BSEC sends 17 officials into compulsory retirement

The Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, has sent 17 of its officials into compulsory retirement at once.

It has also reduced the salaries of five officials at different levels to the lowest grade. This is the first time since BSEC’s establishment that so many officials have been sent into retirement at the same time.

According to sources, BSEC took the action against a total of 22 officials following instructions from the highest levels of the government over the incident on 5 March last year, when then-BSEC chairman Khondoker Rashed Maqsood and other commissioners were confined for several hours and subjected to harassment.

Of the 22 officials, BSEC decided to send 17 into compulsory retirement and reduce the salaries of five to the lowest level or grade. BSEC took the decision yesterday, Tuesday. The commission carried out the government’s instructions with extreme caution and confidentiality.

A case was filed with Sher-e-Bangla police station in the capital on 6 March last year against 16 officials over the confinement and harassment of former BSEC chairman and commissioners. Ashikur Rahman, a gunman assigned to protect then-chairman Khondoker Rashed Maqsood, filed the case.

Alongside the criminal case, the authorities also conducted an investigation and initiated departmental proceedings under government rules. The Ministry of Finance conducted the investigation and recorded statements from the accused and complainants.

Following various procedures, the government instructed BSEC to take disciplinary action against a total of 23 officials. BSEC took action against 22 of them yesterday.

The commission took no further action against the remaining official because it had already dismissed him from service over a separate allegation.

Speaking to several of the officials who were dismissed, it was learnt that BSEC informed them of the decision yesterday, Tuesday.

However, they received the formal letters of dismissal on Wednesday. Many of them went to BSEC’s office in Agargaon, Dhaka, to collect the letters.

On 5 March last year, officials and employees of the capital market regulator confined the then-BSEC chairman and commissioners for more than four hours.

The Army later rescued them from the situation. The officials took the action to protest the compulsory retirement of Saifur Rahman, then BSEC executive director. They later raised various demands and accused the then commission of mistreating them.

BSEC officials and employees also observed a work abstention over the incident. The episode created a chaotic situation at the organisation for several days.

The case filed over the incident alleged that, while a meeting was underway in the commission’s designated meeting room under the chairmanship of former BSEC chairman Khondoker Rashed Maqsood and in the presence of former commissioners Md Mohsin Chowdhury, Md Ali Akbar and Farzana Lalarukh, the accused and several other officials and employees forcibly entered the room without authorisation and confined the chairman and commissioners.

According to the allegation, the accused then, as part of a pre-planned action, locked the commission’s main gate and shut down the CCTV cameras, Wi-Fi and the commission’s lifts. They also cut the electricity supply, creating severe disorder and a frightening situation.