Resignation hits BSEC as 2 commissioners now step down
This follows the resignation of BSEC Chairman Shibli Rubayat, who stepped down on Saturday citing personal reasons
Two commissioners of the Bangladesh Securities and Exchange Commission (BSEC) have resigned: Shaikh Shamsuddin Ahmed and Rumana Islam, both professors at the University of Dhaka.
The Financial Institutions Division (FID) accepted their resignations, which are effective from 11 August.
This follows the resignation of BSEC Chairman Shibli Rubayat Ul Islam, who stepped down on Saturday night citing personal reasons.
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With these resignations, three of the five commissioner positions at BSEC are now vacant. The remaining commissioners are Md Mohsin Chowdhury and ATM Tariquzzaman.
On Sunday, Md Mohsin Chowdhury was appointed as the acting chairman of the BSEC.
The wave of resignations follows the ouster of the Sheikh Hasina-led government on 5 August amid a student-led mass movement.
Shaikh Shamsuddin Ahmed, a finance professor, was reappointed as a commissioner for another four-year term in May this year, three months after completing his previous term (2020-2024). Rumana Islam, a law professor, was appointed as a commissioner in May 2022 for a four-year term.
According to BSEC officials, the two commissioners were at the office on Sunday, but they were requested to resign by senior officials from the finance ministry.
Following the instruction of the ministry, they submitted their resignation, which was accepted by the FID, according to a notification issued Monday.
Shibli Rubayat-Ul Islam, an active member of the pro-Awami League Blue Panel at the University of Dhaka, has ended his premature tenure as the chairman of the BSEC just five days after the fall of the Sheikh Hasina-led government.
Shibli, who joined the commission in May 2020, faces a slew of allegations, including resorting to autocratic practices, facilitating market manipulators, and approving companies with poor fundamentals to raise funds from general investors.
The banking and insurance professor, who was reappointed on 28 April this year for a second four-year term, resigned on Saturday night citing personal reasons, just four months after his reappointment.
Previously, Md Ziaul Haque Khandker was forced to step down without completing his tenure as BSEC chairman following the stock market crash in 2010.
