Rashed Maqsood becomes new BSEC chairman

Former banker Khondoker Rashed Maqsood has been appointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC).

The finance ministry announced the appointment in a notice on Sunday.

Rashed Maqsood previously served as the Managing Director of Standard Bank. Currently, he is serving as an advisor for strategy & business development at the International Finance Corporation (IFC).

M Masrur Reaz, Chairman and Chief Executive Officer of Policy Exchange, a private research organisation, was initially appointed as the BSEC chairman on August 13 following the formation of the new interim government.

However, shortly after his appointment, a social media group accused him of having close ties with former Prime Minister Sheikh Hasina's private investment advisor, Salman F Rahman.

The accusations were based on a picture showing Reaz with Salman F Rahman.

BSEC officials also raised objections with the Finance Ministry's Financial Institutions Department regarding Reaz’s appointment, although the objections were later withdrawn.

In light of these controversies, M Masrur Reaz expressed his inability to take up the position as BSEC chairman on Saturday.

With Reaz stepping down, the Finance Ministry began searching for a new candidate for the position.

Maqsood, who has been working as an advisor on strategy and business development at IFC since March of last year, emerged as the leading candidate.

Before his role at IFC, he was the Managing Director of Standard Bank from January 2020 to January 2023 and the private NRBC Bank from April 2018 to January 2020.

He also served as the Managing Director of the multinational Citibank N.A. from December 2010 to August 2017 before joining the domestic banking sector.