Investors blame BSEC head for market decline
Staff Reporter :
The Bangladesh Capital Market Investors Association (BCMIA) has called for the immediate removal of the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), citing continued mismanagement of the capital market.
The demand was made during a press conference held on Saturday at the Capital Market Journalists Forum (CMJF) auditorium, where BCMIA leaders expressed deep concern over the persistent decline in market performance under current leadership.
Their statement comes ahead of a high-level meeting scheduled for Sunday, which will be chaired by Chief Adviser Professor Muhammad Yunus to assess the current state and recent developments in the capital market.
BCMIA leaders argued that the meeting is unlikely to produce meaningful results without genuine investor representation. “If there is no investor representation among the stakeholders, the meeting will not yield effective outcomes,” the association stated.
The investors criticised the selection of participants for the meeting, alleging that many lack a practical understanding of the market’s ongoing challenges. “Those who have been invited to the discussion have failed to contribute to resolving the crisis so far,” they claimed.
The association attributed the market’s consistent downturn to what they described as ineffective leadership by BSEC Chairman Rashed Maqsood, who assumed office amid high expectations. “The continuous fall of the market began after Mr Maqsood’s appointment,” said BCMIA President SM Iqbal Hossain, citing what he termed as flawed regulatory decisions.
They further alleged that despite clear signs of underperformance, no action has been taken to remove the Chairman due to personal connections.
The BCMIA claimed that a financial adviser to the government has refrained from recommending Maqsood’s removal due to familial ties, while a special assistant to the Chief Adviser has also extended support to him.
“In such a context, this upcoming review meeting risks becoming symbolic rather than substantive,” said General Secretary Nurul Islam Manik. Both leaders reiterated that Mr Maqsood “lacks adequate knowledge of the stock market,” a view they claim is shared by other stakeholders, including a former BSEC chairman.
The BCMIA concluded by urging the authorities to ensure that competent, experienced individuals are placed in key regulatory positions to restore investor confidence and reverse the market’s downward trajectory.