Dhaka bourse picks new CEO
The Dhaka Stock Exchange picked a chief executive officer on Tuesday, a day after the stockmarket regulator served notice on the premier bourse for its failure to appoint a CEO in time.
The DSE at a board meeting chose Mosharaf Hossain for the top post, which has been vacant since September.
"We have picked a new CEO. But the details will be disclosed after receiving regulatory approval," said Rakibur Rahman, a DSE director, on Tuesday.
But the DSE board, with prior approval from the Securities and Exchange Commission, was supposed to appoint a CEO within three months of the vacancy. The deadline expired on December 8.
Seeing no progress in this regard, the regulator issued the notice and asked the bourse to provide the updates of the appointment process.
The market watchdog was also planning to appoint an administrator for the DSE after the bourse's reply, said a senior SEC member.
"The commission is working to create awareness among the market stakeholders so that they comply with the securities rules and regulations. There is no chance of avoiding any securities laws," said Prof Helal Uddin Nizami, a senior SEC member.
Earlier on December 1, the DSE in a letter to the commission sought time extension for the appointment till March 8 of next year.
It was also mentioned in the letter that Md Zahurul Alam, chief operating officer, has been carrying out the responsibility of a CEO since September 8.
"DSE board is searching for a suitable person for the position, and an advertisement was published in national dailies on October 13. But we are yet to find a suitable candidate for the post," the bourse said in the letter.
The SEC, however, did not extend the deadline.