BSEC looks to ministry for staff amid stock market concerns
Muhammad Ayub Ali :
The Bangladesh Securities and Exchange Commission (BSEC) aims to reduce its ‘absolute dependence’ on its own officials, as Chairman Khondoker Rashed Maqsood has expressed concerns about being unable to rely on them to manage the stock market effectively.
The chairman has proposed bringing in 19 officials from the Ministry of Finance to BSEC.
A request has been made to appoint three executive directors, three directors, a commission secretary, and 12 joint or additional director-level officials from the Ministry’s Financial Institutions Division.
The Rashed Maqsood Commission believes this move will help maintain the confidentiality of the commission’s work.
On March 5, the BSEC chairman made this request in a report sent to Finance Advisor Dr. Salehuddin Ahmed.
In addition, the commission has put forward a nine-point recommendation to take action against those involved in the ‘attack and terrorist activities’ at BSEC on that day, aiming to improve the institution’s image and quickly restore administrative discipline.
The letter asks the Financial Institutions Division to liaise with the Ministry of Public Administration for the swift posting of the requested officials to BSEC.
In the letter, Chairman Rashed Maqsood highlighted that former Executive Director Saifur Rahman was retired due to serious irregularities.
Furthermore, former Executive Directors Mahbubul Alam and Rezaul Karim, Director Sheikh Mahbub-ur-Rahman, Additional Directors Mohammad Mahmudul Haque and SK Md. Lutfur Kabir, and Joint Director Md. Rashidul Alam are facing serious allegations of aiding stock market manipulation and accumulating illegal wealth, including involvement in share scams. These allegations have emerged from a high-level investigation report.
The letter also mentions that, following the July coup, the commission formed a five-member expert inquiry and investigation committee to examine various irregularities in the stock market.
The committee’s reports revealed that several individuals and institutions were involved in market manipulation, including former commissioners and officers of BSEC.
In response, the commission decided to seek explanations and issue show-cause notices to those involved, as part of the ongoing investigation.
Allegations against some officers and employees of the commission have been substantiated based on the investigation reports, prompting efforts to destabilise BSEC since then.
The expert inquiry and investigation committee’s recommendation stresses the need to reduce absolute dependence on the commission’s own officers, while also improving the quality and dynamism of the commission’s work.
The letter confirms that a request has been made to post officials from the ministry to BSEC.