A former president and a former director of Dhaka Stock Exchange (DSE) have submitted their applications to vie for the post of a director of the premier bourse.
The two candidates are Ahmed Iqbal Hasan, the former president of the main bourse and chief executive officer of Ahmed Iqbal Hasan Securities Ltd, and Minhaz Mannan Emon, former director of the premier bourse and managing director of BLI Securities.
The election commission of the DSE posted the list of candidates on the bourse's website on Monday, the last day for nomination submission.
The last day for nomination withdrawal is March 12, according to the election schedule.
The election for the post of a shareholder-director of the DSE will be held on March 20, as one director will retire this year in line with the demutualisation scheme.
This year, Md Shakil Rizvi, managing director of Shakil Rizvi Stock Limited, 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 February 5.
As per the election schedule, the DSE election will be held on March 20 at 10:30am to 4.00pm without any break at the ground floor of Stock Exchange building at Motijheel in Dhaka.
This year, 256 DSE voters are eligible to cast their ballot.
The newly elected director will join the 13-member board at the bourse's annual general meeting (AGM) scheduled to be held on March 22.
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 stock market.
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.
Prior to demutualisation, Bangladesh's stock exchanges were non-profit cooperative organisations, owned by the exchange members who are usually stockbrokers.
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