Election to DSE director post December 26

The Dhaka Stock Exchange (DSE) will hold an election to the post of a shareholder director on December 26 as the post will fall vacant soon following retirement of the incumbent director.

Rakibur Rahman, managing director of Midway Securities Ltd, will retire from the DSE board this year in line with the demutualisation scheme.

To hold election to the post, the DSE formed an election commission with retired Justice Md Abdus Samad as its chief.

According to the election schedule, the final voter list will be published on the DSE website on December 8.

Eligible candidates will collect the nomination paper at a cost of

Tk 25,000 till December 5 while the deadline for submitting nomination is December 9.

The last date for withdrawal of candidature is December 15. The DSE election commission will publish the final list of candidates on December 19.

An uninterrupted voting will be held from 10am to 3pm at the auditorium of DSE Tower in the capital’s Nikunja area on December 26.

The newly-elected director’s name will be announced at the bourse’s annual general meeting (AGM) slated for December 28.

According to the Demutualisation Act 2013, the 13-member DSE board comprises four existing shareholders, seven independent directors, one strategic investor and a top DSE executive.

The demutualisation scheme was approved by Bangladesh Securities and Exchange Commission (BSEC) in 2013.

In 2012, a law on demutualisation was passed in parliament with a promise to bring transparency and accountability to the stock market.

The premier bourse recommended a 4 per cent dividend for the year ending on June 30.

The dividend payout will be approved in the upcoming annual general meeting.