The Dhaka Stock Exchange’s election commission on Wednesday announced an election schedule, stating that the elections to four posts of shareholding directors for the first demutualised board of the bourse would be held on February 12. The three-member election commission headed by former district and session judge Shamsul Haque made the decision at a meeting, a member of the commission Kamal Uddin told New Age.
The commission announced the schedule after the DSE board on Tuesday set February 12 to hold the elections.
According to the election schedule, shareholders of the bourse have to submit their nomination paper to the commission in January 16-22, while they will be allowed in January 26-30 to withdraw their nomination papers.
As per the Demutualisation Act 2013 enacted on April 29, the DSE have to form its first board within 90 days of its demutualisation.
The DSE became a demutualised stock exchange on November 21, 2013 after getting amended memorandum and articles of association certified by the Registrar of Joint Stock Companies and Firms on the day.
Demutualisation is the process which separates the bourse’s management from its ownership.
The annual general meeting of the DSE is scheduled to be held on February 13.
As per the demutualisation scheme, a 13-member board headed by an independent director will be formed instead of 25-member board.
The 13-member board will include four DSE shareholders, seven independent directors, chief executive officer of the DSE and one strategic investor.
All 250 members of the DSE turned into shareholders of the bourse after the bourse’s demutualisation.
-With New Age input
