The country's main stock exchange Dhaka Stock Exchange (DSE) is running without top three officials.
The Managing Director (MD) has been gone for almost a month and a half, and six months have passed since the resignation of the Chief Operating Officer (COO). Although the share transaction is online, the Chief Technology Officer (CTO) has not been appointed even after about 1 year and 9 months of exemption.
Market participants said that now the DSE is running such a way. There is no way to protect if an accident happens at any time. However, the DSE said that all the appointments will be finalized soon.
The stock market is a very sensitive market. Asked how reasonable it is to run the company with an in-charge here, 3i Securities Managing Director (MD) and Chief Executive Officer (CEO) Istaq Ahmed Shimul told The Daily Post, the three top posts of DSE have been vacant for a long time. Work is being carried out for a long time with ad hoc, which slows down the work. And CTO and COO are two very important positions, if these technical posts are given by alternative people, there can be a big problem at any time. Then the way to get up cannot be found. Ordinary people have a huge amount of investment in the stock market. Such an institution cannot run "for God's sake".
He also said that China's Shenzhen Stock Exchange and Shanghai Stock Exchange have been strategic investors in our capital market for a long time. We hoped that they would get technical and financial support when they came, but nothing happened.
Meanwhile, at the beginning of the first working day of the week on March 10 this year, there was confusion on the DSE website. After the transaction started at 10 am, the misinformation started to be given. At that time, the DSE Broad Index DSEX, decreased by 6,12.36 points or 99.99 percent to stand at 0.39 points. However, shares of 226 companies have been traded in the market so far, of which the share price of 159 companies has increased, which is 70.32 percent of the companies participating in the transaction. At that time, the Shariah index DSES stood at 0.04 points, which is 1,335.84 points or 99.99 percent less than the previous day. Of course, it was fixed later.
According to DSE sources, in October 2022, the Bangladesh Securities and Exchange Commission (BSEC), the regulatory body of the capital market, dismissed the CTO of DSE. The post has been vacant since then. The post has not been filled for a long time.
Regarding the appointment of CTO, DSE Chairman Professor Dr Hafiz MD Hasan Babu told The Daily Post, “The post of CTO is a technical post. The post has been vacant for a long time. In a critical situation, BSEC relieved the CTO. In that situation, we took responsibility. If we could, we would have appointed a new CTO within a week. But I could not appoint anyone because we could not find anyone qualified. However, the search for the CTO continues.”
In January this year, Chief Operating Officer (COO) Saifur Rahman Majumder resigned from DSE. Six months have passed, but the DSE has not been able to fill the post yet. He is currently working in Chittagong Stock Exchange.
The post of managing director of DSE fell vacant for about one and a half months on May 20 after Dr ATM Tariquzzaman joined the BSEC as its commissioner. However, the company has published the recruitment notice on June 20 for the MD.
DSE Chairman Professor Dr Hafiz MD Hasan Babu said that the posts have been vacant for so long due to lack of qualified people. We have given notice; the vacant posts will be filled soon. However, the DSE chairman could not give any specific date or month when asked how long these posts will be filled.
DSE Deputy General Manager (DGM) Shafiqur Rahman told The Daily Post that the DSE issued a notification on June 20 for the appointment of MD. It is to be noted that the DSE has appointed a contractual (renewable) MD for three years. To get the post of MD, the candidate must have a bachelor's degree in business, economics, statistics, mathematics or law with at least 10 years of work experience at the management level or CFA, CA, CMA, CS, CPA professional degree with at least 10 years of job experience as well as must have job experience in the capital market or related field in an international organization.
In this case, the educational qualification is relaxable. Knowledge of fintech, information technology and governance will be considered as additional qualifications. The candidate also must have at least 10 years of work experience at the management level in a reputed organization as well as must have strategic leadership ability in the capital market or any financial institution. He also must be proficient in presentation and communication.
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