Appointment of managing director.

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..... Every depository shall, subject to the guidelines issued by the Boar 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 tenure not less than three years and not exceeding five years. .....

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..... roval of the Board for failure to give effect to the directions, guidelines and other orders issued by the Board, or the rules, instructions, the articles of association and bye-laws of the depository. (6) The Board may suomotu 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 u .....

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