The Bangladesh Securities and Exchange Commission (BSEC) appointed seven independent directors at Dhaka Stock Exchange (DSE) yesterday as the previous ones had resigned following the fall of the Sheikh Hasina-led government on August 5.

The stock market regulator took the decision by holding a meeting at its head office in the capital.

The new independent directors are KAM Majedur Rahma, chairman of Maldives Islamic Bank and group CEO of AK Khan & Company, Mohammad Quamruzzaman, director general of the Army Institute of Business Administration, and Nahid Hossain, additional secretary to the Ministry of Finance.

The other directors are Mohammed Helal Uddin, director (research) at the Centre on Integrated Rural Development for Asia, Syed Hammadul Karim, former general manager of Metlife Bangladesh, and Mohammed Ishaque Miah, managing director and chief executive officer of Bangladesh Data Center and Disaster Recovery Site.

Usually, the BSEC approves appointments of independent directors of the stock exchanges when the bourse's nomination and remuneration committee sends their proposal, the regulator said in a press release.

However, following the resignation of the seven directors, the DSE had no such committee and neither did it have the scope to form the committee.

Amidst this situation, the DSE's board of directors cannot play an effective role. So, for the interest of the stock market, the BSEC appointed the independent directors, it added.