BSEC rejects suspended officials' reinstatement requests; hearing begins today

The Bangladesh Securities and Exchange Commission (BSEC) has turned down the reinstatement requests of suspended officials, who had also sought full salaries and benefits. Instead, the commission is set to begin formal hearings on the allegations against them starting Wednesday.

On 29 April, the BSEC suspended 21 officials for allegedly breaking service rules during an employee protest, demanding the resignation of BSEC Chairman Khondoker Rashed Maqsood. 

According to BSEC sources, most of these suspended officials have already returned to work and are recording their attendance daily, citing a 2015 High Court verdict.

The HC verdict, delivered by Justice Md Rezaul Hasan and Justice Khizir Ahmed Choudhury on 10 November 2015, stated: "Unless otherwise provided by law, no government or similar public institution may keep an employee under suspension for more than 60 days. Beyond that period, the employee is entitled to full salary and benefits."

BSEC sources said around 18 of the suspended officials have submitted formal applications citing the court's interpretation, requesting full back pay and clarity on when they may resume their duties.

However, BSEC Commissioner Mohsin Chowdhury told TBS that the applications were rejected based on legal advice. "The court ruling cited by the officials does not apply to BSEC," he said, adding, "We have informed them of this through letters." 

Interestingly, sources reveal that BSEC's legal department has not yet issued any final opinion on the matter.

One of the suspended directors, Abu Rayhan Mohammad Mutasim Billah, returned to office on 2 July, citing the HC verdict. Following his lead, several others, including executive director Rezaul Karim, directors Abul Hasan and Fakhrul Islam Mojumder, deputy director Md Nannu Bhuiyan, and assistant director Aminul Haque Khan, also began attending office. 

However, BSEC has yet to assign them any duties or issue any administrative orders regarding their status.

Speaking to several suspended officials, TBS learned that while their applications were rejected citing legal opinion, the rejection letters did not mention which specific law was applied.

BSEC is in a dilemma

BSEC now finds itself in a difficult position, having suspended the officials without resolving the matter within the legally stipulated 60-day timeframe. 

According to insiders, the issue has moved beyond administrative concerns and has taken the shape of a personal vendetta, severely affecting morale and motivation within the commission.

Meanwhile, questions have also been raised regarding the appointment of Monir Hossain Hawlader, a deputy secretary of the government, who was initially assigned to BSEC as a joint director on deputation. He was later promoted to director — a position two grades higher — at the request of the Financial Institutions Division of the Ministry of Finance, further fueling discontent among existing officials.

The list of suspended officials includes executive director Rezaul Karim. Among the directors are Abu Rayhan Md Mutasim Billah, Abul Hasan, and Fakhrul Islam Mojumder. Additional directors include Nazrul Islam and Miraj-us-Sunnah, while Rashedul Islam has been suspended from the post of joint director.

The deputy directors who were suspended are Bani Yamin, Al Islam, Shahidul Islam, Touhidul Islam, and Nannu Bhuiyan. Assistant directors include Jony Hossain, Raihan Kabir, Sajjad Hossain, Abdul Baten, Aminur Rahman Khan, Tarikul Islam, and Samir Ghosh.

Additionally, Librarian Md Selim Reza Bappi and Personal Officer Abu Yusuf were also among those suspended.