Majedur Rahman turns down post of DSE director

Majedur, chairman of Maldives Islami Bank, earlier served the DSE as managing director

KAM Majedur Rahman has declined the offer to be the independent director at the Dhaka Stock Exchange, the biggest stock market in the country.

Majedur, the chairman of Maldives Islami Bank, earlier served the DSE as managing director.

On Monday, he wrote to the Bangladesh Securities and Exchange Commission, declining the offer.

BSEC spokesperson Farhana Faruki told bdnews24.com that Majedur wrote to the commission and it has received the letter. The issue of appointing a director will be resolved soon, she said.

The independent directors appointed by the Awami League government were asked to resign after the government fell on Aug 5. On Sept 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 (Rtd) 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 Helaluddin, director of research at 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.

In a press statement, the BSEC said that it gives approval for independent director appointments following the proposal submitted by the Nomination and Remuneration Committee (NRC) of a stock exchange.

As DSE does not have enough directors after the resignation of the independent directors, so it has no NRC. With no committee, DSE cannot propose the selection of directors.

As per the rules, DSE directorial board is not complete and effective, the BSEC said.

‘‘To ensure the overall development of the stock market and investors' interest it is a must to appoint independent directors immediately. Hence, the commission decided to appoint independent directors to the Dhaka Stock Exchange PLC."