The Bangladesh Securities and Exchange Commission (BSEC) has appointed two new independent directors to the Dhaka Stock Exchange (DSE) board, following a dispute that prevented the previous appointees from assuming their positions. Additionally, seven independent directors have been appointed to the Chittagong Stock Exchange (CSE). These decisions were made during a commission meeting held on September 18, 2024.
According to a press release from BSEC, the newly appointed independent directors for the DSE are AF Nesaruddin, partner at Hoda Vasi Chowdhury and Co., and Syeda Zakeerin Bakht Nasir, chief consultant and CEO of Z N Consultants. They will replace KAM Majedur Rahman and Helal Uddin, who were unable to take up their roles due to concerns over their appointments violating board regulations. Both individuals have since declined their positions.
The seven independent directors appointed to the CSE are Alamgir Morshed, CEO of Infrastructure Development Company; Professor Saiful Islam from BUET; AKM Habibur Rahman, former managing director of Teletalk; Professor Mahmud Hassan from North South University; M Zulfiquar Hussain, CEO of Grow n Excel; Naznin Sultana, Finance Director at Asian University for Women; and Farida Yasmin, Deputy Secretary at the Financial Institutions Division.
This reshuffling follows a political shift in early August, after which the BSEC verbally requested all independent directors from both the DSE and CSE to resign. On September 1, the BSEC had already appointed seven independent directors to the DSE, though none have yet assumed their roles.
The DSE board, as per the demutualisation scheme, consists of 13 members: seven independent directors, five shareholder directors (one representing strategic investors), and the managing director, who serves as an ex-officio member.
