Friday, 2 December, 2022

DSE Glitch

‘Unskilled workforce responsible’

  • Staff Correspondent
  • 26 October, 2022 12:00 AM
  • Print news

The technical glitches at Dhaka Stock Exchange (DSE) that disrupted trading for hours on Monday hurting investors' confidence were caused due to unskilled workforces, claimed the market insiders.

The main index slashed the 260-minute session to 108 minutes, which resulted in 57.5 percent decline in the daily turnover due to the outage on the day.

The market regulator sought support from foreign experts of USA-based Nasdaq when the local engineers were struggling to resume the session, according to the sources concerned.

Nasdaq is a global electronic marketplace for buying and selling securities on a computerised, speedy, and transparent system.

The market insiders said the unskilled workforces at the DSE created the situation which caused a huge fall in the market.

DSE Brokers Association of Bangladesh President Richard D' Rozario said any technical outage creates a negative impact in confidence of investors alongside a trading drop.

“There are some unskilled workforces for system maintenance. The brokerage houses became victims of the technical glitch as the trading downed to almost Tk 3 billion on that day,” Richard D' Rozario, managing director of Global Securities, told the Daily Sun.

Meanwhile, Bangladesh Securities and Exchange Commission (BSEC) formed a five-member investigation committee to look into the reasons for the suspension of trading at DSE.

“The technical problem is fixed in consultation with local engineers and experts from Nasdaq. A five-member investigation committee has been formed to look into the matter,” BSEC Executive Director Mohammad Rezaul Karim told the Daily Sun on Tuesday.

The probe committee headed by BSEC director Abul Hasan while other members include BSEC Deputy Director Muhammad Warisul Hasan Rifat, Central Counterparty (CCP) in Bangladesh Chief Technology Officer M Imam Hossain, Central Depository Bangladesh Limited(CDBL) General Manager Moinul Haque, and BSEC Assistant Director Muhammad Dastgir Hussain.

The committee will submit the inquiry report within the next 30 working days.