FE Report
The securities
regulator has asked both the bourses to amend their extraordinary
general meeting's (EGM's) notice stating that the list of the directors
who will run the interim or first board "can be altered in accordance
with regulatory direction", officials said.
As
per the demutualisation scheme, the exchanges will adopt the
demutualisation schemes, memorandum of associations and list of
directors for the first board and increase authorised capital in their
respective EGMs.
In a board
meeting held October 2 last, the Dhaka Stock Exchange (DSE) decided to
adopt the list of 24 directors of the existing board in their EGM for
running the first board.
But the
Bangladesh Securities and Exchange Commission (BSEC) said that the
'interim board' of the exchanges will be formed in accordance with the
scheme approved by the regulator.
That's
why the size of the board that will hold the first annual general
meeting (AGM) of the demutualised bourse will consist with 13 members
mentioned in the scheme of the demutualisation.
"We
have told the exchanges to bring changes in the notice of their board
meeting. We have also told them that the regulatory decision on the
interim board will be delivered after getting the opinion of the
ministry of finance (MoF)," said Professor Helal Uddin Nizami, a BSEC
commissioner.
The BSEC has sought the opinion of the MoF on the first board of the demutualised exchanges.
The
exchanges have said that their existing boards will be termed as 'first
board' as there is no term of interim board in the demutualisation
scheme.
The Chittagong Stock Exchange (CSE) will hold its EGM on October 25 next.
The
securities regulator approved the demutualisation scheme on September
26 including a 13-member board structure for each of the exchanges.
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