DSE seeks 3 more months to search for suitable managing director
The Dhaka Stock Exchange (DSE) has sought three more months to search for a suitable person for the post of its managing director, which has been vacant since September last year.
The Bangladesh Securities and Exchange Commission (BSEC) has not yet responded to an application for the time extension by the country's premier exchange.
The stock market regulator had earlier extended the time for a month until 8 January this year after the Dhaka bourse had failed to appoint a managing director in the stipulated three months.
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According to sources, the DSE will float an advertisement seeking applications from eligible candidates for appointing the managing director.
Usually, the Dhaka Stock Exchange appoints a managing director within 90 days after the post falls vacant due to resignation or the expiry of the term.
Even though the post has been vacant since September last year, the DSE could not make the appointment on time.
On 6 October, the Dhaka Stock Exchange issued a circular inviting applications from qualified candidates. In response, 18 candidates applied for the managing director post within the stipulated time.
Following a screening, eight candidates were interviewed on 19 December, including DSE's acting managing director, M Saifur Rahman Majumdar.
However, the Nomination and Remuneration Committee (NRC) of the Dhaka bourse did not recommend the appointment of any of them as no fit candidate was found among the interested candidates to manage the stock exchange.
According to the DSE's Board and Administration Regulations, three candidates will be selected by the NRC, who will also be recommended by the board of directors.
Finally, the Bangladesh Securities and Exchange Commission will pick one of the three candidates for his appointment as managing director for three years.
According to officials at the Dhaka bourse, the board has sought a time extension after it took the decision to publish a new circular to find suitable candidates for the managing director post.
Following a disagreement with the DSE board, Tarique Amin Bhuiyan resigned as managing director in August of last year, with effect on September 8.
He was appointed for three years but stepped down after serving for about a year.
Earlier, Kazi Sanaul Hoq too resigned after 10 months in office, citing personal reasons.
In the last two years, two managing directors have resigned before the end of their tenures due to their differences with the DSE board in managing the country's main exchange, according to stock market insiders.
Due to this, many people are not interested in applying for the DSE managing director post, they added.
As a result, the managing director post has been vacant for more than three months. But Chief Operating Officer M Saifur Rahman Majumdar is serving the bourse as its acting managing director.
