Parliament passes bills to remove age cap for BSEC, IDRA chairmen

Two separate bills were passed in Parliament on Tuesday, amending provisions to remove the maximum age limit for the posts of chairman and commissioner of the Bangladesh Securities and Exchange Commission (BSEC) and chairman and member of the Insurance Development and Regulatory Authority (IDRA).

With the passage of the bills, the government will be able to appoint chairmen of any age to the two regulatory bodies, UNB reports.

Finance Minister Amir Khosru Mahmud Chowdhury separately moved the Bangladesh Securities and Exchange Commission (Amendment) Bill 2026 and the Insurance Development and Regulatory Authority (Amendment) Bill 2026 in Parliament. The bills were later passed by voice vote.

According to existing law, a person is not eligible to be appointed as chairman or commissioner of the BSEC after reaching the age of 65, nor can they continue in office beyond that age. The bill proposes to remove this provision.

Similarly, under the Insurance Development and Regulatory Authority Act, a person cannot be appointed as chairman or member of the IDRA after the age of 67. The amendment seeks to remove this restriction.

Separate statements of objectives and reasons attached to the bills said the changes are intended to ensure the appointment of experienced, skilled and knowledgeable individuals for important regulatory decisions.

The bills were introduced in Parliament on Tuesday and sent to a special parliamentary committee for scrutiny in the absence of the relevant standing committee.