Dhaka: The Dhaka Stock Exchange (DSE) on Sunday clarified its position on the recent termination of 17 employees, stating that the move was part of a long-term organisational transformation process that has been underway since 2022, and not a sudden or punitive decision.
According to United News of Bangladesh, a message signed by Deputy General Manager Shafiqur Rahman was issued to address various discussions and comments circulating about the termination of some employees, prompting the exchange to clarify facts and remove confusion. The DSE emphasized that recruitment and termination of employees are routine and legally recognised management processes practiced by private organisations worldwide, including in Bangladesh, based on business realities, organisational restructuring, efficiency improvement, technological change, or strategic needs.
The statement highlighted that of DSE’s total workforce of 350, only 17 employees, less than 5 percent, were terminated. The decision involved changes to certain positions as part of the ongoing transformation drive and was not based on any personal bias or discrimination. The DSE said the entire process was carried out legally under Section 26 of the Bangladesh Labour Act, 2006, and its existing service rules, which permit an employer to terminate employment without assigning any reason, subject to notice or payment in lieu of notice.
The DSE noted that while the law requires compensation equivalent to four months’ salary, the exchange went beyond the minimum legal obligation and paid an additional two months’ salary on humanitarian grounds, ensuring departing employees have adequate time to seek new employment. As a result, each affected employee received compensation equivalent to six months’ salary in total. Additionally, every employee would receive their full dues under final settlement, including provident fund, gratuity, encashment of unused leave, and other benefits, which in many cases would amount to several months’ salary.
The exchange added that it has already contacted the affected employees multiple times, urging them to collect their dues promptly. The DSE stated that the dignity and respect of every employee were maintained throughout the process, with the highest level of professionalism, sensitivity, and humane treatment, and that no employee faced any humiliating or disrespectful situation. It also mentioned that all affected employees would be issued experience certificates and the exchange would continue to assist them with legal dues and administrative support.
Expressing regret over certain statements being circulated after the terminations, often without complete information or context, the DSE stressed the importance of verifying facts before making statements that could harm an institution’s image or the interests of individuals concerned. The exchange reaffirmed its commitment to the rule of law, good governance, transparency, accountability, and humane values, wishing the departing employees success and well-being in their future careers.
Lastly, the DSE assured stakeholders, investors, listed companies, and the general public that it would continue to operate as a strong, responsible, and forward-looking institution while upholding the law, policy, and highest professional standards.