Newly-formed Central Counterparty Bangladesh Ltd (CCBL) elected its first chairman Abdus Salam Sikder, former commissioner of the Bangladesh Securities and Exchange Commission (BSEC).
He was made chairman for the next two years in the company's first board meeting held on Thursday, said a press release.
Incorporated in May 2018, the CCBL was established following a demand of country’s two bourses -- Chittagong Stock Exchange (CSE) and Dhaka Stock Exchange (DSE) -- for a joint venture company for clearing and settlement.
The company’s work is to ensure trading anonymity and make settlement operations efficiently. It will also ease the settlement problems and complexities of stock exchanges.
Currently, the settlements are done through the Central Depository Bangladesh Ltd (CDBL).
The DSE holds 45% shares at CCBL, CSE 20%, different banks 15% and CDBL 10% while strategic investors would hold the rest 105 shares.
Meanwhile on June 17 this year, the BSEC approved the 11 member board of directors of CCBL. Of the 11, seven are independent directors and four from shareholders directors.
The independent directors are former CDBL Managing Director M H Samad, former Sanofi-aventis Finance Director Tajdiqul Islam, Chittagong University Professor Dr Mohammed Jamal Uddin, and former BASIS Director Md Mostafizur Rahaman Sohel, Dhaka University Professor Dr Muhammad Asif Hossain Khan and Dr Mohammad Tareq. Abdus Salam Sikder was also an independent director.
Four shareholders directors are Dhaka Stock Exchange Director Md Rakibur Rahman, Chairman of the Chittagong Stock Exchange Asif Ibrahim, Vice-Chairman of the CDBL AKM Nurul Fazal Bulbul, and former Managing Director of Mutual Trust Bank Anis A Khan, on behalf of the banks.
