Dse Staffers Move Against Broker-Brass

The employees of the Delhi Stock Exchange (DSE) have urged the Securities and Exchange Board of India (Sebi) to probe into the affairs of the exchange in light of the resignation by a senior Sebi nominee on the board - DN Davar.

"The broker directors have rendered the executive director and the other nominees of the government and Sebi ineffective. The directors are violating the code of ethics and pressurising the senior officers of the exchange to furnish them with secret information for their trade benefits," DSE Karamchari Union general secretary Satyawan Singh alleged in a statement.

The secretary alleged that the directors have appointed themselves into various committees including the staff committee and are hiring and firing the employees at will. He said that the brokers have also withdrawn benefits for the staff and officers and the employees have not got any wage revision since 1991.

 

The statement said that a consultant, in 2000, had recommended restructuring of the organisation and revision of pay scales of all categories of employees. Staff committee had then accepted the report and recommended it to the board for implementation. The broker directors, however, stalled the implementation, Singh said.

The employees are demanding pay revision and dearness allowance on central government pattern with effect from April 1996.