The Bangladesh Securities and Exchange Commission (BSEC) has sent Dhaka Stock Exchange (DSE) Chief Technology Officer (CTO) Md Ziaul Karim on forced leave following repeated trading disruptions in less than a week.
He will be on leave until the enquiry committee formed in this connection submits a report on the glitch that halted DSE trading for 192 minutes last week, ordered the stock market regulator in a directive issued on Monday.
Meanwhile, the BSEC's action to send an exchange official on forced leave drew criticism that the regulator was over exercising its power.
Critics said the Exchanges Demutualization Act 2013 only empowered the regulator to order any of the entities under its purview to do something for the sake of achieving the goals of the Act.
But the BSEC itself ordered the forced leave of the CTO.
The regulator on October 24 formed a five-member enquiry committee to find the reasons of the technical glitch.
The committee has been given 30 working days to submit its report.
On Sunday, the DSE delayed for 90 minutes to start trading citing mistakes in circuit breaker adjustments.
Repeated disruptions sparked criticism among investors and stakeholders.
