The Bangladesh Securities and Exchange Commission (BSEC) will take over the managing director appointment process of the Chittagong Stock Exchange (CSE) as the exchange failed to complete it within the given time.
In this connection, the BSEC has issued a letter to the CSE asking for a proposal within December 8 on the offered benefits to the upcoming managing director.
According to the CSE (board and administration) regulations, 2013, the BSEC may appoint a managing director (MD) or chief executive officer if the Board of Directors fails to do so within ninety days of occurrence of the vacancy.
On May 31 this year, M Saifur Rahman Majumder completed his tenure as the MD of the port city bourse.
From that day, the position is vacant. The Board of Directors of the CSE could not appoint a new MD within the scheduled time.
BSEC Executive Director and spokesperson Md Saifur Rahman told The Business Standard, "A letter has been issued to the CSE regarding appointment process of its managing director. Clarifying the regulation, the commission wanted to know about the proposed benefits to be offered to the new managing director."
Confirming the receipt of the letter, Md Ghulam Faruque, acting MD of the CSE, said, "We received a letter from the BSEC about appointment process of managing director and it will be discussed in the next board meeting of the exchange."