Independent and shareholder directors today elected retired judge Siddiqur Rahman Miah as the chairman of Dhaka Stock Exchange (DSE) after the demutualisation scheme was launched.
The election took place during a meeting at a city hotel in Dhaka.
The appointment of independent directors is mandatory as per a demutualisation scheme, approved by the regulator in September last year.
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 Securities and Exchange Commission (BSEC) gave consent to each seven independent directors for the twin bourses, both of which submitted two separate lists consisting 14 names for the posts.