'Ineligible', still recommended for DSE MD post
The Dhaka Stock Exchange (DSE) has now recommended three names for appointing its managing director from the candidates whom the country's premier bourse did not consider "fit" for the job less than two months ago.
In late December last year, the Nomination and Remuneration Committee (NRC) of the (DSE) interviewed eight candidates but did not find anyone among them eligible to run the exchange.
But now the DSE changed its mind and sent the names of three persons to the Bangladesh Securities and Exchange Commission (BSEC) for the appointment of the managing director.
The proposed names are DSE's current acting managing director M Saifur Rahman Majumdar, Prime Bank's former managing director Md Tabarak Hossain Bhuiyan and incumbent managing director of BD Ventures Limited Shawkat Hossain.
As the NRC did not recommend the appointment of anyone, the DSE wrote to the BSEC in December, asking for three months' time.
In response, the commission last week extended the time by three months. Accordingly, the new managing director should be appointed by 8 April.
Following the time extension, the question has arisen as to how DSE will proceed with the appointment of its managing director: whether it will invite applications afresh or wait to find a managing director from the proposed names.
The tenure of independent directors on the DSE board is about to expire, officials said. Now the DSE is waiting for a decision from the BSEC on the appointment of its managing director.
DSE Chairman Md Eunusur Rahman told The Business Standard, "The NRC initially opined for a new circular instead of recommending from the pool of existing applicants. The DSE applied to the regulator for more time."
"As we were running out of time before the application was granted by the BSEC, the DSE board asked the NRC to recommend three names based on their selection criteria, and the three names were sent to the BSEC for its consideration," he said recently.
Tarique Amin Bhuiyan resigned as managing director in August last year, with effect on 8 September. He was appointed for three years but stepped down after serving for about a year.
Earlier, Kazi Sanaul Hoq too resigned after 10 months in office, citing personal reasons.