BSEC chairman, commissioners resign

Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood and four commissioners of the regulatory body have resigned.

They submitted their resignation letters to the Financial Institutions Division of the Ministry of Finance today, Thursday morning.

Nazma Mobarek, secretary of the division, confirmed the news to Prothom Alo.

According to sources in the Financial Institutions Division, they cited personal reasons for stepping down. The four commissioners who resigned are Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh, and Md Saifuddin.

Reportedly a new chairman and commissioners are expected to be appointed today, and the process has already begun. The name of a senior executive from a multinational company is being discussed for the chairman’s post.

The commission may also include a chartered accountant, a lawyer and a representative of a brokerage house as commissioners.

A message from Khandaker Rashed Maqsood regarding his resignation was released by BSEC as a press release. In it, he outlined the reasons for his resignation and the steps he said he had taken as chairman.

Rashed Maqsood said he had taken charge 21 months ago during a turbulent period. Soon after assuming office, he said, a long process of reforming the legal framework and market discipline was initiated.

Within that period, BSEC published five regulations in the official gazette. It also recently released three draft regulations and guidelines on corporate governance, auditing and corporate restructuring for public feedback.

The commission has also prepared draft legislation for a new Bangladesh Securities and Exchange Commission Act and a Capital Market Stabilisation Fund Act.

Rashed Maqsood further said that strict measures had been taken to enforce rules and restore discipline in the market, and that significant progress had been made.

According to him, opportunities for both formal and informal interference were removed so that the market, intermediaries and issuers could operate independently within the rules. Also, efforts were made to re-establish the rule of law and maintain regular engagement with stakeholders.