Army rescues besieged commission, BSEC employees on strike until resignation

Officials and employees of the Bangladesh Securities and Exchange Commission (BSEC) have declared an indefinite strike, demanding the resignation of the entire commission, including Chairman Khondoker Rashed Maqsood. 

After protesting throughout the day and blocking the commission for four hours today (5 March), the protesters announced the strike will begin tomorrow (6 March), as their demands for resignation were not met. They will go to the office on tomorow and observe the strike.

Following a power line cut and a siege of the commission, army personnel entered the BSEC building around 2pm and rescued the chairman and commissioners around 3:30pm. 

The five-member commission includes Chairman Maqsood and commissioners Md Mohsin Chowdhury, Md Ali Akbar, and Farzana Lalarukh.

The protest began with four demands after Executive Director Saifur Rahman was forced into compulsory retirement last Tuesday. 

Starting at 11:30am, BSEC officers and employees launched the protest, threatening to resign if their demands were not met. At one point, the chairman and commissioners were blocked on the fourth floor, and power lines were shut down, causing a blackout.

The protesting officials outlined four demands – the unconstitutional compulsory retirement of Saifur should be revoked, complaints against the commission's officials and employees stemming from a controversial investigation report should be withdrawn, a qualified lawyer should be appointed regarding the appointment of 127 individuals, the commission's situation should be clarified with an appeal within three days. 

They also demanded an end to the indecent, unprofessional abuse of commission officials and employees, with an apology issued.

Officials expressed dissatisfaction over the unnecessary issuance of show-cause notices to many staff following an investigation into irregularities under the previous commission. 

Despite the notices, no hearings or opinions were sought, which is illegal. In one instance, 15 officials received show-cause notices, but these were not issued in accordance with the rules.

Previously, the current commission had relieved Saifur of his duties and made him Officer on Special Duty, though no explanation was given for this decision.

Following the change of government last August, there was a shift in top positions within the regulatory body. Maqsood was appointed chairman. He formed committees to find out irregularities and manipulation in the market. 

Stock investors have also held protests demanding Maqsood's resignation. Today, a group of protesters gathered in front of the commission building with banners calling for his removal.

Vow to continue work stoppage until resignation

"The work stoppage will continue until the entire commission resigns," said BSEC Executive Director Mahbubul Alam at a press conference held on the ground floor of the commission building, attended by officials at all levels, including the executive directors.

He called for the appointment of qualified individuals who can protect the commission's officials. He added that the BSEC had failed to take action despite officials facing intimidation while investigating various issues.

He said, "It has become difficult to work under their leadership, and we are no longer interested in doing so. I urge the government to remove them and appoint acceptable individuals, like those from the Bangladesh Bank, to the commission." 

"How can we work with a commission that doesn't respect its own officials and employees? If we have committed any wrongdoing, it should be addressed according to service rules. However, we will not accept decisions like sending an officer on compulsory retirement without due process."

"If the chairman and commissioners do not resign by tomorrow, all BSEC officials and employees will begin a strike. A media request has been made to draw the government's attention to the issue," said Mahbubul.