Investors urge removal of BSEC chairman in meeting with CA’s special assistant, submit list of demands

General stock market investors have formally called for the removal of Khondoker Rashed Maqsood from his position as chairman of the Bangladesh Securities and Exchange Commission (BSEC), blaming his poor leadership for the ongoing instability in the capital market.

The demand was made today (29 May) during a views-exchange meeting, where the investors urged Dr Anisuzzaman Chowdhury, special assistant to the chief adviser, to remove Maqsood. 

The meeting, chaired by Anisuzzaman, was attended by BSEC Chairman Maqsood himself and representatives of various investor associations. The investors asserted that unless the current chairman is removed, the capital market cannot be salvaged.

Speaking to reporters after the meeting, Iqbal Hossain, president of the Bangladesh Capital Market Investors Association, said, "We have been protesting and demanding his resignation as he lacks the capacity to lead the institution. Today, we formally placed our demand before Dr Anisuzzaman. Without his removal, market confidence will not return."

Investors alleged that Maqsood lacks a fundamental understanding of the capital market, a view they claimed is shared not only by general investors but also by former BSEC chairmen and key stakeholders. 

Leaders of the association further stated that the daily losses in the stock market have reached an unacceptable level. "If this continues, the capital market will be completely wiped out," they warned. 

They added that merchant banks and brokerage houses are also suffering massive losses, with many institutions already shutting down operations, leading to job losses and rising unemployment.

Investors from all segments of the market appeared united in their call for leadership change. As part of their ongoing protests, they have staged symbolic demonstrations, including processions carrying coffins and shrouds, to highlight the dire state of the market.

During the meeting, representatives of various investor organisations also submitted a list of demands to Dr Anisuzzaman, which included halting forced selling to protect investors from further losses. 

According to sources at the BSEC, discussions were also held on several key market-related issues with the investor representatives.

After the meeting, BSEC spokesperson and director Md Abul Kalam told reporters that investor representatives highlighted how force selling has harmed many of them, and they discussed possible ways to stop it.

He further stated that the representatives handed over several statements and documents to Dr Anisuzzaman, covering critical issues such as the freezing of 617 BO accounts, utilisation of pension and life funds to enhance market liquidity, and how banks under Bangladesh Bank and other regulatory institutions could invest in the capital market to support liquidity.

Also present at the meeting were BSEC Commissioners Md Mohsin Chowdhury and Md Ali Akbar, along with other senior officials.