Md. Siddiqur Rahman, chairman of Sterling Stocks & Securities, has been appointed as new shareholder director of the Dhaka Stock Exchange (DSE).
The board of directors of the DSE selected Mr Siddiqur Rahman as new shareholder-director at a meeting on Thursday, according to a press release.
Siddiqur Rahman will replace Minhaz Mannan Emon, who was removed from the 13-member DSE board recently.
Subsequently, Siddiqur will retire from the post at the upcoming annual general meeting (59th AGM) as per the Companies Act (Bangladesh), 1994. In September, the DSE board declared Mr Emon‘s shareholder-director post vacant due to his absence from the board meeting for three consecutive months without leave.
Siddiqur is also the former president of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA).
The demutualised DSE board comprised 13-member, 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.