Promotion-centric dissatisfaction has been deepening at Dhaka Stock Exchange, resulting in resignation of one of its assistant general managers recently, raising question over practice of corporate governance at the demutualised entity.
A number of officials of the bourse said that they were not happy about the process the bourse followed in awarding promotion to its 22 officials after keeping the promotion process halted for a few years.
Officials alleged that the bourse in awarding promotion this year surprisingly followed ‘voting method’ dejecting a number of officials including its AGM Mohammad Obaidul Hassan, who were deprived of promotion despite having recommendation from their departmental heads and managing director.
Besides, dominance of regulatory affairs division’s officials in getting promotion, more than 60 per cent out of 22 promotions, was among other reasons behind the dissatisfaction of the officials of other departments of the bourse, they said.
DSE’s RAD department head, chief regulatory officer AKM Ziaul Hasan Khan had earlier worked at Bangladesh Securities and Exchange Commission.
When asked, Obaidul told New Age that he had resigned from his post due to a malpractice of DSE in awarding promotions.
He elaborated that the bourse introduced a voting system for its employees in giving promotion.
Under the process, anyone can be deprived of getting promotion even after having requisite qualifications and if his name is opposed, he added.
In this connection, Obaidul lodged a complaint to the Bangladesh Securities and Exchange Commission on October 16 after his resignation was accepted by DSE management on September 17.
The DSE AGM in his complaint said that he had resigned protesting some recent unfair corporate governance practices of DSE.
Although Obaidul informed DSE board of directors the issue in July this year, he did not get any reply in more than two months.
The complaint submitted to DSE specifically mentioned that the bourse violated a number of provisions of DSE Board Administration Regulation 2013 and DSE Service Rules.
Asked about the issued, BSEC executive director Md Saifur Rahman told New Age the commission was scrutinizing the complaint whether there was any merit of it or not.
‘Anyone can submit complaint against anyone but every complaint does not have authenticity,’ he added.
DSE managing director KAM Majedur Rahman could not be reached by telephone for comment.
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