Regulator asks DSE to explain sudden dismissal of general manager

Bangladesh Securities and Exchange Commission yesterday served a notice on the Dhaka Stock Exchange board over the termination of a general manager of the bourse.

The board will have to explain in written within the next two working days whether it followed its service rules in terminating Jiban Chandra Das, general manager of finance and accounts of the DSE.

The board will also have to explain issues like forming a charge against the general manager, listing the issue on the board meeting's agenda and whether the general manager was given a chance to defend himself.

The stockmarket regulator's directive came after the DSE board terminated Das on Thursday without giving any reason.

Although the DSE board mentioned a clause from its service rules in the termination letter, Das was not given a chance to defend himself.

Sources said neither the management nor the board formed any charge against him through any investigation.

The termination issue was not included in the board meeting's agenda; rather the DSE board took the decision by putting the issue under the miscellaneous agenda.

Some officials said Das was terminated over a conflict between him and Md Ruhul Amin, an independent director of the bourse.

Das and other officials of the accounts department recently informed the bourse's managing director about intervention by Amin in the day-to-day operations.

They alleged that Amin interfered in several matters that were out of his jurisdiction.

Amin denied the allegation. “I was doing the work that the board or the management requested me to do.”

The DSE board will sit today in an emergency meeting to discuss the issue, officials said.

DSE Managing Director Swapan Kumar Bala refused to make any comment on the issue.