Three shareholders of Dhaka Stock Exchange (DSE) have submitted their nomination papers to contest for posts of two shareholder directors of the premier bourse.
The candidates are Shakil Rizvi, managing director of Shakil Rizvi Stock, Mohammad Shahjahan, managing director of Jahan Securities and Mohammad Shamim Afzal, chief executive officer of Desa Securities.
The three-member DSE election commission headed by the retired Judge of the Supreme Court Justice Md Abdus Samad, declared the name of eligible candidates recently.
As per the election schedule, the nomination papers collection and submission period was December 9 to December 12. The last date for withdrawl of candidature was December 19.
The prime bourse will hold the election on December 29 to elect two directors of the DSE as two existing directors will retire this year in line with the demutualisation scheme.
This year, Sharif Ataur Rahman, managing director of SAR Securities and Md Hanif Bhuiya, managing director of Rapid Securities, will retire from the board of the country's prime bourse.
This year, a total of 259 DSE voters are expected to cast their votes from 10:30am to 3:30pm without any break at the ground floor of DSE building at Motijheel in Dhaka.
The DSE election will be held at 10:30am to 3:30pm without any break at the ground floor of Dhaka Stock Exchange building at Motijheel in Dhaka.
The newly-elected directors will join the 13-member board at the bourse's annual general meeting (AGM) scheduled to be held on December 30, 2019.
The demutualisation scheme was approved by Bangladesh Securities and Exchange Commission in 2013 to bring transparency in the stock market.
Under the demutualisation, management and ownership of the bourses are separated.
As per the demutualisation scheme, out of the 13-member board of the bourse, seven are independent directors, four shareholder directors, one is from strategic investors' category, and the bourse's managing director.
Prior to demutualisation, Bangladesh's stock exchanges were non-profit cooperative organisations, owned by the exchange members, who were usually stockbrokers.
