DSE gets new leadership

Ahasanul Islam Titu was elected the president of Dhaka Stock Exchange (DSE) on Saturday amid a boycott by a board director of the premier bourse.

Md Shahjahan and Md Mizanur Rahman were also elected senior vice-president and vice-president of the premier bourse, after the annual general meeting of the DSE held at Ruposhi Bangla Hotel.

Titu, chairman of Mona Financial Consultancy and Securities, will replace the bourse’s outgoing president Rakibur Rahman.

The newly elected president may take over the charge this week, and will continue his job until the bourse is demutualised within a legitimate period of next six months.

The Demutualisation Act, 2013 was passed in the parliament on April 29 to separate the bourses’ management from ownership to bring transparency in the market.

As per the act, the stock exchanges will submit a demutualisation scheme to the Bangladesh Securities and Exchange Commission (BBSEC) within 90 days after the gazette notification of the act, and the regulator will approve it within the next 60 days.

After the regulatory approval the existing board will be dissolved, according to the law.