DSE spots 53 employees for retrenchment plans

With business reaching its nadir in recent times, Delhi Stock Exchange has axed 33 employees as part of cost cutting measures and the board ...

With business reaching its nadir in recent times, Delhi Stock Exchange has axed 33 employees as part of cost cutting measures and the board will meet soon to chalk out strategies to salvage this sinking bourse.

Although this stock exchange registering zero business many times this month had identified 53 non-executives and offered voluntary retirement scheme (CRS), only four of them opted for it. DSE president Vijaya Bhushan could not be contacted, while executive director P.K. Singhal refused to comment.

DSE sources told PTI: “the board will shortly decide on axing the remaining employees and a meeting has been called to chalk out strategies.” It is learnt that a compensation package had been given to the 33 employees (who did not opt VRS) lesser than the proposed VRS of Rs 1.25 crore for these 33 employees. However, the exact amount could not be ascertained since the officials refused to divulge details. Over 10 top executives including general manager and the deputy general managers, had already left this last surviving bourse in North India. In view of the dwindling business in the bourse, many top notch companies, especially the public sector undertakings, are even planning to get delisted since the listing fees are the highest among bourses in the country.

Of the over seven crore listing fees levied by DSE, PSU’s including SBI, ONGC, PFC, IDBI, IFCI, UTI, Sail, Gail, Nalco and Hudco, contribute close to Rs 1 crore yearly. DSE also plans to rope in a few primary dealers to act as market makers and would soon appoint a valuer for the merger with Bombay Stock Exchange.