FE Report
Retired justice Siddiqur Rahman Miah was made the first chairman of the demutualised Dhaka Stock Exchange (DSE) at a meeting held at a city hotel Friday, sources said.
He was picked as the chairman of the premier bourse from among seven independent directors in line with the demutualisation scheme of the DSE.
As per the scheme, there will be a 13-member board-seven independent directors, four directors who were already elected from among DSE shareholders, one director from among the strategic investors, and the bourse's chief executive officer. But a strategic investor is yet to be selected for the directorship.
The demutualisation scheme was approved by the Bangladesh Securities and Exchange Commission (BSEC) in September last year.
Earlier on Thursday the securities regulator selected the seven independent directors for the premier bourse which had submitted a list consisting of 14 names for the posts.
The seven independent directors of the DSE are: Former Justice Siddiqur Rahman Miah, former secretary Waliul Islam, Dhaka University accounting teacher Prof. Abul Hashem, Bangladesh University of Engineering and Technology (BUET) teacher Dr. M Kaykobad, former president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) Ruhul Amin, Brig. Gen. (Retd) Mujibur Rahman, and first vice president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Monwara Hakim Ali.
On the other hand, DSE shareholders Wednesday last elected four directors-Md Shakil Rizvi of Shakil Rizvi Stock Ltd, Mohammad Shahjahan of Jahan Securities Ltd, Khwaja Ghulam Rasul of Khwaja Equity Services Ltd and Sharif Anowar Hossain of Sahidullah Securities Ltd.
The tenure of each director and the chief executive officer will be three years, according to the Demutualisation Act 2013.
Demutualisation is a way of separating management of bourses from ownership. It transforms a stock exchange into a profit-oriented company owned by shareholders and ensures alternative business models and operational efficiency.
The law on demutualisation was passed in the parliament on April 29 last year with a promise to bring transparency in the stock market.
The BSEC also selected seven independent directors for the Chittagong Stock Exchange Thursday.
The seven independent directors for the CSE are: Former chairman of National Board of Revenue (NBR) Muhammad Abdul Mazid, Chittagong University teacher Prof. Mohammad Ayub Islam, former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Md Shafiul Islam Mohiuddin, BGMEA first vice-president Nasir Uddin Ahmed Chowdhury, Institute of Chartered Accountants Bangladesh (ICAB) president Showkat Hossain, Dhaka University Accounting teacher Prof. Mamtaz Uddin Ahmed and physician Moinul Islam Mahmud.
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