After KAM Majedur Rahman – who was appointed as independent director of the Dhaka Stock Exchange (DSE) – declined to join the board of Bangladesh’s prime bourse, Dr Mohammed Helal Uddin too made the same decision.
The Bangladesh Securities and Exchange Commission (BSEC) appointed seven independent directors to DSE on September 1, after all independent directors of DSE resigned following the fall of Hasina regime.
Among the seven independent directors, KAM Majedur Rahman, Mohammad Helal Uddin and Additional Secretary of Financial Institutions Department Dr Nahid Hossain were appointed in violation of the law. Stock brokers of DSE had raised questions regarding these appointments.
In view of this, KAM Majedur Rahman and Mohammad Helal Uddin have decided not to join the Board of Directors of DSE. However, Additional Secretary Nahid Hossain is now on the DSE board.
Mohammed Helal Uddin is a director of the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) and a professor of Economics at the University of Dhaka. A senior BSEC official said Mohammad Helal Uddin will not join the board of the DSE.
Back on September 8, KAM Majedur Rahman had declined the offer to be the independent director at the Dhaka Stock Exchange, and he wrote to the BSEC declining the offer.
Majedur, the chairman of Maldives Islami Bank, had earlier served the DSE as managing director.
The independent directors appointed by the Awami League government were asked to resign after the regime fell on August 5. On September 1, the BSEC appointed seven independent directors.
The other independent directors appointed to those vacant posts include Army Institute of Business Administration Director General Prof Maj Gen (Retd) Kamruzzaman, Nahid Hossain, additional secretary of the Financial Institutions Division at the finance ministry, and Brig Gen Mafizul Islam Rashed of Bangladesh Army 46 Brigade.
Other directors appointed include Dr Mohammed Helal Uddin, director of research at the Centre on Integrated Development for Asia and Pacific (CIRDAP), former general manager of MetLife Bangladesh Syed Hammadul Karim, and Bangladesh Data Centre and Disaster Recovery Site Limited Managing Director Ishak Mia.
However, BSEC halted their appointment when some objections were raised against their appointment process. Under the circumstances, Majedur turned down the offer.
