Dismissed officials and employees of the Dhaka Stock Exchange (DSE) formed a human chain on Sunday, demanding reinstatement, protection of their legal rights and an impartial investigation into the process through which they were terminated.

The demonstration was held in front of the DSE’s old building in Motijheel, where participants alleged that many employees had been dismissed without due process or valid justification, leaving them financially and mentally distressed.

The protesters urged the authorities to conduct an independent investigation into the dismissals. They demanded reinstatement and restoration of their lawful benefits if any irregularities are found in the termination process.

They also argued that, as the country’s premier stock exchange, the DSE must uphold transparency and good governance, warning that controversy over employee dismissals could raise questions about the institution’s accountability and affect investor confidence.

According to the protesters, if the allegations are proven, the matter goes beyond the interests of a few employees and reflects broader governance concerns at a key financial institution. Conversely, if the dismissals were lawful, they said the DSE should disclose the basis of its decisions to remove any public confusion.

Market observers also stressed that transparency and accountability at the DSE are essential to maintaining investor confidence, noting that uncertainty surrounding the issue could have wider implications for the capital market.

The protesters called on the relevant authorities, regulators and the government to launch a prompt and impartial investigation. They demanded reinstatement and compensation for affected employees if the allegations are substantiated, or a public explanation if the dismissals are found to have been lawful.

Separately, former DSE Deputy General Manager Md. Abdul Latif, in a petition submitted to Bangladesh Securities and Exchange Commission (BSEC) Chairman, said he had served the exchange in various key positions for more than two decades.

According to his application, he received a show-cause notice on April 16. After submitting his explanation, the DSE informed him in writing on June 18 that no disciplinary action would be taken. However, he alleged that he was dismissed on June 25 without any new allegation or investigation.

Latif claimed the dismissal letter cited only that his position was “no longer required,” which he argued was not a reasonable justification for terminating a long-serving permanent employee. He described the decision as arbitrary and motivated.

His application also referred to a July 23 letter from the Financial Institutions Division of the Ministry of Finance, which reportedly described the dismissals as “illegal and unilateral” and instructed the BSEC to take appropriate action.

The DSE had not issued any immediate response to the allegations at the time of reporting.