DSE served show cause for failing to appoint MD
News Desk || risingbd.com
The Dhaka Stock Exchange (DSE), the country’s main stock exchange, has been conducting its business with the acting or current Managing Director (MD) for more than seven months. Although a long time has passed, it could not be able to select a qualified Managing Director (MD). As a result, DSE has violated its own rules and regulations in appointing a full-fledged MD.
The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the stock market, thinks that the DSE cannot avoid responsibility for the failure. Therefore, the commission has served a show cause notice to DSE asking reasons behind the failure.
BSEC has sent a letter in this regard to the current managing director of DSE. DSE and BSEC sources confirmed the matter.
According to the BSEC, DSE has failed to appoint its managing director within the stipulated time (90 days). The institute has violated Regulation 10 (3) of their Dhaka Stock Exchange (Board and Administration) Regulation, 2013.
Therefore, the BSEC has asked the DSE to explain the reasons behind the failure by May 18.