Sheikh Shahariar Zaman

The finance ministry has issued an order revising downward the pay-scales of Securities and Exchange Commission (SEC), creating serious resentment among its mid-level management officials.

The revision of pay-scale, however, contradicts orders issued earlier by the Finance Division and Ministry of Establishment.

According to sources, executive directors of the SEC are now enjoying the status of joint secretary and drawing salary in pay-scale of Tk 16800-20700. But in a letter on January 25 this year the finance ministry, signed by a deputy secretary of the ministry, stated that the scale to be revised downward to Tk 13750-19250.

The establishment ministry on June 16 last year fixed the pay package of Tk 16800-650-20700 for the SEC executive director.

In similar manner, the finance ministry lowered the scale for director, commission secretary, deputy director, PS to chairman, and personal officer, according to the letter.

The letter also stated that a total of 94 posts under 17 categories in the organisational structure of SEC are temporary, and the categories include starting posts from chairman, member and executive director to dispatch rider, MLSS and sweeper. In other words almost all the employees of the SEC are temporary.

However, a letter of finance ministry issued by assistant secretary Monoranjan Biswas on June 20, 1993 stated that from chairman, member, executive director to dispatch rider, all are permanent employees under the SEC organisational structure.

A finance ministry official said the letter in 1993 approved the 'organogram of newly formed SEC' and usually temporary posts are created for such new body. When asked how could the SEC become a newly formed organisation when 16 years had passed after the first letter was issued, he said, "I don't know actually, call me later."

A high official of the Public Service Commission said in general the government creates temporary posts for commissions if it thinks that those would not perform for long. "There are many commissions which are created for short-term basis like Regulatory Reforms Commission, pay commissions and so on," he explained.

The officials are demoralised and depressed after getting the letter from the ministry, said a SEC official.

"When SEC is trying its best to stabilise the market, the letter in question letter has made the officials lose their concentration," he said.

Everywhere in the world, the stock market watchdog body enjoys the separate pay-scale but in Bangladesh, the government has revised it downward, which is very painful, he added.

"In Pakistan an executive director gets a salary of about rupee 2.5 lakh and in India it is also same," the official said.

SEC was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. The Chairman and Members of the Commission are appointed by the government and have overall responsibility to administer securities legislation. The Commission, at present has two full time members, excluding the Chairman. The Commission is a statutory body and attached to the Ministry of Finance.