BSEC Entire Board Resigns
Representative image. Agamir Somoy.
The five-member full board of the Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, has finally resigned.
The list includes BSEC Chairman Khondoker Rashed Maqsood and four other commissioners.
They submitted their resignation letters today, Thursday, to the Financial Institutions Division of the Ministry of Finance.
Khondoker Rashed Maqsood confirmed the resignation matter to Agamir Somoy.
The other four commissioners who resigned are: Md. Mohsin Chowdhury, Md. Ali Akbar, Farzana Lalarukh, and Md. Saifuddin.
Meanwhile, a notice was sent from BSEC to different media outlets. Quoting the BSEC Chairman, it said: "After serving as Chairman of BSEC for the past 21 months, I have decided to resign from this government position to focus on my personal endeavors. We assumed this leadership role during an extremely turbulent period and immediately began a long-term, radical reform of the legal framework and market discipline. In this short time, we have already published five regulations (Margin, IPO, Mutual Fund, Debt Securities, Whistleblower) in the form of gazettes. Additionally, in recent weeks, we have published three draft regulations/guidelines (Corporate Governance, Audit, Corporate Restructuring) for public opinion. We have also prepared drafts of two laws (Bangladesh Securities and Exchange Commission Act and Capital Market Stabilization Fund Act) for approval by the Financial Institutions Division (FID)."
The notice further stated: "To restore market discipline, we took extremely strict measures and achieved significant progress in compliance and enforcement. We have eliminated all formal and informal interference processes and, through re-establishing the rule of law and regular stakeholder engagement programs, have allowed the market, intermediaries, and issuers to operate independently. Through the use of digital platforms, short video competitions among students, and engaging with the grassroots level of administration, we have achieved unprecedented progress in investor awareness and education."
"A rejuvenated and energetic BSEC team has made it possible to successfully implement the above measures, and they are ready and eager to do more."
The BSEC Chairman also said, "We are proud to have left a lasting impact on the capital market. On this occasion, we thank all our colleagues, stakeholders, and the government for their sincere support and commitment."
