Ctg bourse MD steps down over internal conflict

Wali-ul-Maroof Matin, managing director of Chittagong Stock Exchange, yesterday resigned from his post, two years ahead of his tenure's expiry, over internal conflict.

Matin, who took charge on December 1, 2014 for three years, cited “irreconcilable differences with a few unduly decision-influencing persons in the organisation” as the reason behind his resignation.

“It is beyond my ability to match up with a moulded environment where corporate governance principles are severed and investors' complaints are not addressed with urgency and are beyond the control of the managing director,” he wrote in the resignation letter, which was submitted to the chairman of the bourse.

CSE Chairman Muhammad Abdul Mazid said he has received the resignation letter. “We will now follow the next procedures,” he added.

Matin, who has vast experience in the field of capital market, was well-fit for the post of managing director.

For instance, one of his focus areas since joining the CSE was attracting “strategic investors” for the bourse.

The CSE under his leadership held several meetings with some foreign investors highlighting the prospects of the bourse, officials said. In July this year, he introduced a new logo of the bourse with a promise to inspire all listed companies and investors in their working areas.

The “Fibonacci bands” wave was the inspiration behind the new logo. Fibonacci bands are widely used in global stockmarkets to analyse companies' shares.

In March, the official Facebook page was launched as part of the bourse's continuous efforts to disseminate the right information quickly to investors. “It was also his [Maroof Matin] brainchild,” said an official.

He also introduced exchange-traded fund, mobile apps, a separate trading board for small cap companies, depository participants' service desk and care centre for investors.

Matin focused on technological development, marketing and branding of the bourse.

This is not the first time that he worked for the CSE. He served the bourse from 1995 to 2005 in various positions including as chief executive officer for six years.

He worked as a World Bank consultant for capital market development in Africa. He also served as the chairman and managing director of Alliance Capital Asset Management, an asset management company.