BSEC chairman stands firm as employees strike for resignation
BSEC employees are observing a pre-announced work abstention, demanding the resignation of the chairman and commissioners
Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has vowed to take a firm stance, stating that the commission will not yield to injustice and will intensify investigations into irregularities in the country's capital market.
"We have informed the government about the commission's situation, and they have assured full cooperation, urging us to strengthen efforts against corruption," he said, amid ongoing work abstention by BSEC employees demanding the commission's resignation.
On Wednesday, officials and employees confined the chairman and three commissioners to their offices for around four hours, but they were later escorted out by army personnel.
Keep updated, follow The Business Standard's Google news channel
When they returned yesterday, the nameplates in front of their rooms were broken, with no names visible.
Maqsood spoke to journalists after arriving at the BSEC office in Agargaon around 3pm on Thursday, accompanied by three commissioners, amid tight security provided by law enforcement agencies.
"We have informed the government about the commission's situation, and they have assured full cooperation, urging us to strengthen efforts against corruption."
Khondoker Rashed Maqsood, chairman, Bangladesh Securities and Exchange Commission
When the chairman arrived in his own car, he was escorted to his room by members of the army, police, and other law enforcement agencies.
Commissioners Md Mohsin Chowdhury, Md Ali Akbar, and Farzana Lalarukh also entered the building and later proceeded to the chairman's room.
Maqsood said, "We have received seven investigation reports so far, and enforcement action is underway. Once completed, the investigation reports will be posted on the website."
However, he did not specify which government officials he had communicated with and declined to answer further questions from reporters.
Meanwhile, BSEC officials and employees are observing a pre-announced strike, continuing their agitation and demanding the resignation of the chairman and commissioners, leading to the closure of the office.
A meeting was held in the multipurpose hall on the second floor, with executive directors and top officials in attendance. However, the area around the chairman and commissioners' room on the fifth floor remained silent.
Allegations and demands from officials and employees
The BSEC Welfare Association raised several allegations against the current commission in a press conference, claiming that the commission's activities were undermining investor confidence and destabilising the capital market.
They accused the commission of punishing officials while failing to uphold its responsibility to enforce the law, tarnishing BSEC's image as a regulatory body.
The association stated that no fundamental company has sought to enter the market in the last six months due to a lack of investor confidence.
They also accused the chairman and commissioners of mistreating officials and pressuring them to work through verbal orders. According to the association, the current commission members lack sufficient experience and skills in the capital market, contributing to instability.
Additional allegations included the compulsory retirement of officials without government approval, the unethical appointment of independent directors, and attempts to bring in people from ministries without filling vacant posts within the commission, depriving internal officials of promotion opportunities.
The association also accused the chairman and commissioners of receiving excessive allowances and raised concerns about the transparency of an investigation committee formed with vested interests.
They further alleged that some specific companies had been converted to the Z category to provide benefits, raising fears of potential investor losses.
