Brokers, merchant bankers call for swift resolution of BSEC unrest
BSEC employees staged an internal protest on Wednesday, demanding chairman and three commissioners’ resignation
The DSE Brokers Association and Bangladesh Merchant Bankers Association have expressed concerns over the ongoing unrest among officials and employees of the Bangladesh Securities and Exchange Commission (BSEC), urging the relevant government ministry to intervene and resolve the crisis promptly.
In a statement issued today (6 March), DBA President Saiful Islam said that the country's stock market is already facing a prolonged crisis due to unfavorable decisions and incidents, with millions of investors suffering losses and intermediary institutions struggling to survive.
"Against this backdrop, internal disputes within such a crucial regulatory body pose a significant risk to market stability," he said.
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"This ongoing turmoil has heightened concerns and frustration among investors and stakeholders. If the crisis within the commission is not addressed promptly, it could further erode confidence in the market, potentially driving away both local and foreign investors," Saiful added.
He cautioned that the prevailing instability at the BSEC could trigger further uncertainty in the stock market, disrupt investor sentiment, and negatively impact the overall investment climate.
The DBA president also emphasised the urgent need for immediate intervention to restore order within the commission and protect the market from further volatility.
The association has made a special appeal to all capital market stakeholders to extend their cooperation in supporting the government's ongoing economic initiatives and development efforts.
The crisis at BSEC escalated when officials staged a protest against the forced retirement of executive director Saifur Rahman on Wednesday.
Demonstrators confined BSEC Chairman Khondoker Rashed Maqsood and three commissioners in the commission's meeting room for approximately four hours. They demanded the resignation of the chairman and commissioners, along with the reversal of Saifur Rahman's retirement order.
The protesting officials have also threatened an indefinite work abstention from yesterday if their demands remain unaddressed.
Meanwhile, the Bangladesh Merchant Bankers Association (BMBA) has also expressed deep concern over the recent developments within the BSEC.
In a statement, it said that due to the lack of new capital in the market for almost a year, investor interest is steadily declining, and the market has been in a prolonged recession.
BMBA believes that the unrest at BSEC could worsen the situation, which would be detrimental to all stakeholders.
The organisation called for the urgent intervention of all relevant authorities to resolve the BSEC crisis in the best interest of the market.
