BSEC chairman says commission will not bow to pressure amid protests

Bangladesh Securities and Exchange Commission, or BSEC, Chairman Khondoker Rashed Maqsood has vowed to stand firm against any “unjust demands” amid ongoing protests by commission officials.

Speaking at a briefing at the BSEC Headquarters in Agargaon on Thursday afternoon, Maqsood said: “We have spoken to the government. The government has sent us here with a mission, and we will not deviate from that mission by even an inch. We will not bow to any unjust demands.

“We will continue the work we have been doing with dedication and in compliance with rules and regulations.”

Maqsood arrived at the BSEC office around 3pm under tight security, accompanied by three other commissioners, as law-enforcing personnel maintained strict vigilance in the area.

The protest stemmed from the commission’s decision on Tuesday to send Executive Director Saifur Rahman into mandatory retirement.

The move triggered outrage among BSEC officials, who staged a sit-in on Wednesday, effectively blockading the commission and demanding the reversal of the decision along with four other demands.

Amid the tense situation, BSEC members left the office on Wednesday under army protection.

On Thursday, officials continued their work stoppage, demanding the resignation of the entire commission.

Later in the afternoon, Maqsood entered the office under heavy security.

Following discussions with the government, Maqsood told reporters: “Today, the government spoke with us. They have instructed us to continue our work with even greater determination.”

When asked who specifically in the government they had spoken to, he simply responded: “We spoke with the government.”

Asked how the commission would function with officials on strike, Maqsood refrained from making any direct comments about the protestors' claims that the BSEC leadership lacks knowledge about the stock market.

“I have never responded to such comments before, and I will not respond now,” he said.

Protesting officials have also demanded that reports from past investigations into alleged irregularities be made public and appropriate actions be taken.

Addressing this, Maqsood said: “We have received seven investigation reports so far. Three of them have already moved to the enforcement stage.

“Once the enforcement actions are complete, the reports will be available on our website,” he added.

When asked whether individuals involved in past market irregularities were playing a role in the current unrest, Maqsood said: “Our investigations cover all irregularities and corruption up to 2024.

“Those affected by these investigations obviously have an interest in disrupting the process,” he said.

When asked about the possibility of continued work stoppage, Commissioner Farzana Lalarukh said: “We urge them to return to work.”

On refusal, she added: “We will deal with the situation as it unfolds.”

Protesters have alleged that Saifur Rahman’s retirement was not carried out in a lawful manner.

Rejecting the claim, Maqsood said: “The decision was taken in full compliance with all rules and regulations.”

Protesters have also accused the BSEC leadership of nepotism in appointing independent directors to publicly listed companies.

Maqsood dismissed the claim outright, saying: “This is completely false.”