Appointment of managing director

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....learing corporation shall be subject to the prior approval of the Board. (2) Every recognised stock exchange or recognised clearing corporation shall, subject to the guidelines issued by the Board from time to time, determine the qualification, manner of appointment, terms and conditions of appointment and other procedural formalities associated with the selection/ appointment of the managing dir....

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....of a recognised stock exchange or recognised clearing corporation, as the case may be; (b) be a trading member or a clearing member or his associate and agent or shareholder of a trading member or clearing member or shareholder of an associate and agent of a trading member or a clearing member; or (c) hold any position concurrently in the subsidiary of a recognised stock exchange or a recognis....

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.... (6) The Board may suo motu remove or terminate the appointment of the managing director if deemed fit in the interest of securities market: Provided that no managing director shall be removed unless he has been given a reasonable opportunity of being heard. (7) The conditions specified under this regulation for appointment of directors shall be applicable to a person holding position as managi....