Investors, officials demand BSEC reforms, resignations over corruption
This morning, a group of investors formed a human chain demanding the resignation of senior BSEC officials accused of corruption. They also called for the resignation of the BSEC commissioners
Investors and officials have called for reforms in the Bangladesh Securities and Exchange Commission (BSEC), the stock market regulatory body, urging it to operate strictly within the law and demanding the removal of individuals appointed due to lobbying or political considerations.
This morning, a group of investors formed a human chain demanding the resignation of senior BSEC officials accused of corruption. They also called for the resignation of the BSEC commissioners.
Earlier, on Saturday night, BSEC chairman Shibli Rubayat Ul Islam, resigned from his post.
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Conversations with various BSEC officials revealed that, while many support reforms, there is widespread uneasiness among them. Nonetheless, there is a shared desire for positive change.
Some officials say that working outside the law diminishes their enthusiasm.
Despite spending crores of taka and organising a roadshow to attract foreign investment, the BSEC has now halted inspections and inquiries due to a lack of funds, as per the officials.
They warned that if reforms are not implemented, ordinary investors will suffer even more.
Meanwhile, following the fall of the Sheikh Hasina government, the BSEC Officers Welfare Association has decided not to make any recommendations or take actions outside the capital market ordinances, laws, and regulations.
BSEC officials raised several demands in a meeting, including stopping the appointment of BSEC chairman and commissioners based on political considerations. They recommended that such positions be filled by experienced senior or retired officers from within the commission.
Other demands include expediting promotions for officers and employees, restoring medical facilities for them, and ensuring that the commission's CSR funds are spent on their welfare.
Additionally, they called for the immediate return of Tk45 crore deposited as a term deposit receipt (TDR) with the Investment Corporation of Bangladesh (ICB).
Following Shibli Rubayat Ul Islam's resignation, BSEC Commissioner Mohsin Chowdhury has been appointed as the acting chairman of the organisation. Other BSEC commissioners were present at the office today.
