The Dhaka Stock Exchange yesterday temporarily suspended one of its general managers on charges of involvement in share business violating securities and service rules.
The premier bourse also formed a two-member panel to investigate the matter before it takes administrative action against Khandaker Asad Ullah, general manager of human resources and administration of the DSE.
“We took the decisions in line with a regulatory instruction,” Swapan Kumar Bala, managing director of DSE, said after a board meeting.
It is learnt that Asad Ullah was engaged in share business through his wife's BO (beneficiary owner) account. But the DSE service rules do not allow any of its official and his or her close relatives to be involved in share business.
Asad Ullah went on to provide false information to a regulatory probe body, which did an investigation against him after an individual lodged allegation with the BSEC last year.
Jiban Chandra Das, general manager of finance and accounts, and Md Samiul Islam, general manager of market development of the DSE, have been assigned to do the internal investigation, Bala said.
Earlier on Tuesday, the Bangladesh Securities and Exchange Commission instructed the DSE to temporarily suspend Asad Ullah for the offence. It also directed the premier bourse to inform the commission after taking administrative action against Asad Ullah.
When contacted, Asad Ullah refused to make any comments on the issue.