Managing Director of a Bullion Exchange or Bullion Clearing Corporation

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....nt, removal or termination of service of the managing director, including the compensation payable, shall be subject to the prior approval of the Authority. Provided that the terms and conditions of the compensation of the managing director shall not be changed without prior approval of the Authority. (2) Every bullion exchange or bullion clearing corporation shall, subject to the guidelines....

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....on shall not- (a) be a shareholder or an associate of a shareholder of a bullion exchange or bullion clearing corporation or shareholder of an associate of a bullion exchange or bullion clearing corporation, as the case may be; (b) be a bullion trading member or a bullion clearing member or her associate or agent or shareholder of a bullion trading member or bullion clearing memb....