• Thursday, July 31, 2014

DSE polls on Feb 12

Star Business Report

An election of Dhaka Stock Exchange will be held on February 12 to select four directors from the bourse's existing shareholders in line with the demutualisation scheme.
And on the following day, February 13, an annual general meeting (AGM) will be held to adopt the newly-elected directors as well as handover the charges to the newly-formed board of DSE.
The dates were set at a meeting chaired by DSE President Ahsanul Islam yesterday.
“After the AGM, we will call the first meeting of the demutualised stock exchange and hand over of the charges,” Islam said.
The 13-member new board will also consist of seven independent directors, one from strategic investors' category and the bourse's chief executive officer, who would have voting rights.
The independent directors will be selected based on the 'fit and proper' criteria mentioned in the demutualisation scheme, which was approved by the Bangladesh Securities and Exchange Commission on September 26 last year.
Prior to holding the AGM, the DSE would have to send a list of independent directors to the BSEC for regulatory approval.
Also at yesterday's meeting, an election regulation was approved, with the election schedule set to be announced today.
The tenure of each director and the chief executive officer will be for three years.

A law on demutualisation was passed in parliament on April 29 last year with a promise to bring transparency to the stockmarket.
Demutualisation is a way of separating management of the bourses from ownership. It transforms a stock exchange into a profit-oriented company owned by shareholders and ensures alternative business models and operational efficiency.
Bangladesh's stock exchanges were non-profit cooperative organisations owned by the exchange members who are usually stockbrokers.

Published: 12:00 am Wednesday, January 08, 2014

Last modified: 10:01 pm Wednesday, January 08, 2014

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