BSEC sends 17 officials into compulsory retirement, cuts pay of 5 others

The Bangladesh Securities and Exchange Commission (BSEC) has sent 17 officials into compulsory retirement and reduced the pay of five others following disciplinary proceedings over last year's incident in which the then chairman and commissioners were confined at the regulator's office.

The decision was taken yesterday (18 August), multiple BSEC officials confirmed to The Business Standard.

It is the first time since BSEC's establishment that such a large number of officials have been sent into compulsory retirement at once.

According to BSEC sources, the 17 officials sent into compulsory retirement are executive director Rezaul Karim; directors Abul Hasan and Mohammad Fakhrul Islam Majumder; additional directors Nazrul Islam and Molla Md Miraz Us Sunnah; joint director Rashedul Alam; deputy directors Md Nannu Bhuiyan, Kazi Md Al-Islam, Shahidul Islam, Bani Yamin Khan and Touhid Hasan; assistant directors Aminul Haque Khan, Abdul Baten and Sazzad Hossain; and personal officers Abu Yusuf, Kawsar Pasha Brishti and Samir Ghosh.

The five officials whose pay was reduced to the lowest level of their respective grades are assistant directors Johnny Hossain, Raihan Kabir, Tariqul Islam and Maksud Mila, and librarian Selim Reza Bappi.

The disciplinary action followed an incident on 5 March last year, when then-BSEC chairman Khondoker Rashed Maqsood and other commissioners were confined at the commission's office for more than four hours.

A case was filed with Sher-e-Bangla Nagar Police Station on 6 March last year against 16 officials over the confinement and alleged harassment of the then chairman and commissioners.

Ashiqur Rahman, the gunman assigned to the security of then-BSEC chairman Maqsood, filed the case.

Alongside the criminal case, an investigation and departmental proceedings were initiated under government rules. The Finance Ministry conducted the investigation and heard statements from both the accused and complainants.

Following the process, the government instructed BSEC to take disciplinary action against a total of 23 officials.

BSEC took action against 22 of them yesterday. No further action was taken against the remaining official as the person had already been dismissed from service over a separate allegation.

Several affected officials were informed of the decision yesterday and received formal letters today (19 August), according to BSEC sources.

The 5 March incident occurred after BSEC officials and employees protested the compulsory retirement of then executive director Saifur Rahman.

The then chairman and commissioners were confined for more than four hours before the army arrived and rescued them.

The officials later raised various demands and allegations of misconduct against the then commission and also observed a work stoppage, leading to several days of unrest at the regulator.

According to the case statement, the incident occurred while a commission meeting chaired by then-BSEC chairman Maqsood was under way in the presence of then commissioners Md Mohsin Chowdhury, Md Ali Akbar and Farzana Lalarukh.

The complaint alleged that the accused, along with several other officials and employees, forcibly entered the meeting room and confined the chairman and commissioners.

It further alleged that they locked the commission's main gate and shut down CCTV cameras, Wi-Fi, lifts and the electricity connection, creating a chaotic and intimidating situation.