Chairman vows administrative action against ‘employees’ for BSEC turmoil 

Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has said administrative action would be initiated against "unruly" employees involved in the unwarranted incident on 5 March at the commission headquarters.

Officials and employees from the commission confined the chairman and commissioners for hours, demanding the resignation of the entire commission. The protesters locked the main entrance, disabled CCTV, Wi-Fi, and elevators, and cut off electricity, creating chaos and prompting a rescue by army personnel.

"The incident is highly undesirable. It occurred due to the instigation, provocation, and participation of some unruly employees," a source at BSEC quoted the chairman as saying during a meeting today. 

"This incident is not only a breach of administrative discipline, but also a serious criminal offence."

Multiple BSEC officials confirmed that the chairman discussed taking administrative action in his speech, although it was not clearly mentioned in a press release. 

He made these remarks during a meeting with BSEC officers and employees at the BSEC building. The meeting was attended by commissioners Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh, and officers from all levels of the commission.

Maqsood said the meeting was being held at a critical moment in BSEC's history. He described the 5 March incident as highly damaging to the capital market, severely tarnishing Bangladesh's image both domestically and internationally. He added that such an incident has never occurred in any regulatory agency worldwide, calling it very unfortunate.

He clarified that not all BSEC officials and employees were involved in the incident, and the commission believes many did not participate voluntarily. He assured that this would be considered in future administrative actions. He also mentioned that various agencies, including the highest levels of government, are aware of the incident.

The chairman stated that the commission has already taken necessary steps, with full support from all sides involved in the capital market. He emphasised that an important regulatory body in the national interest cannot function in such a manner, and that officials and employees must work with responsibility and discipline moving forward. 

On 5 March, Md Ashiqur Rahman, gunman (a police member) of the chairman, filed a case against 16 officials at Sher-e-Bangla Nagar police station. The court has granted bail to 13 of them.

Panic still prevailed among officials and employees on Monday. The commission has inquired about which officials were absent from the event.