Your Trusted Partner in Navigating Bangladesh’s Equity Market

At CAL Securities, we go beyond execution. Our multi-channel platforms, award-winning research, and hands-on advisory support are designed to enhance your investment experience—whether you’re an individual investor, a fund manager, or a global institution. As a regulated market participant with a strong track record, we are your trusted partner in navigating Bangladesh’s equities market with confidence.

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Our Board of Directors

Our leadership team embodies a wealth of experience, strategic insight, and a commitment to excellence in guiding CAL Bangladesh towards achieving its financial goals and fostering sustainable growth.

Ajith Fernando | FCMA, MA

Director/Chairman, CAL Securities Ltd.

With over 30 years of experience in the financial market, Ajith has worked with most premier banks and financial institutions in Sri Lanka; consequently, putting an arsenal of industrial skills, and professional networks at his disposal. Ajith holds an MA in Financial Economics from the University of Colombo and a Bachelor’s degree from the University of Moratuwa, Faculty of Engineering. Ajith is also a long standing Fellow of the Chartered Institute of Management Accountants.

Raihan Shamsi

Director, CAL Securities Ltd.

Raihan Shamsi is the Chairman & CEO of DevoTech Technology Park Ltd. He was the former CEO of Accenture Bangladesh also worked as Managing Director of Communication- Media-Technology in ASEAN Region of Accenture till 2018. Having worked at multiple global companies over 22 years, Raihan chose to venture into ICT Entrepreneurship, Impact Investment and Strategic Advisory in pursuit of some meaningful impact in Bangladesh. Raihan earlier Co-Founded Maslin Capital, a VC firm and Asset Management Company licensed by SEC to propel the funding of Start-up eco-system in the country.

Salahuddin Ahmed

Director, CAL Securities Ltd. & Vice Chairman, CAL Investments Ltd.

Mr. Ahmed, Chairman of M&J Group, is a highly reputed entrepreneur known for his hard work and dynamism. He began his journey in 1989 with Columbia Garments Limited, aiming to become a leading global supplier in the fashion industry. Under his leadership, M&J Group grew into a major conglomerate in Bangladesh, with three large garment factories and two advanced industrial laundries—some LEED Platinum Certified by the U.S. Green Building Council. He is a graduate of the University of Dhaka.

Munir Ahmed

Director, CAL Securities Ltd.

Munir Ahmed, Director of M&J Group, is a respected entrepreneur known for his hard work and leadership in the RMG sector. He began his journey in 1996 with Genesis Fashions Limited, aiming to be a global leader in sustainable garment manufacturing. Today, he heads three major garment factories and two LEED Platinum-certified washing plants, contributing significantly to employment and national GDP. A graduate of the State University of New York, Buffalo, he joined M&J Group in 1995 and established an eco-friendly washing plant in 2006.

Deshan Pushparajah | CFA, FCCA, FCMA

Director, CAL Securities Ltd.

Deshan is an expert at public and private capital markets, possessing over 15 years of experience in both buy-side and sell-side M&A and enjoys the trust of an established network of clients in the local and international capital markets. He has been with the group since 2007 and has overseen the team through the changing post-conflict economic realities and has been instrumental in CAL emerging as a market leader in Equity capital markets and a considerable force in Debt capital markets.

Deshan is a CFA charterholder (USA) and also holds a bachelor’s degree in Applied Accounting from Oxford Brookes University (UK). He is also a Fellow Member of the Association of Chartered Certified Accountants, UK and a Fellow of the Chartered Institute of Management, UK.

Zulfiquar Rahman

Chairman, CAL Investments Ltd.

Mr. Zulfiquar Rahman is the incumbent chairman of the Board of Directors of CAL Investments Limited. He joined CAL Investments Limited Board on 8th June 2011 and started to act as the Chairman in 24th November 2015. Mr. Rahman is also the chairman of F-Z Technologies Ltd, SM Communication, and Securex Pvt Ltd. In addition, he is currently acting as the Managing Director of Greenland Garments Ltd., Inspection Services Ltd., Inspection & Superintendence Co. Ltd., and Technical Superintendence Co. Ltd. He is also the proprietor of Five-R Associates.

Mr. Rahman completed his graduation and masters from the University of Dhaka. He joined Dhaka University as a lecturer of Economics in 1974 and continued in this profession till 1976. Thereafter, in 1976, he started exploring business in Trading, Services, and Manufacturing. Previously, Mr. Rahman served as a consultant for Bilateral and Multilateral Donor funded consultancy projects as a specialist in Economics.

Mohammad Mohsiul Islam

Chairman, CAL Investments Ltd.

Mr. Mohammad Mohsiul Islam joined CAL Investments Limited as a director on 2nd September 2013. Mr. Islam has long experience in different industries. In 2008, he started his career as an entrepreneur by establishing Pramanya Communications Solutions Ltd. He is also involved in businesses related to design, technology and the printing industry.

Mr. Islam is the Managing Director of Pramanya Communications Solutions Ltd. and a Stakeholder of Chhapaghar Printing Press Limited and MAPS Design Limited. He completed BSc. Engineering (Civil) from Bangladesh University of Engineering and Technology (BUET).