BSEC okays Asheq Rahman as DSE chief regulatory officer

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved M Asheq Rahman as the chief regulatory officer of Dhaka Stock Exchange (DSE) amid criticism and controversy.

BSEC, the capital market regulator, sent a letter to the DSE Wednesday saying the bourse can appoint Asheq Rahman as its new chief regulatory officer after verifying some information.

If he does not join within 30 days, the DSE will have to appoint Md Shawkat Jahan, the next candidate shortlisted, said BSEC.

DSE, allegedly influenced by a shareholder director, had been desperate to appoint Asheq Rahman, a former compliance head of a foreign bank in Bangladesh, as the managing director of the bourse.

But since the regulator found him not qualified for the post, the DSE application was rejected earlier this year. Later the DSE, again allegedly influenced by the same director, picked him for the chief regulatory officer post and applied to the BSEC to allow the appointment.

According to DSE sources, the DSE human resources department initially found Asheq Rahman disqualified for the post. But with pressure from the board committee, the department had to change its mind.

The Nomination and Remuneration Committee of the DSE, where the influencing director is a member, finally picked Asheq Rahman as the sole candidate and sought regulatory approval in May to make him the chief regulatory officer.

But the regulator ordered the bourse to send the names of Asheq's top contestants and the bourse did accordingly.

However, BSEC, too, ultimately picked Asheq for the post, overlooking the allegations DSE insiders have been citing regarding his qualification and the board committee's overenthusiasm.

There had been a note of dissent within the DSE too on Asheq's selection. The post has been vacant since January 5, 2020 when AKM Ziaul Hasan Khan resigned on health grounds.