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DSE, CDBL asked to give 5pc profits to employees

Staff Correspondent | Published: 22:23, Feb 27,2021

 
 

The Bangladesh Securities and Exchange Commission has asked the Dhaka Stock Exchange Limited and the Central Depository Bangladesh Limited to distribute 5 per cent of their profits to their employees in accordance with the labour law.

The regulator issued letters to the entities on February 25 in this connection and directed them to take appropriate actions for complying with the labour law in three working days.

The BSEC made the move based on Commercial Audit Directorate, Dhaka’s findings, the letter said.

According to the Labour Act, 2006, a profit-making company must distribute 5 per cent of profits to its employees through the worker’s profit participation fund (WPPF).

The country’s two stock exchanges, the DSE and the Chittagong Stock Exchange, and the CDBL became profit-making organisations in 2013 through the demutualisation act.

As per the Commercial Audit Directorate, Dhaka’s findings, the CDBL did not distributed to its employees 5 per cent of its profits worth around Tk 19.76 crore accumulated in many years while the DSE did not allotted Tk 2.65 crore to its employees in the financial year of 2019-20.

The Commercial Audit Directorate, Dhaka on February 22 sought explanations regarding the non-compliance and also asked the two entities to submit working plans for the distribution of profits.

The DSE complied with the labour law in six years from FY 2013-2014 to FY 2018-19.

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