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Dhaka Stock Exchange announces election schedule

Logo-DSEThe schedule of first election after demutualisation of the Dhaka Stock Exchange (DSE) has been announced yesterday.

The nomination papers should be collected from January 16 to 22 and nomination withdrawal is on January 30, DSE officials said.

The election commission will publish the list of eligible candidate on the same day of nomination withdrawal. The election is being held under the regulation of DSE shareholder director election regulation – 2014.

On Tuesday, the board of DSE fixed the date of holding election on February 12 to elect four directors to form its first board after the demutualisation of stock exchanges two months back.

Chairman of the DSE will be elected at the annual general meeting scheduled for February 13. The 250 members of DSE turned into shareholders after the demutualisation.

The new board will be comprised of 13 members, four from its existing shareholders, seven from independent directors, DSE chief executive officer and one from strategic investors, according to the Demutualisation Act 2013.

The independent directors will be selected based on the “fit and proper??? criteria as mentioned in the demutualisation scheme, which was approved by the Bangladesh Securities and Exchange Commission on September 26 last year.

Prior to holding the AGM, the DSE would have to send a list of independent directors to the BSEC for regulatory approval.

The tenure of each director and the chief executive officer will be for three years.

A law on demutualisation was passed in parliament on April 29 last year with a promise to bring transparency to the stock market.

The law requires the stock exchange to form its first board within 90 days from the date of demutualisation.  The stock exchange was demutualised on November 21, 2013.

On December 16, Chittagomg Stock Exchange has decided to hold its election on February 15.

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Source: Dhaka Tribune

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