Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The four-day stalemate at the securities commission ended on Sunday as protesting employees called off their strike and returned to work, facing pressure from within and from market stakeholders.
The BSEC Officers Welfare Association informally announced the suspension of the strike while market stakeholders called for urgent actions to cool off tension between the top brass of the commission and its employees. There were concerns that the tension caused frustration and anxiety among investors -- both domestic and foreign.
In a visit to the office of the Bangladesh Securities and Exchange Commission (BSEC), employees were seen as having returned to work, except for those who had been named as accused in a case filed with Sher-e-Bangla Nagar Police Station over the hostage situation last Wednesday.
Employees cut off power connections, switched off CCTV cameras at their office, closed the main entrance, and locked the chairman and commissioners inside the BSEC building in response to Tuesday's announcement of forced retirement of executive director Saifur Rahman.
They demanded resignation of the top brass in protest against the move and went for work abstention on Thursday.
Meanwhile, representatives from the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), DSE Brokers Association (DBA), Central Depository Bangladesh Limited (CDBL), and several top executives from leading brokerage houses had a meeting with the BSEC chief and commissioners on Sunday.
After the two-hour discussion at the BSEC headquarters in Agargaon, Dhaka, BSEC Chairman Khondoker Rashed Maqsood, DSE Chairman Mominul Islam and DSE Director Minhaz Mannan spoke to the press.
"Key stakeholders of the capital market came to show solidarity [with us] and assured us of their support for the betterment of the market. We urge all employees to resume their duties," said the BSEC chief.
"It is the responsibility of all market-related parties to uphold the reputation and dignity of the commission. If any individual or institution is dissatisfied with the commission's decision, they have the right to appeal to the commission or the government legally. However, attempting to fulfill demands by creating disorder at a regulatory body is unacceptable," said the chairman of the prime bourse.
He added that to restore investors' confidence, stakeholders requested a thorough investigation into past irregularities and corruption and demanded that those, who had been involved, be brought to justice.
On the behalf of market stakeholders, Mr Mominul Islam also said they would support the commission's efforts to investigate misconduct and corruption.
Earlier, the commission chief claimed that the hostage situation arose as the market watchdog had opened investigations into anomalies tied to 12 securities. Many BSEC employees were named as involved in the six reports already submitted on probe findings.
At Sunday's briefing, Mr Islam said, "The events at the BSEC were unfortunate. However, many staff members work with dedication and integrity. We urged the commission to take steps to ensure that the honest and dedicated employees continue their work without fear or intimidation."
"No staff member should face injustice or fear," said DSE Director Minhaz Mannan.
BSEC head Mr Maqsood expressed his eagerness to work with his colleagues and encouraged them to return to work without fear. However, while responding to reporters' questions, he said there had been no discussion with BSEC staffers until midday.
In a statement, the BSEC Officers Welfare Association said that to safeguard the interests of the market and maintain the country's image on the global stage, the association urged all BSEC employees to rejoin work.
As The FE reporter approached an employee, he said, preferring not to be named, that the employees had long been pressing for a delegation of power.
"No commission has allowed us to make independent decisions. All decisions were made by the previous commissions [the chairman and commissioners]. However, we are concerned that the misdeeds of the earlier commission might affect us. Why should we be held accountable when we have no decision-making authority?"
Last Thursday, the operations of the commission were stalled after employees called a strike, demanding that the chief of the BSEC and commissioners resign.
Other demands included that the commission stop sending show-cause notices to employees based on "questionable" probe reports and withdrawal of the notices already served.
Army personnel helped the hostages get released on Wednesday. During the rescue operation, several BSEC officials and employees were injured.
Later on, the bodyguard of the BSEC chief filed a case against 16 employees over holding the top brass of the organisation hostage for more than four hours.
farhan.fardaus@gmail.com