DSE board election
Ten get SEC nod, Lali barred

FE Report

The Securities and Exchange Commission (SEC) Wednesday cleared 10 out of 13 members intending to contest Dhaka Stock Exchange (DSE) board of directors' election.

The ten members who have got 'no objection' certification are Rakibur Rahman, Abdul Haq, Ghulam Quader, Dastagir Mohammad Adil, Ahsanul Islam, Mojibur Rahman, Haji Babul Mostaq, MA Momen, Khaja Ghulam Rasul and Sharif Ataur Rahman.

Three members - Ahmad Rashid Lali, Ahmed Iqbal Hasan and Anwar Hossain - failed to get clearance from the securities regulator to take part in election.

"The commission selected the eligible members by examining their previous records in the stock market and reports of the detective branch," sources said.

The board of directors' poll of the prime bourse will now be held on March 21 which was scheduled to be held Wednesday (March 3).

The DSE election board had to announce fresh schedule in the wake of the SEC's directive that says that any member intending to contest in the election must obtain SEC clearance before filing nomination.

Under the fresh schedule, the last date for submission of nomination paper is March 7 and for withdrawal of candidature March 11.

The Annual General Meeting (AGM) of the DSE will be held on March 27 instead of March 6 when the new board of directors will be elected.

As per the DSE constitution, the election has to be held every year before the AGM. There are 12 elected and 12 nominated directors in the board of directors. Every year, four directors retire and four others replace them through direct voting for a three-year term.

A president, senior vice-president and vice-president are elected from the 12 elected directors including the new four.

Earlier, the DSE had brought amendment to its constitution, paving the way for a retiring director to qualify for re-election. So, there is no bar for the retiring directors to participate in the election.