Brokers association urges finance adviser to restructure DSE board

The DSE Brokers Association of Bangladesh (DBA) has called for the restructuring of the Dhaka Stock Exchange (DSE) board, aiming to eliminate discriminatory practices and better serve investors' interests. 

The appeal was made in a letter addressed to Finance Adviser Salehuddin Ahmed, signed by DBA President Saiful Islam today. The letter also outlined recommendations for the recomposition of the DSE board.

The board consists of 13 members, including 7 independent directors. These independent directors are typically chosen from a panel recommended by the DSE board. However, recent developments have left a significant gap in leadership.

"We have learned that seven independent directors, including the chairman of the DSE, have resigned from their positions on the board. As a result, the board's functions have been temporarily delegated to four elected shareholder directors and the DSE ex-officio," the letter stated.

"In such circumstances, I recommend the appointment of seven new independent directors against the vacant posts on behalf of all the shareholders of DSE including the existing four shareholder directors," read the letter.

The DBA has claimed that the capital market is on the brink of collapse due to the inexperience and short-sightedness of independent directors appointed for political reasons, as well as their lack of proper knowledge about the capital market over the past 15 years.

To ensure a more effective and knowledgeable board, the DBA also recommended that the new independent directors be selected from various sectors, including Bangladesh Bank, the Institute of Chartered Accountants, the Institute of Cost and Management Accountants, the National Board of Revenue, the Supreme Court Bar Association, FBCCI, DCCI, MCCI, BGMEA, universities, military forces, women entrepreneurs, former officers from multinational companies, non-governmental organisations, and retired government officials.