Investors protest in Motijheel over BSEC chairman’s resignation

Staff Reporter :

The Bangladesh Capital Market Investor Association (BCMIA) held a protest on Monday demanding the resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondokar Rashed Maqsood.

The protest rally began around 2:30 pm in front of the old building of the Dhaka Stock Exchange (DSE) in Motijheel.

At the rally, investors called for Maqsood’s resignation, emphasizing the urgent need to protect capital and establish a transparent, accountable capital market in Bangladesh.

The protesters presented a list of urgent reforms to prevent the market’s collapse, including:
Immediate removal of the chairmen of both the BSEC and the Investment Corporation of Bangladesh (ICB) and their replacement with qualified individuals to stabilize the market, complete withdrawal of the capital gains tax, an end to excessive regulatory interference, reform of the process for categorizing listed companies into the Z category, ensuring companies distribute a minimum dividend of 50 percent of their profits, prompt communication of task force reforms to investors and stakeholders via the media, enforcement of a 30 percent minimum shareholding requirement for companies, restructuring the board of any listed company that fails to pay dividends for two consecutive years, halting forced sales in the stock market.

Investors have accused Maqsood of incompetence, asserting that he lacks the expertise needed to manage the stock market effectively. Consequently, they are demanding his immediate resignation in the interest of restoring market stability.