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Bangladesh Securities and Exchange Commission (BSEC) on Thursday appointed two new independent directors to the premier bourse’s board, replacing the previous two selected a day before.
This is the third time the country’s stock market watchdog changed their proposed set of independent directors for the Dhaka Stock Exchange (DSE).
On Thursday, BSEC appointed Mominul Islam, former managing director of IPDC Finance, and Shahnaz Sultana, who is chief consultant and CEO of FINS Alliance, as new independent directors at the DSE, according to a BSEC press release.
On Wednesday, the BSEC appointed AF Nesaruddin, partner of Hoda Vasi Chowdhury & Co, and Syeda Zakeerin Bakht Nasir, chief consultant and CEO of ZN Consultants for the same post.
The BSEC changed its decision regarding independent directors in less than 20 hours, saying that they were declined to join their post.
Ms Farhana Faruqui, BSEC spokesperson, told The FE that AF Nesaruddin and Syeda Zakeerin Bakht Nasir declined to join as independent directors at the DSE. That’s why the BSEC appointed two new independent directors on Thursday.
On September 1 this year, the BSEC appointed seven independent directors. They are KAM Mazedur Rahman, chairman of Maldives Islami Bank, Major General (Rtd) Dr Md. Kamruzzaman, professor and director general of Army Institute of Business Administration, Dr Nahid Hossain, additional secretary of financial institutions division, Md Mafizul Islam Rashed, Brigadier General of 46 brigade, Dr Md Helal Uddin, a professor of economics at Dhaka University, Syed Hammadul Karim, a former general manager at MetLife Bangladesh, and Mohammed Ishaque Miah, managing director of Bangladesh Data Center and Disaster Recovery Site.
However, KAM Mazedur and Helal Uddin expressed their inability to join the DSE as concerns were raised about their selection as independent directors due to alleged violations of administrative regulations.
The demutualisation stock exchange consists of a 13-member board: seven independent directors, five shareholder directors (including one representing strategic investors), and the bourse’s managing director as an ex-officio member.
Following the political shift on August 5, the securities regulator verbally ordered all independent directors of the DSE and CSE to step down.
The BSEC also appointed seven independent directors to the Chittagong Stock Exchange (CSE) board on Wednesday.
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