Appointment of managing director

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..... a recognised clearing corporation shall be subject to 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 .....

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..... or a recognised clearing corporation, or in any other entity associated with a recognised stock exchange or a recognised clearing corporation: Provided that the managing director of a recognised stock exchange may be appointed on the governing board, but not as managing director, of the subsidiary of a recognised stock exchange or a recognised clearing corporation, as the case may be. (5) Th .....

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