The country’s prime bourse, Dhaka Stock Exchange (DSE), has taken initiatives to cut jobs and salaries of its officials. The DSE’s board of directors has already formed a five-member committee in this regard. Its independent director, Salma Nasreen, will helm the committee and recommend the next course of action. The move has infuriated officials of the stock exchange after word got out. Sources say the board has asked the committee to assess the number of employees, their activities and identify unnecessary positions. The committee was also asked to submit its review report within 15 working days, sources added. There are about 370 employees currently working at the DSE, while more than 35% lower-grade staff were not directly connected with the business, said a top official of the stock exchange, seeking anonymity. Another independent director of the DSE, seeking anonymity, told Dhaka Tribune that although transactions resumed on May 31 after a 66-day closure due to the Covid-19 pandemic, the transaction amount was very low. This meant the DSE could incur huge losses, he added. Talking to Dhaka Tribune, DSE director and former president Shakil Rizvi said, the committee would assess the overall employee structure, and find whether there is a shortage of efficient people and/or a surplus to requirement considering the number of jobs. After the committee submits their report, the DSE will decide in which areas it will cut or increase employees, he said. Shakil also said that the stock exchange was demutualized in 2013 and became a profitable organization, and it would not be wrong for it to see every opportunity for increasing its profits or cutting costs. Another DSE official not wanting to be named said, “We did not receive any increment for last year. On the other hand, this initiative is disappointing. Implementing this initiative will not bring good results.” According to the latest annual report (FY19) of DSE, Tk38 crore was spent by the DSE on employees’ salaries. Its net profit in the last fiscal year was Tk97.4 crore. In the same fiscal, the stock exchange disbursed only 5% cash dividend for its shareholders.
