Brokers recommend candidates for independent directors

Brokers have demanded non-political appointment in the independent director posts of the Dhaka Stock Exchange (DSE).

In a letter to the economic advisor of the interim government, they also provided a list of professional people for selection for the positions.

All seven independent directors of the DSE stepped down after the fall of the Sheikh Hasina-led government. It is believed that most of them had been appointed on political grounds.

They should be replaced by professional people, said the only brokers association of the country -- Dhaka Brokers Association (DBA).

Currently, the Dhaka bourse has 13 directors in total, out of which four are shareholder directors, one representative of strategic directors and another one ex-officio director and seven independent directors.

A letter has also been sent to the chairman of the Bangladesh Securities and Exchange Commission (BSEC), signed by DBA President Saiful Islam.

"For the last 15 years, independent directors were selected on political consideration. Most of them were not experienced and did not have any vision for the stock market. That destroyed our stock market," said Mr Islam.

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