Capital market investors’ association demands removal of BSEC chairman

Stock market investors on Saturday called for the immediate removal of the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), accusing him of failing to manage the market effectively.

Leaders of the Bangladesh Capital Market Investors Association (BCMIA) made the demand at a press conference they held at the Capital Market Journalists Forum (CMJF) auditorium.

Their statement comes ahead of a high-level meeting scheduled for Sunday, to be chaired by Chief Adviser Professor Muhammad Yunus, aimed at reviewing the current condition and developments in the capital market.

The investors asserted that without representation from genuine investor groups, the meeting would be ineffective. “If there is no investor representation among the stakeholders, the meeting will not yield meaningful outcomes,” they warned.

According to the investors, the participants selected for the meeting do not truly understand the stock market’s challenges. Only those who have failed to play any effective role in solving the crisis have been included, they alleged.

They claimed that the market’s consistent decline began after Rashed Maqsood took over as BSEC Chairman, blaming what they described as his flawed leadership.

BCMIA leaders also alleged that the financial advisor to the government has not taken steps to remove Maqsood due to familial ties, while a special assistant to the Chief Advisor is also backing him.

In such circumstances, they believe this meeting on the capital market’s development will not produce the desired results.

Speaking at the press conference, BCMIA President SM Iqbal Hossain and General Secretary Nurul Islam Manik reiterated their position, saying, Rashed Maqsood lacks sufficient knowledge about the stock market. This is not just our view but also that of other stakeholders, including a former BSEC chairman. His removal is urgently needed.