BSEC asks bourses to submit fresh list of independent directors

The securities regulator has sent back the bourses lists of proposed independent directors following some inconsistency in respect of required criteria, officials said.
Besides, the Bangladesh Securities and Exchange Commission (BSEC) also asked both the bourses to submit their fresh list in two days after fine tuning those.
The Dhaka Stock Exchange (DSE) and the Chittaong Stock Exchange (CSE) last week submitted 14 names each to be appointed by the securities regulator.
"We have found that qualification of some proposed directors does not match with the criteria set in Demutualisation Act. That's why we have asked the bourses to review some names proposed as independent directors," said a BSEC official.
He said the stock exchanges will have to find out the inconsistencies by themselves and submit the fresh list seeking regulatory approval.
"After getting the revised lists, the regulator will place the final list in the commission meeting for approval," the BSEC official said.
When asked, a senior official of the Chittagong Stock Exchange (CSE) said they will submit the fresh list by February 11.
"Some inconsistencies have been identified by the regulator. It's a tough job to finalise the list of proposed independent directors as per the Demutualisation Act. However, we will comply with the regulator's instruction," the CSE official said.