Bourses’ Demutualisation
Schemes get BSEC nod today
The Dhaka Stock Exchange on Wednesday proposed that the Bangladesh Securities and Exchange Commission should set the size of board of directors of the demutualised stock exchange at 15 with six member-brokers. The DSE president Ahasanul Islam informed reporters about the bourse proposal after appearing before the BSEC for final hearing on the demutualisation scheme, which is likely to be approved by the regulator today.
The Dhaka bourse made the proposal as the BSEC finalised the proposed schemes of the Dhaka and Chittagong bourses setting the size of the board of directors at 13 with four member-brokers, seven independent directors, one from strategic investors and the rest one chief executive officer.
The regulator decided that the DSE and CSE would follow the book-building method for the initial public offering of the respective bourses which they have to arrange within three years after the demutualisation.
The DSE at the hearing held on the day proposed six posts for the member-brokers, eight posts for the independent directors and rest one for chief executive officer, DSE officials said.
The CSE on Tuesday also proposed for a 16-member board including seven posts for the member-brokers when it appeared before the commission regarding the demutualisation schemes.
The port city bourse also proposed one post for
strategic partner, eight posts for the independent directors and one post for the chief executive officer.
Earlier on July 29, the DSE and CSE proposed for 19-member boards the exchanges after demutualisation that will separate ownership from the management.
The bourses had proposed that nine member-brokers would be in the board, while the rest 10 posts would be filled by the independent directors. The bourses had proposed one-year term for the independent directors.
The commission sources on Wednesday, however, said that it had decided to approve the schemes today keeping the board size unchanged which the regulator had finalised on September 10.
The Demutualisation Act-2013 was passed in the parliament on April 29.
The DSE in its scheme showed Tk 4,200 crore as its asset value and Tk 1,803 crore as paid-up capital while the CSE showed Tk 634 crore as its paid-up capital.
As per the demutualisation schemes finalised by the BSEC, the bourses have to dissolve the present boards after getting registered with the Registrar of Joint Stock Companies and Firms within the first week of November and the bourses have to form interim boards.
The bourses then will form new boards in February next year after holding extraordinary general meetings.
-With New Age input
