The Dhaka Stock Exchange (DSE) on Sunday clarified its position on the recent termination of 17 employees, saying the move was part of a long-term organisational transformation process that has been underway since 2022, and not a sudden or punitive decision.
In a message signed by Deputy General Manager Shafiqur Rahman, the bourse said various discussions and comments had been circulating over the termination of some employees, prompting it to clarify facts to remove confusion.
The exchange said recruitment and termination of employees are both normal and legally recognised management processes followed by private organisations worldwide, including in Bangladesh, based on business realities, organisational restructuring, efficiency improvement, technological change or strategic needs.
Of DSE's total workforce of 350, only 17 employees, less than 5 percent, had their jobs terminated, the statement said, adding that 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 allow an employer to terminate employment without assigning any reason, subject to notice or payment in lieu of notice.
It noted that this is a well-established labour law provision followed by private organisations in the country for years, comparable to an employee's right to resign without explanation by giving notice or compensation in lieu.
While the law requires compensation equivalent to four months' salary, the DSE said it 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.
The exchange said every employee would also 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.
It added that the company has already contacted the affected employees multiple times, urging them to collect their dues promptly.
The DSE said 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 said 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 said it respects every citizen's freedom of expression but stressed that verifying facts before making statements that could harm an institution's image or the interests of individuals concerned is a moral responsibility for all.
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.
It also assured stakeholders, investors, listed companies and the general public that DSE would continue to operate as a strong, responsible and forward-looking institution while upholding the law, policy and highest professional standards.