Investors call for removal of BSEC chairman ahead of high-level meeting

Investors have called for the removal of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood ahead of a high-level meeting scheduled for today, to be chaired by Chief Adviser Muhammad Yunus and attended by the finance adviser and the secretary of the Financial Institutions Division.

The demand was voiced at a press conference yesterday at the Capital Market Journalists Forum (CMJF), organised by the Bangladesh Capital Market Investors Association. Abdullah Al Faisal, joint convener of the National Citizen's Party, also attended the event.

At the press conference, investors expressed strong dissatisfaction over not being granted any representation at today's meeting. They argued that as core stakeholders, their voices must be included in discussions related to market reform and development.

The meeting, intended to focus on the development and strengthening of the capital market, has drawn criticism for excluding investor participation, raising concerns over its effectiveness and legitimacy.

SM Iqbal, president of the Capital Market Investors Association, said the stock market has experienced a continuous downturn since Maqsood assumed leadership of the BSEC. "The market's prolonged decline is a direct result of the commission's incompetence under his chairmanship," he said. "We are therefore calling for his immediate removal."

Abdullah Al Faisal echoed these sentiments, stressing the importance of inclusive, collaborative efforts to revitalise the market. "Disregarding key stakeholders cannot continue," he said.

"The BSEC Chairman must explain his actions and their impact. Otherwise, we will continue to press for his resignation," he added.

Faisal also contrasted Maqsood's silence with the proactive communication of other top officials. "The governor of the Bangladesh Bank and the Executive Chairman of BIDA provide regular updates and engage with the public. In contrast, the BSEC Chairman remains uncommunicative."

"Investors have the right to know what steps are being taken and what results are being achieved," he said.