Rakibur becomes DSE director again

FE Report | Published: January 04, 2019 10:30:05 | Updated: January 06, 2019 12:12:11


Md Rakibur Rahman, managing director of Midway Securities, has been re-elected director of the Dhaka Stock Exchange (DSE) unopposed for the next three years.

Mr Rahman was the only candidate for the post as no others submitted nomination paper for the election. The last date for submission of nomination paper was January 02.

According to Article 153 of the Articles of Association of DSE, "When the number of candidates does not exceed the number of vacancies to be filled, no ballot shall be necessary and such candidates deemed to be duly elected."

The three-member DSE election commission headed by retired Judge of the Supreme Court Md Abdus Samad announced on Wednesday that Rakibur Rahman was elected a new director of the DSE uncontested.

Mr Rahman has been associated with the capital market of Bangladesh for more than 40 years.

As an existing shareholder-director of the prime bourse, he is due to retire this year in line with the demutualisation scheme and also eligible for re-election.

The election to the post of a shareholder-director was scheduled for January 24.

In the upcoming 57th annual general meeting (AGM) of the DSE to be held on January 26, Mr Rahman will retire and at the same time also join the 13-member board as a new director.

The demutualisation scheme was approved by the Bangladesh Securities and Exchange Commission (BSEC) in 2013 to bring about transparency in the stock market.

Under the demutualisation, management and ownership of the bourses are separated.

As per the scheme, the 13-member board of the bourse will be comprised of seven independent directors, four shareholder-directors, one director from strategic investors' category and the bourse's managing director.

Prior to demutualisation, Bangladesh's stock exchanges were non-profit cooperative organisations, owned by the exchange members, who were usually stockbrokers.

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