Shibli set to be reappointed as BSEC chair 

Shibli Rubayat-Ul Islam is set to be reappointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for another four-year term.

The finance ministry's recommendation for the reappointment already received the consent of Prime Minister Sheikh Hasina last week, according to ministry sources. A circular will be issued soon to formalise the reappointment.

The Financial Institutions Division, in its recommendation to the prime minister, stated that Professor Shibli Rubayat-Ul Islam meets the age limit threshold of 65 years to continue serving the capital market regulator, as he will only be 56 years old on May 16 – the last day of his first term as BSEC chairman.

The Bangladesh Securities and Exchange Commission Act 1993 allows the BSEC chairman and the four commissioners to be reappointed for two four-year terms in a row. However, they cannot continue the contractual job after the age limit of 65 years.

In May 2020, the government appointed Shibli to lead the commission. Prior to this appointment, the professor of banking and insurance served as the Dean of the Faculty of Business Studies at the University of Dhaka. Additionally, he was the chairman of Sadharan Bima Corporation, the state-owned non-life insurer and reinsurer.

Following his first tenure for 2022-24 as the vice-chair of the Asia Pacific Regional Committee of the International Organization of Securities Commissions, Shibli has been re-elected there for the 2024-26 term to represent Bangladesh at the regional committee of the organisation of the world's securities regulators.