Capital market investors stage demo, demand BSEC chairman's resignation

The Bangladesh Capital Market Investor Association (BCMIA) staged a protest rally in Motijheel on Monday (3 February), demanding the resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondokar Rashed Maqsood.

The demonstration began in front of the old Dhaka Stock Exchange (DSE) building, with protesters calling for the BSEC chair's resignation, emphasising the need to protect investor capital and establish a transparent and accountable capital market.  

They also presented a list of urgent reforms to stabilise the market and prevent its collapse. Some of their key demands include – immediate removal of the BSEC and Investment Corporation of Bangladesh (ICB) chairmen and replacing them with qualified individuals to stabilise the market, complete withdrawal of the capital gains tax, and an end to excessive regulatory interference.

Some of the other demands are reforming the process of sending listed companies to the Z category, ensuring companies distribute a minimum dividend of 50% of their profits, prompt communication of task force reforms to investors and stakeholders via media, enforcing the 30% minimum shareholding requirement for companies, restructuring the board of any listed company that fails to pay dividends for two consecutive years, and halting force sales in the stock market.

During the rally, investors accused Khondokar Rashed Maqsood of incompetence, claiming he lacks the necessary expertise to manage the stock market. They said they are demanding his immediate resignation in the interest of market stability.

Nurul Haque (VP Nur), president of Gono Odhikar Parishad Central Committee, claimed that many top positions in banks and financial institutions are still occupied by Awami League leaders, yet no action has been taken against them. 

"If Khondokar Rashed Maqsood is a controversial figure, why was he appointed as BSEC chairman?" he questioned.  

He also acknowledged that the Bangladesh Bank governor has introduced some good policies but criticised the lack of implementation. He further alleged that fraudulent IPOs and market manipulation have siphoned off thousands of crores from the stock market, yet no one has been held accountable. 

Nurul urged the government to compensate the affected investors and take immediate measures to stabilise the market. He warned that if the government fails to show progress in addressing these issues within 15 days, those responsible would lose their positions.

Barrister Asaduzzaman Fuad, joint member secretary of AB Party, said appointing a controversial figure like Rashed Maqsood was a mistake and stressed the need for direct engagement with investors to formulate effective policies instead of making decisions behind closed doors.  

He called for an independent commission to protect investors' interests and emphasised that individuals lacking credibility should not hold key positions in regulatory bodies.