CSE to dismiss its MD Mamun-Ur-Rashid

The board of directors of the Chittagong Stock Exchange (CSE) has decided to dismiss the bourse’s Managing Director Mamun-Ur-Rashid.

The CSE in a letter to the regulatory body, the Bangladesh Securities and Exchange Commission, sought approval to this end.

CSE Chairman Asif Ibrahim told the Business Insider Bangladesh that the MD has been sacked and the CRO has resigned.

“There are two issues in the process. This decision will be effective only after getting approval from the BSEC,” he said.

Ibrahim, however, did not explain the reasons behind the dismissal of Mamun.

Earlier on September 19, the CSE board put the managing director on a month of forced leave.

Mamun, a former managing director of Standard Bank, was appointed as managing director of Chittagong Stock Exchange (CSE) in early February last year.

Meanwhile, sources familiar with the matters said Shamsur Rahman is leaving the organisation blaming the unprofessional work environment there. He will be in office until October 31.

Founded in 1995, the CSE increased its broker houses to 148 in number.