BSEC Chairman’s resignation urged to stabilise stock market

Securities and Exchange Commossion

Experts and stakeholders at a discussion meeting on Sunday demanded the immediate removal of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood, holding him responsible for a series of wrong decisions that have resulted in significant losses for small investors.

They said investors at the Dhaka Stock Exchange have collectively lost around Tk 70,000 crore over the past six months due to the chairman’s mismanagement.

Bangladesh Capital Market Investors’ Association (BCMIA) arranged the discussion meeting at the Jatiya Press Club in the capital.

Gono Odhikar Parishad President Md Nurul Haque Nuru, AB Party Secretary Barrister Asaduzzaman Fuad, former Central Vice President of Jatiyatabadi Chhatra Dal Md Mamun Khan, journalist Fazlul Bari, and investors Zaimul Haque and Abu Bakar Siddique, among others, spoke at the event with BCMIA President SM Iqbal Hossain in the chair.

Nuru alleged that associates of the previous autocratic government are still holding key positions in the interim government, preventing it from functioning in the best interests of people.

He pointed out that Finance Adviser Dr Salehuddin Ahmed himself has acknowledged BSEC’s failures. “Despite this, Maqsood remains in office,” Nuru said, announcing his support for BCMIA’s movement to remove the BSEC chairman and other corrupt officials from both BSEC and the Dhaka Stock Exchange (DSE).

Barrister Fuad also called for the resignation of the BSEC chairman and board members, stating that they had failed to reform the market and protect investors' interests.

He also demanded that investor representatives be included in the BSEC board in proportion to other institutional members.

BCMIA President SM Iqbal Hossain said the country’s capital market has been in crisis for the past 17 years. “While stock markets in other South Asian countries have seen growth, our market regulator’s poor decisions have left investors frustrated,” he said.

He said that many investors had lost 60–80% of their capital due to repeated policy failures by BSEC.

He also criticised the decision to change a company’s status to the Z-category for failing to provide dividends, arguing that such policies punish investors instead of the company.

The BCMIA will submit a memorandum to the finance adviser on Monday, outlining seven demands, including the resignation of the BSEC chairman. - UNB