BSEC asks DSE to explain its MD’s resignation

The Bangladesh Securities and Exchange Commission (BSEC) has ordered the Dhaka Stock Exchange to submit full accounts of its Managing Director Tarique Amin Bhuiyan’s resignation and the promotion of 95 employees by him.

BSEC Chairman Professor Shibli Rubayat-Ul-Islam summoned DSE Chairman Md Eunusur Rahman to discuss the issue on Wednesday, according to officials.

The BSEC asked the DSE to explain by Thursday about Tarique Amin’s resignation and promotions of 95 DSE employees by him, said a BSEC source. 

The development came a day after Tarique Amin resigned from his position following a series of disagreements with the premier bourse’s board of directors, 13 months into his term.

The promotion of around 95 DSE employees this week included several eligible senior posts, but Tarique Amin did not care about any of the Nomination and Remuneration Committee (NRC) of the DSE board approval. 

Confirming the matter, DSE Chairman Md Eunusur Rahman said, “Tarique joined as the MD for three years. In the resignation letter, he said that he could not work according to the plan due to various problems while performing his duties for 13 months. So, he has resigned.”

On July 25 of last year, Tarique joined DSE. The DSE Board of Directors, in its 1,008th meeting held on July 4, 2021, decided to appoint him as the managing director.

Tarique Amin Bhuiyan, a skilled and experienced leader in administration and business management, digital and financial technology, and IT, started his career as a graduate trainee at the International Financial Institution ANZ GrindlaysBank, Bangladesh.

Later, he served in several important positions for over 25 years in various organisations including ING, St George and Westpac & global consulting companies like TCS, Accenture and Infosys etc.

Its earlier managing director, Kazi Sanaul Huque, resigned on October 8, 2020, citing personal reasons. On February 8, 2020, he was appointed for three years. He joined the DSE as MD on February 9. He had worked in the post for only six months.

Huque and Tarique resigned from the demutualization stock exchange when the managing director was the most important post.