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DSE replies to BSEC query on delay in MD's appointment

FE REPORT | May 23, 2021 00:00:00


The Dhaka Stock Exchange (DSE) continued efforts to appoint its managing director but the appointment was yet to be finalised due to some complexities.

The premier bourse said this in an explanation called by the securities regulator over the exchange's failure to appoint the managing director within the stipulated timeframe.

"We worked to appoint the managing director within  the specific timeframe. The regulator did not approve the appointment of the candidate selected for the first time," said a DSE official on the condition of anonymity.

Later, time elapsed over fixing more criteria for appointment of the managing director of the premier bourse.

The Bangladesh Securities and Exchange Commission (BSEC) in last week sought a explanation from the DSE as its managing director was not appointed within the stipulated timeframe.

The Dhaka Stock Exchange (Board and Administration) Regulations has a provision of appointing its managing director within 90 days.

The post of DSE's managing director has been remaining vacant since January 8 last following the resignation of previous managing director Kazi Sanaul Hoq.

Mr. Hoq resigned on October 8 last on personal grounds and he served the exchange till January 7.

The DSE official said they wanted to set two additional criteria for appointing the managing director.

"The DSE wanted to add candidates' experience in computer science and IT to the core criteria for managing director. Then the BSEC expressed its opinion in favour of fixing such experience as additional criteria. That's why, the appointment process got delayed," the DSE official said.

He said after getting the regulatory opinion the DSE published an ad seeking applications from the aspirant candidates.

"The DSE is presently receiving applications from the aspirant candidates," the DSE official said.

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