Drops CPD’s Mustafiz from DSE list
The Bangladesh Securities and Exchange Commission on Thursday selected seven independent directors to form first demutualised board of the Dhaka Stock Exchange from the list of 14 submitted by the bourse, dropping the name of Centre for Policy Dialogue executive director Mustafizur Rahman. The BSEC made the decision at an urgent commission meeting presided over by its chairman M Khairul Hossain.
Earlier on February 9, the commission asked the Dhaka and Chittagong stock exchanges to submit fresh lists of proposed independent director as former Bangladesh Bank governor Farashuddin Ahmed decided not to be a director of the DSE and the regulator found some problems in the list submitted by the CSE.
The DSE and the CSE on Wednesday submitted their respective fresh lists of proposed independent directors.
The DSE on February 3 and the CSE on February 4 had submitted the lists for the first time.
As per the BSEC decision made on Thursday, University Grant Commission member Abul Hashem, ex-foreign secretary Waliul Islam, BUET professor M Kaykobad, former justice Siddiqur Rahman Miah, FBCCI first vice-president Monowara Hakim Ali, Brigadier General Mohammad Mujibur Rahman and Institute of Cost and Management Accountants of Bangladesh member Ruhul Ameen will be the independent directors of the first demutualised board of the DSE. They will form the board along with four elected shareholder-directors of the bourse and the CEO of the DSE.
On Wednesday, the DSE elected four shareholder-directors of the bourse. They are Shakil Rizvi of Shakil Rizvi Stock, Mohammad Shahjahan of Jahan Securities, Khwaja Ghulam Rasul of Khwaja Equity Services and Sharif Anowar Hossain of Md Sahidullah Securities.
With the independent and elected directors, DSE chief executive officer Swapan Kuman Bala will sit on the first demutualised board of the bourse. As per the demutualised scheme, there should be a 13- member board. But, a strategic investor is yet to be selected for the directorship.
The other names on the DSE list of proposed directors are Centre for Policy Dialogue executive director Mustafizur Rahman, law ministry additional secretary Nasreen Begum, commerce ministry additional secretary Md Ruhul Amin Sarker, former BASIS president Habibullah N Karim, FBCCI vice-president Md Helal Uddin, former DCCI president Asif Ibrahim and chartered accountant Md Ashraf Uddin Ahmed.
The BSEC on Thursday also picked seven independent directors for the Chittagong Stock Exchange from the fresh list submitted by the CSE.
The regulator selected former NBR chairman Muhammad Abdul Mazid, Chittagong University professor Mohammad Ayub Islam, former CSE director Moinul Islam Mahmud, former Bangladesh Garment Manufacturers and Exporters Association president Md Shafiul Islam Mohiuddin, BGMEA first vice-president Nasiruddin Ahmed Chowdhury, Institute of Chartered Accountants Bangladesh president Showkat Hossain and former ICMAB chairman Momtaz Uddin Ahmed for the posts.
The other names proposed by the CSE for the posts are former ambassador Abu Rushd Mohammad Rokonuddowla, Institute of Chartered Accountants of Bangladesh member AN Altaf H Siddiqui, adjunct professor at BRAC Business School Mamun Rashid, Daily Purbakone editor Taslim Uddin Chowdhury, former BGMEA vice-president SM Abu Toyob, Metropolitan Chamber of Commerce and Industry vice-president Kamran T Rahman and former CSE director Fokruddin.
The DSE and the CSE on November 21 last year turned into demutualised bodies as the bourses on the day received their amended memorandum and articles of association certified by the Registrar of Joint Stock Companies and Firms.
According to the Demutualisation Act 2013 passed by the parliament on April 29 last year, the bourses have now become profit-oriented companies from non-profit organisations.
The amended memoranda of association of the bourses have disallowed any shareholder of the bourses to enter into the bourses’ offices without getting permission from the proper authorities.
On September 26 last year, the BSEC gave its final approval to the demutualisation schemes of the DSE and the CSE.
-With New Age input
