BSEC appoints 2 independent directors for DSE, 7 for CSE

The Bangladesh Securities and Exchange Commission (BSEC) has appointed two new independent directors to the Dhaka Stock Exchange (DSE) board, replacing the previous directors who could not assume their roles due to a dispute. 

Additionally, the BSEC has appointed seven independent directors to the Chittagong Stock Exchange (CSE). 

These decisions were made during a commission meeting today (18 September).

According to a BSEC press release, the newly appointed independent directors for the Dhaka Stock Exchange (DSE) are — AF Nesaruddin, partner of Hoda Vasi Chowdhury and Co, and Syeda Zakeerin Bakht Nasir, chief consultant and CEO of Z N Consultants. 

They will replace with KAM Mazedur Rahman and Helal Uddin.

The newly appointed independent directors for the CSE are — Infrastructure Development Company's CEO Alamgir Morshed, BUET Professor Saiful Islam, Teletalk's former managing director AKM Habibur Rahman, North South University Professor Mahmud Hassan, Grow n Excel's CEO M Zulfiquar Hussain, Asian University for Women's Finance Director Naznin Sultana and Financial Institutions Division's Deputy Secretary Farida Yasmin.

Following the political shift in early August, the capital market regulator verbally ordered all independent directors of the DSE and CSE to step down.

The BSEC then appointed seven independent directors to the DSE on 1 September. However, none have assumed their roles yet.

Concerns were raised about the appointments of two independent directors, KAM Majedur Rahman and Helal Uddin, as their selection reportedly violated board and administrative regulations. Both individuals have since declined to join the DSE.

As per the demutualisation scheme, each board consists of 13 members: seven independent directors, five shareholder directors (including one representing strategic investors), and the managing director as an ex-officio member.