DSE to hold EGM on Oct 29, CSE on Oct 25

The Dhaka and Chittagong bourses will hold extraordinary general meetings this month to modify their Memorandum and Articles of Association in line with the approved demutualisation scheme.The Dhaka Stock Exchange will hold the EGM at Sonargaon Hotel on October 29, while the Chittagong Stock Exchange will organise the meeting on October 25 in Cox’s Bazar.The premier bourse took the decision at a board meeting on Wednesday and the port bourse yesterday.“At the EGM, decisions on the board’s size will be taken as per the approved demutualisation scheme,” said Ahsanul Islam Titu, president of the DSE.It means that the board size will come down to 13 from existing 25. Syed Sazid Hossain, chief executive officer the CSE, echoed Titu.Earlier on Tuesday, the Bangladesh Securities and Exchange Commission sent the approved demutualisation schemes to the bourses to implement the next step.Demutualisation is a way of separating the bourses’ management from ownership and also to bring transparency and accountability into the market. It will transform the two bourses from their current non-profit, co-operative state into profit-oriented entities.