2024-09-03 04:39:24
Published: 22:51, 1 September 2024
Bangladesh Securities and Exchange Commission (BSEC) has appointed seven independent directors in the country’s main capital market Dhaka Stock Exchange (DSE). Those 7 posts of DSE are vacant since August 21.
This decision was taken in the 918th commission meeting held under the chairmanship of BSEC Chairman Khandkar Rashed Maqsood on Sunday (September 1). This information was informed through a press release signed by BSEC Director and Spokesperson Farhana Farooqui.
The new independent directors of DSE are – Chairman of Maldives Islami Bank KAM Majedur Rahman, Director General of Army Institute of Business Administration – Professor Major General (retd.) Dr. Md. Kamruzzaman, Additional Secretary of the Financial Institutions Department of the Ministry of Finance. Nahid Hossain, Brigadier General of 46 Brigade of Bangladesh Army. Mofizul Islam Rashed, Research Director of Center on Integrated Development for Asia and Pacific (SIRDAP). Md. Helaluddin, former General Manager of Metlife Bangladesh Syed Hammadul Karim and Managing Director and CEO of Bangladesh Data Center and Disaster Recovery Site Limited, Chief Information Security Officer (CISO) Bangladesh Bank (LIEN) Md. Isaac Mia.
As mentioned in the notification, the Commission approves the appointment of independent directors following the submission of proposals by the Nomination and Remuneration Committee (NRC) of Dhaka Stock Exchange PLC. The Exchange currently has no Nomination and Remuneration Committee as the Independent Director of DSE has resigned. In the absence of this committee, there is no scope for submission of proposals from DSE to the commission regarding the election of individual directors. Moreover due to lack of required number of directors, there is no scope for formation of NRC. Accordingly, as there are currently no independent directors, the Board of Directors of DSE is not fully functional as per the Act. It is very necessary and necessary to appoint independent directors for the overall development of the capital market and to protect the interests of the investors. According to Section 24 of the Demutualization Act, 2013 and other related laws, the Commission decided to appoint seven independent directors to the Board of Directors of DSE.
Earlier, on August 21, the individual directors of DSE submitted their resignations through mail and hard copy. In view of their resignation, the DSE authority submitted the names of 9 persons to the BSEC for nomination as Independent Directors. BSEC requested the final nomination of 7 out of these 9 persons. Among the 9 people in the list are Fahim Mashroor, Silvana Quader Sinha, Professor Shabnaz Amin, Brigadier General Md. Mofizul Islam Rashed, Dr. Shams Uddin Ahmed, Mohammad Forkan Uddin (FCA), Mobasser Monem, Kamran T. Rahman and Zahidur Rahman.
Dhaka/NT/NH