DSE MD under fire over purge, perks, preferential appointments (Part-III)

DSE Managing Director Nuzhat Anwar is facing mounting allegations of arbitrary terminations, questionable recruitment, irregular promotions and preferential salary and career benefits, triggering growing resentment among officials and employees since her appointment in December 2025.

The allegations have now spilled into a formal complaint to the Bangladesh Securities and Exchange Commission (BSEC), with three former deputy general managers (DGMs) seeking an independent investigation into their abrupt termination and a string of other administrative decisions taken under the current management.

Market insiders warned that the controversy could damage not only the Dhaka Stock Exchange’s (DSE) institutional credibility but also investor confidence if the allegations are not properly investigated and addressed.

Officials familiar with the developments alleged that the administration under Nuzhat has repeatedly bypassed established rules and institutional checks and balances. They claimed experienced officials were removed without convincing justification, while favoured individuals were brought into key positions or promoted without following prescribed recruitment and approval procedures.

Three former DSE DGMs�"Md Abdur Razzaq, Md Shaheen Sarwar Hossain and Md Abdul Latif�"jointly lodged a complaint with the BSEC chairman on June 28, demanding an investigation into their termination and several other decisions concerning recruitment and promotion.

According to their complaint, none of the three had faced allegations of misconduct, poor performance or disciplinary violations. Yet all three were terminated on June 25 without an approved restructuring plan or revised organogram, they alleged.

The former officials further claimed that they were abruptly released against 120 days’ gross salary instead of being allowed to serve their notice period. They were allegedly ordered to leave the office the same day, while their access to computers, official email accounts and other institutional systems was blocked.

They urged the BSEC to obtain DSE board resolutions and all relevant documents relating to the alleged restructuring, suspend the termination decisions pending investigation, reinstate them and conduct an independent probe into the entire process.

The complaint also accused the DSE management of irregularities in recruitment, promotion and additional career benefits at several key positions.

The applicants alleged that open and competitive recruitment procedures were bypassed in some cases, while certain promotions were granted without approval of the organogram and without recommendations from the Nomination and Remuneration Committee (NRC). They also alleged favouritism in several appointments.

COO appointment raises questions
Questions have also been raised over the appointment, promotion and remuneration of DSE Chief Operating Officer (COO) Mohammad Asaduzzaman.

Officials alleged that since joining the DSE in 2010, Asaduzzaman received rapid promotions, overseas travel opportunities, salary increases and additional increments that did not follow normal procedures.

According to the allegations, he was appointed COO without an open recruitment advertisement, despite the position being one of the exchange’s highest-ranking posts and carrying a monthly salary of Tk 5 lakh.

His salary was allegedly raised to Tk 6 lakh only weeks after his appointment.

The allegations have also extended to the recruitment of two individuals identified as close relatives of DSE MD Nuzhat Anwar�"Mohammad Rakibul Hasan Parvez and Prithula Hridi. They allegedly joined the exchange as executives on May 24 without a recruitment advertisement or NRC approval.

The appointments have reportedly caused discomfort among some DSE board members and senior officials.

Promotions, demotions add to controversy
Earlier, DSE management allegedly promoted Market Development Department General Manager Md Samiul Islam and Company Secretary and General Manager of Human Resources and Administration Mohammad Asaduzzaman to Senior General Manager without following the required procedure.