Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has requested to be granted the rank of senior secretary.
The newly appointed regulatory chief sent a letter to the interim government’s Finance Adviser Salehuddin Ahmed in this regard.
The Financial Institutions Division (FID), operating under the finance ministry, issued a circular on August 18 appointing Rashed Maqsood as the chairman of BSEC. However, the circular did not specify any rank for the position.
Maqsood has been appointed chairman of the stock market regulatory body for the next four years. Previously, the former two BSEC chairmen — Prof M Khairul Hossain and Prof Shibli Rubayat-Ul Islam — held the rank of senior secretary.
Maqsood is a prominent banker with 30 years of proven experience in the industry, both at home and abroad. He has worked with the International Finance Corporation (IFC) as a strategy and business development adviser. He also served as managing director and CEO of Standard Bank and NRB Commercial Bank.
In his letter, Maqsood pointed out that the position of chairman in the commission, from May 2014 to August 2024, held the rank of senior secretary. Therefore, he requested that necessary measures be taken to grant him the same rank as his predecessors.
He emphasised that in order to effectively exercise the broad powers given to BSEC by the government, it is crucial to establish the position of the chairman as the head of the capital market regulatory body.
After the fall of Sheikh Hasina’s regime on August 5, the then BSEC chairman, Shibli Rubayat-Ul Islam, resigned on August 10, along with two other commissioners—Prof Rumana Islam and Shaikh Shamsuddin Ahmed.
Later, on August 13, the FID issued a circular appointing M Masrur Reaz as the BSEC chairman for the next four years, with immediate effect. However, in a statement issued on August 17, Reaz announced his decision not to serve as the chairman of BSEC.
Following that, the notification appointing Reaz as the BSEC chairman, was cancelled.
Bangladesh Securities and Exchange Commission was established on June 8, 1993, through the enactment of the Bangladesh Securities and Exchange Commission Act, 1993, with the purpose of protecting investors in securities, developing the capital market, and making rules concerning related matters.
