BSEC seeks clarification from premier bourse abut failure to appoint MD

The securities regulator has sought clarification from the premier bourse over its failure to appoint managing director within stipulated time frame, officials said.

The Bangladesh Securities and Exchange Commission (BSEC) has sought clarification through a letter sent to the Dhaka Stock Exchange (DSE).

The BSEC's spokesperson Mohammad Rezaul Karim said the Dhaka Stock Exchange (Board and Administration) Regulations has a provision of appointing its managing director within 90 days.

"But the premier bourse has failed to appoint managing director within stipulated time frame. That's why the BSEC has sought clarification from the DSE," Mr. Karim said.

Asked, Abdul Matin Patwary, DSE managing director (in current charge), said they would submit the clarification within due time.

The post of the DSE's managing director remains vacant since January 7 last following the resignation of the previous managing director Kazi Sanaul Hoq.

Mr. Hoq resigned on October 8 last on personal ground and he served the exchange till January 7.

In early November, 2020, the premier bourse sought application from aspirant candidates in the post of managing director.

Then 21 applicants applied for the post and the DSEprimarily selected seven of them for attending the interview.

The DSE's Nomination and Remuneration Committed finally selected one candidate and sought the BSEC's approval in favour of his appointment.

But the BSEC did not approve the appointment of the selected candidate following criticisms regarding his incompetency.

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