executive directors to lead key verticals, mirror managing director terms, prioritize market integrity over revenue goals</h1> Regulation 25A mandates that every recognised stock exchange and recognised clearing corporation appoint two executive directors as key management personnel to head Vertical 1 and Vertical 2, with an optional executive director for Vertical 3. Their stature, appointment, renewal, termination, tenure, and maximum age must mirror that of the managing director and require prior board approval. Executive directors are generally prohibited from serving on other company boards, except, with governing board approval, on subsidiaries' boards. Executive directors must manage all affairs of their respective verticals, ensure operations serve securities market and public interest without revenue-oriented objectives, with Vertical 1 responsible for infrastructure and systems, and Vertical 2 for overall risk management.
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