DSE chief technology officer sent on forced leave

Dhaka Stock Exchange (DSE) Chief Technology Officer Md Ziaul Karim has been sent on forced leave following repeated trading disruptions in less than a week.

He will be on leave until the enquiry committee formed in this connection submits a report on the glitch that halted DSE trading for 192 minutes last week, ordered the Bangladesh Securities and Exchange Commission (BSEC) on Monday.

BSEC Executive Director and spokesperson Rezaul Karim told The Business Standard, "The regulator has sent a written order to the premier bourse in this regard and instructed the board of directors to initiate the process to appoint skilled IT professionals."

Meanwhile, the BSEC's action to send an exchange official on forced leave drew criticism that the regulator was over exercising its power.

Critics said the Exchanges Demutualisation Act 2013 only empowered the regulator to order any of the entities under its purview to do something for the sake of achieving the goals of the Act. But the BSEC itself ordered the forced leave of the CTO.

Rezaul Karim, however, said the commission's order was meant to be executed by the DSE authorities, not by the regulator itself.

"BSEC's order came so that the enquiry committee's independent work is not influenced by any means," he added.

The regulator, on 24 October, formed a five-member enquiry committee to find the reasons of the technical glitch. The committee has been given 30 working days to submit its report.

On Sunday, the DSE delayed for 90 minutes to start trading citing mistakes in circuit breaker adjustments.

Repeated disruptions sparked criticism among investors and stakeholder