DSE demotes two officers nine months after promotion

The Dhaka Stock Exchange (DSE) has demoted two officers nine months after their promotion to the post that does not exist in the organogram.

The DSE took the move after the stock market regulator, Bangladesh Securities and Exchange Commission, has recently raised objection to the promotion, terming it a violation of rules and discipline, and asked the Dhaka bourse to take measures within seven days.

This decision to demote the two officers was made during a board meeting last Wednesday, where they were reinstated to their previous positions — general manager — from the post of senior general manager.

The DSE board, at a meeting in February this year, promoted the officers — Md Samiul Islam and Mohammad Asadur Rahman — to senior general managers although there was no such post in the organogram.

The BSEC letter instructed the DSE to immediately cease the disbursement of salaries, allowances, and other benefits to the two officers, and to deposit the financial benefits to the Dhaka bourse.

DSE issued two letters signed by Chief Operating Officer Shaifur Rahman Mazumdar yesterday confirming the demotion with immediate effect.

The letter mentioned that of the two general managers, Mohammad Asadur Rahman has been given the responsibility as company secretary.