The country’s stock market is in turmoil as officials at the Bangladesh Securities and Exchange Commission (BSEC) go on strike, demanding the resignation of the chairman and commissioners. The move has left the regulatory body paralyzed, raising concerns over the security of more than a million investors’ capital.
The strike began after the forced retirement of BSEC Executive Director Saifur Rahman on March 5, triggering widespread anger among staff. In response, BSEC officers and employees staged protests, surrounding the office of the chairman and commissioners. The situation escalated to the point where members of the military and law enforcement were deployed to maintain order at the regulatory agency’s headquarters.
The protesting workers are demanding the immediate resignation of the current commission, an apology for calling in law enforcement based on what they claim were false accusations, and the appointment of a new chairman and commissioners with more experience in the capital market. They also called for BSEC to be reformed into an independent body, free from political influence.
As protests continued, a case was filed against 16 BSEC officials for allegedly creating chaos. The case was initiated by Ashiqur Rahman, a gunman assigned to protect BSEC Chairman Khandaker Rashed Maqsood, who claimed that protesters forcibly entered a commission meeting and disrupted operations. According to the complaint, protesters locked the BSEC’s gates, shut down CCTV cameras and elevators, and cut power to the building, plunging the agency into disarray.
Market stakeholders are worried about this situation of the commission. They said that the stock market is at great risk. If this problem is not resolved quickly, it will have a negative impact on the country's economy and investment.
Amidst the movement of the officers and employees, BSEC chairman came to the BSEC office under the strict security of the law enforcement forces. The chairman said that we will not bow down to any kind of injustice. We will do the work we have been doing with dedication and discipline.
The complaint in the case states that during a meeting in the designated meeting room of the commission, chaired by BSEC Chairman Khandaker Rashed Maqsood and in the presence of Commissioners Md. Mohsin Chowdhury, Md. Ali Akbar and Farzana Lalarukh, the accused persons and some other officers and employees forcibly and illegally entered the meeting room of the commission and blocked the chairman and commissioners of the commission.
Meanwhile, as planned, the accused locked the main gate of the commission, shut down the CCTV cameras, Wi-Fi, the commission's elevator, and cut off the electrical connection, creating a serious chaos and frightening situation. Due to this contradictory position of the commission, BSEC has practically become immobile.
The DSE Brokers Association of Bangladesh (DBA), an organization of stock brokers in the capital market, has expressed deep concern over the incidents that have occurred among the officials and employees inside the BSEC.
DBA President Saiful Islam said that the country's capital market is going through a transitional period due to various negative events and decisions at home and abroad for many years. Millions of investors have lost their capital and become destitute. Market intermediary institutions are suffering from an existential crisis. The chaos that has occurred among the officials inside a very important institution like the regulatory body is not at all pleasant for the market. If the ongoing incident is not resolved quickly, the existing crisis of confidence in the market may become more pronounced and domestic and foreign investors may turn away from the market.
(Translated by Tanvir Raihan)
