Sources said Prime Minister Khaleda Zia on Tuesday approved his appointment and the order was sent to the Ministry of Establishment.

According to another source, the establishment ministry has already referred CM Alam's appointment as SEC chairman to the Ministry of Finance.

However, the SEC is yet to receive his formal appointment order.

CM Alam is replacing Manir Uddin Ahmed whose tenure as SEC chairman expired last month. Ahmed handed over charges to senior SEC Member Iftikher Ahmed on July 12. Since then the position remained vacant.

Sultanuzzaman Khan, Harun-ur-Rashid, MA Syed and Manir Uddin Ahmed served as SEC chairman since its formation in 1993.

CM Alam, a chartered accountant, is the managing director of Industrial Promotion and Development Company (IPDC) of Bangladesh Ltd, one of the leading non-banking financial institutions in Bangladesh.

He had also served as the chairman of Industrial Development Leasing Company (IDLC) of Bangladesh.