Farouq had attacked Moinul Haq Chowdhury, Total Sports Marketing chief, during the prize distribution ceremony after the final of the Asia Cup last month.
The Total Sports Marketing held the rights of the Asia Cup tournament.
BCB Vice-President and chief of its Disciplinary Committee AJM Nasir Uddin said such a strong action was necessary to 'protect the BCB's image'.
The action against Farouq was announced on Saturday at the end of the enquiry conducted by the BCB's Disciplinary Committee.
Farouq is the brother-in-law of 'The Daily Star’ Editor Mahfuz Anam and younger brother of Shaheen Anam, Executive Director of Manusher Jonno Foundation.
Farouq, who has been accused of the 1996 stock market scam, had been earlier thrown out of the executive committee of the Chittagong Stock Exchange for 'serious irregularities'.
He is a stock broker and runs First Capital Securities Ltd.
"He has severely damaged the BCB's reputation by his uncalled-for action during the final of such a highly visible tournament," said Nasir.
"He has been banned from the Bangladesh cricket arena. He cannot own a franchise or a club, he cannot enter a cricket field or a stadium."
Nasir said legal action will be initiated against Rizwan bin Farouq for what he has done.
He said some BCB rights purchased by Rizwan's company would also fall through now.
"He cannot have any links to BCB's cricketing activities. If he is linked to any sponsor, we will seek legal advice," said Nasir.