BSEC undergoes massive reshuffle

The Bangladesh Securities and Exchange Commission (BSEC) reshuffled the duties of its commissioners and executive directors (EDs) on Thursday, three days after the joining of its new chairman, Khondoker Rashed Maqsood.

ATM Tariquzzaman, a long-experienced commissioner at BSEC, who previously worked at the commission and at the Dhaka Stock Exchange (DSE) as managing director, has been given the charge of six departments, while Commissioner Mohsin Chowdhury will oversee seven divisions.

The EDs, who are much capable with their past experiences, have been assigned to the important departments of the commission, said the commission's top brass.

"The new chairman of the commission prioritises improving the internal governance of the commission, and that is why he massively reshuffled the duties of the officers," a top official of the BSEC told The Business Standard.

Chairman Rashed Maqsood will directly look after the commission's secretariat, financial literacy and internal audit & compliance division, while Tariquzzaman will oversee the chief account division, corporate finance, derivatives, ICT, Law and Market and intermediaries divisions.

In addition, Commissioner Mohsin Chowdhury will work with the commission's admin and finance, investment management, issuer company affairs, enforcement, market intelligence and investigation, research and development, annual performance agreement, sustainable development goals, national integrity and innovation division, according to an order issued reshuffling duties. 

Earlier, on 10 August, Prof Shibli Rubayat-Ul Islam resigned as the chairman of the commission, five days after the ousting of the Sheikh Hasina-led government. 

Following Shibli's resignation, and upon verbal instruction from the Financial Institutions Division, two commissioners -- Sheikh Shamsuddin Ahmed and Rumana Islam -- both teachers of Dhaka University, also resigned.

The posts of the two commissioners at the five-member commission, led by its chairman, still remain vacant.

On 18 August, the interim government had appointed Rashed Maqsood, a former top banker, as the chairman of the commission.

In Thursday's reshuffle, the commission reallocated the responsibilities of 11 executive directors, and assigned a new chief accountant.

Of them, Md Anwarul Islam has been assigned to market and intermediaries affairs and issuer company affairs division, Md Saifur Rahman to research and development, Ashraful Islam to ICT, Hasan Mahmud to investment management division and enforcement, Mahbubul Alam to corporate finance and Mahbuber Rahman to law division.

Kamrul Anam Khan has been assigned as the chief accountant. 

Besides, Mohamad Rezaul Karim has been given the charge of derivatives and internal audits, while Mohammed Shafiul Azam has been assigned to the market intelligence and investigation department, Ripon Kumar Debnath to admin and finance, Mir Mossarraf Hossain to the commission's secretariat, and Mohammed Alam to the financial literacy division.

However, no one has been assigned yet to serve as the commission's spokesman.