DSE to hold election for a director March 20
FE Report | Wednesday, 7 February 2018
An election for the post of a shareholder-director of Dhaka Stock Exchange (DSE) will be held on March 20, as a director will retire this year in line with the demutualisation scheme.
This year, Md Shakil Rizvi will retire from the DSE board, officials said.
The three-member election commission headed by the retired Judge of the Supreme Court Md Abdus Samad, declared the DSE election schedule on Monday.
As per the election schedule, the final voter list will be published on the DSE website on 22 February, while nomination papers could be collected from February 19 to February 25 and should be submitted within 26 February with a cost of Tk 0.1 million.
Shareholders of the premier bourse will be allowed to withdraw candidature till March 12 and the election commission will publish the final list of candidates on the same day.
The DSE election will be held at 10:30am to 4.00pm without any break at the ground floor of Stock Exchange building at Motijheel in Dhaka.
This year's newly elected director will join the 13-member board at the bourse's annual general meeting (AGM) scheduled to be held on March 22.
The demutualisation scheme was approved by Bangladesh Securities and Exchange Commission (BSEC) in 2013.
As per the demutualisation scheme, out of the 13-member board of the bourse, seven independent directors, four shareholder directors, one from strategic investors' category and the bourse's managing director.
However, the post of strategic director still remains vacant as the bourse is yet to select anyone as its strategic investors.
The demutualisation scheme was approved by Bangladesh Securities and Exchange Commission (BSEC) in 2013. In 2012, a law on demutualisation was passed in parliament with a promise to bring transparency and accountability to the stockmarket.
Demutualisation is a way of separating the management of the bourses from ownership.
It transforms a stock exchange into a profit-oriented company owned by shareholders and ensures alternative business models and operational efficiency.