BSEC says its officers disrupt operations amid investigation

Dhaka, 5 Mar  - A group of unruly officers at the Bangladesh Securities and Exchange Commission (BSEC) caused massive disruption on Wednesday, hindering the commission’s operations during an ongoing investigation into irregularities in the capital market.

The officers' actions have raised serious concerns about internal discipline and the functioning of this key financial institution, the BSEC said in a press release.

The BSEC had formed a committee to probe various irregularities involving 12 listed companies, with the committee already submitting seven investigation reports.

Based on these reports, charges were being formulated against various institutions in the capital market, as well as certain BSEC officials.

In response to the investigations and multiple complaints, the commission’s Executive Director, Saifur Rahman, was sent on forced retirement March 4 2025, after 25 years of service, following the due process.

But in an unprecedented move, a group of BSEC officers violently disrupted the Commission’s internal operations, the release added.

They (unruly officers) forcibly entered the ongoing meeting of the Commission’s board room, locking the main gate and turning off CCTV cameras, which further escalated the situation.

In a brazen act of defiance, they also cut off the electricity supply, creating a chaotic and frightening atmosphere.

The officers continued their aggressive behavior by using foul language and showing physical force. In addition, they insulted the newly appointed PS of the Chairman, a Senior Assistant Secretary of the government, it said.

The officers issued an ultimatum, demanding the immediate reversal of the decisions made regarding the retirement of Rahman and other related matters.

They threatened that if their demands were not met, the Commission’s entire leadership would have to resign, it added.

This extreme disruption lasted for four hours, with the BSEC’s operations coming to a standstill. The situation quickly escalated to the point where the police and, later, the army had to intervene to restore order and control.

BSEC, being an essential infrastructure institution (CII), was left in a state of siege until security forces took charge and secured the building, the release also said.

This alarming incident has sparked outrage and concerns about the internal culture at BSEC. The officers' actions have highlighted a disturbing level of insubordination and a lack of respect for the authority of the Commission.

The disruptive behaviour also put into question the stability and integrity of the institutions responsible for overseeing the capital market and enforcing regulations.