BSEC to form inquiry board to probe officials' disciplinary cases

The Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, has decided to constitute an inquiry board to conduct an investigation into departmental cases against 23 officials of the commission.

On 28 September, the government nominated three senior officials from the Financial Institutions Division (FID) — the authority overseeing state financial institutions — to serve on the board.

About two months earlier, the commission had decided to form a three-member board consisting of officials from outside the commission to avoid questions regarding transparency and impartiality, and had urged the government to nominate three officials.

The three government representatives from the FID are Md Azimuddin Biswas, NDC, Additional Secretary; Sania Akter, Joint Secretary; and Mohammad Atul Mondal, Deputy Secretary.

While contacted, BSEC spokesman Abul Kalam did not respond to phone calls.

In March this year, BSEC officials staged a protest with various demands, including the resignation of the Commission — a chairman, and three commissioners.

They (officials) later blockaded the entire office by shutting down electricity and CCTV cameras, keeping the commission under siege for around four hours.

The commission eventually had to leave the office with the assistance of the Army.

Subsequently, a case was filed with Sher-e-Bangla Nagar Police Station, and the commission initiated 23 departmental cases against the officials involved.

In April, the Commission suspended 21 officials including executive director, three directors, additional directors and deputy directors from their positions for violating service rules during the March protest.

As per BSEC's letter to the FID on 31 August, the commission, in an emergency meeting on 27 July, decided to form an enquiry board consisting of three members from outside BSEC officials to avoid questions regarding transparency and impartiality.

Explaining the incidents occurred in March, the letter stated that in order to carry out the inquiry responsibilities fearlessly and impartially, it has been deemed necessary to nominate suitable members from the government to the inquiry board — taking into account the overall complaints regarding the incidents of 5 and 6 March 2025, the nature and type of allegations against each accused, their positions, as well as the need to conduct the departmental investigations in a fair and transparent manner.

The letter also stated that due to the violations of service rules, the commission filed separate departmental cases against the 23 main accused. At the request of the BSEC, an officer from the FID was nominated to present the case in support of the allegations during the personal hearings.

In accordance with the rules, on 23–24 July, the accused were given the opportunity to present their statements personally. For the personal hearing on 23 July, notices were issued to 12 officials, of whom 10 appeared and presented their statements. For the hearing on 24 July, notices were issued to 11 officials, all of whom attended and gave their statements.

After ending the hearing, the commission in an emergency meeting held on 27 July, it was decided that there are sufficient grounds to proceed with disciplinary action against each accused.

"It was also determined that, if the allegations are proven, there are sufficient grounds to impose severe penalties on each. Considering the overall circumstances of the incidents, including the nature, place, time, sequence of events, and misconduct involved, and in the interest of conducting a proper investigation, it was deemed appropriate and necessary to appoint a single investigation board rather than assigning separate investigating officers/boards for each departmental case," the letter stated.

On 4 March, BSEC Executive Director Saifur Rahman was sent on retirement, citing evidence of irregularities during his tenure.

Additionally, the commission issued show-cause notices to several other officials on various issues, and disciplinary actions have been taken against many of them.

This decision sparked widespread anger among BSEC officials and employees. The day after Saifur Rahman's forced retirement, officials gathered on the chairman-commissioners' floor to discuss the matter.

However, the chairman and commissioners alleged that they were blocked by the officials, and eventually, they had to leave the office with the assistance of the Army.

The following day, on 6 March, BSEC officials went on strike in protest. Meanwhile, on that same day, the BSEC chairman filed a case against 16 officials at the Sher-e-Bangla Nagar Police Station through his aide, Ashikur Rahman.