Appointment, role and responsibilities of managing director

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....terms and conditions of appointment and other procedural formalities associated with the selection/ appointment of the managing director. (3) The appointment of the managing director shall be for a term not exceeding five years: Provided that post the completion of the first term, the recognized stock exchange or the recognized clearing corporation shall conduct the appointment process for appointment of the Managing Director afresh: Provided further that a person may be appointed as the Managing Director by the recognized stock exchange or recognized clearing corporation for a maximum ^1[period of ten years], subject to a maximum age limit of sixty five years. (4) The Managing director of a recognised stock exchange or a recogn....

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....ucational institution established by the Central Government, the State Government, a government company, or a statutory body, or d) chairperson or member (non-executive capacity) of the governing board of a university established or incorporated by or under a Central Act or a State Act.] (5) The Managing Director shall be liable for removal or termination of services by the governing board of the recognised stock exchange or recognised clearing corporation with the prior approval of the Board for failure to give effect to the directions, guidelines and other orders issued by the Board or the rules, the articles of association, bye-laws and regulations of the recognised stock exchange or the recognised clearing corporation. (6....

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....gulations, are performed in the interest of the securities market and are guided by public interest, without having any revenue-oriented objectives. d) be responsible for the overall risk management of the recognised stock exchange or the recognised clearing corporation; and e) ensure that the recognised stock exchange or the recognised clearing corporation has adequate infrastructure and systems in place for its efficient functioning at all points of time.]     *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/124 dated 28-02-2023 (shall come into force on the one hundred and eightieth day from the date of their publication in the Official Gazette) before it....