Appointment of Managing Director

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.... 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 relating to 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 first term....

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....appointed on the governing board, but not as managing director, of the subsidiary or associate of a depository. (5) The managing director shall be liable for removal or termination of services by the governing board of the depository 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, instructions, the a....