Stock exchange governance: mandatory executive directors to head verticals, with board-approved appointments and risk/infrastructure duties. Regulation 25A requires recognised stock exchanges and clearing corporations to appoint two Executive Directors as Key Management Personnel to head Vertical 1 and Vertical 2 (optional Vertical 3). Their stature, appointment, renewal, termination, tenure and age limits mirror those of the managing director and require prior board approval. Executive directors generally may not serve on other company boards except with governing board approval for subsidiaries. The Vertical 1 director must ensure management of that vertical and adequate infrastructure; the Vertical 2 director must manage that vertical and oversee overall risk management, both prioritising public interest over revenue objectives.