The securities regulator has appointed seven independent directors to the board of Dhaka Stock Exchange (DSE) following the recent resignation of all directors amid a change in the political regime.
Their appointments were approved at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC) on Sunday.
The newly appointed independent directors are KAM Mazedur Rahman, chairman of Maldives Islami Bank, Major General (Rtd.) Dr. Md. Kamruzzaman, professor and director general of Army Institute of Business Administration, Dr. Nahid Hossain, additional secretary of financial institutions division, Md Mafizul Islam Rashed, Brigadier General of 46 brigade, Dr. Md. Helal Uddin, a professor of economics at Dhaka University, Syed Hammadul Karim, a former general manager at MetLife Bangladesh, and Mohammed Ishaque Miah, managing director of Bangladesh Data Center and Disaster Recovery Site.
On Thursday, the DSE sent a list of seven individuals to the securities regulator for appointing them as independent directors of the premier bourse. But the BSEC has not chosen any of them for the posts.
Farhana Faruqui, a BSEC spokesperson, said the regulator scrutinised the names nominated by the DSE, but finally, the BSEC itself has picked seven independent directors taking all aspects into consideration.
Normally, the Nomination and Remuneration Committee (NRC) nominates independent directors and places a list to the exchange's board for approval.
Following the board's approval, the list is sent to the BSEC for its final approval.
A BSEC release on Sunday said the DSE had no scope of nominating any independent directors in absence of NRC.
In the situation, the board of the Dhaka bourse is now incomplete and dysfunctional and that's why it's very urgent to appoint independent directors in the interest of the capital market and investors.
So, the BSEC has appointed independent directors in line with section 24 of the demutualization act, 2013 and other relevant rules and regulations.
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