Section 25(3) in Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018
(3)The appointment of the managing director shall be for a term not exceeding five years:Provided that post the completion of the first term, the recognized stock exchange or the recognized clearing corporation shall conduct the appointment process for appointment of the Managing Director afresh:Provided further that a person may be appointed as the Managing Director by the recognized stock exchange or recognized clearing corporation for a maximum of two terms not exceeding five years each, subject to a maximum age limit of sixty five years.
