Written by The Banking Post
Md Hanif Bhuiya and Md Sajedul Islam have been elected unopposed as shareholder-directors of the Dhaka Stock Exchange for a three-year term, filling two positions that became vacant after the completion of tenure by their predecessors.
They will replace Shakil Rizvi of Shakil Rizvi Stock and Mohammad Shahjahan of Jahan Securities, whose three-year terms ended under the demutualisation framework.
A three-member election commission, led by retired High Court judge Justice Md Abdus Samad, was formed in early November to oversee the process. According to the election schedule, November 19 was the last date for submitting nomination papers and December 2 for withdrawal.
Only two candidates—Bhuiya, managing director of Rapid Securities, and Islam, managing director of Shyamol Equity Management—submitted nominations within the deadline. With no other contenders, the commission declared both elected uncontested.
The new directors will join the 13-member board at the 64th annual general meeting on December 18. Under the demutualisation structure, the board comprises seven independent directors, four shareholder-directors, one strategic investor representative, and the bourse’s managing director.
Meanwhile, the board has recommended a 1.70% cash dividend for FY25—its lowest in nearly a decade. The exchange’s profit fell 49% year-on-year to Tk 330 million amid a prolonged bearish market and reduced turnover. Despite operating losses in recent years, non-operating income, mainly from fixed deposits, kept the exchange in profit.
