New BSEC chief Masud seeks to regulate only where needed, simplify rules

The responsibilities are “not just limited” to market recovery, he says

Newly appointed Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan says he will seek to strike a balance between regulation and simplification as he takes charge of the country’s capital market regulator at a challenging time.

“My overarching motto will be to regulate where necessary, simplify where possible,” he wrote in a Facebook post late on Friday.

The government appointed Masud, an accountant and veteran corporate executive, on Thursday as part of a move to give the regulator “a fresh look”.

Earlier in the day, Khondoker Rashed Maqsood, who was appointed BSEC chairman during the interim government’s tenure, resigned. Four commissioners also stepped down.

Khan confirmed to bdnews24.com that the Facebook account belonged to him and said the post reflected his broad thinking on the capital market.

He said the market was going through a “challenging phase”, with investor confidence in need of repair, market depth requiring improvement and stakeholder expectations running high.

“Reviving the market and placing it on a strong and sustainable footing will not be easy, and the challenges ahead are significant,” he wrote.

Masud said the experience of previous chairmen and commissions underscored the scale of the task and the risks that come with efforts to reform and develop the market.

He also described accepting the role as a “significant personal sacrifice”, saying he had given up substantial financial benefits and the comfort of a secure and fulfilling professional path.

‘Not Just Market Recovery’

Masud Khan said the regulator’s responsibilities were “not just limited” to restoring the market.

The task, he wrote, includes strengthening institutions, attracting quality companies and long-term investment, improving governance and transparency, embracing digitisation, promoting investor education, balancing regulation with deregulation, and laying the foundations for sustainable growth and innovation.

He said rebuilding the capital market would require a collective effort from all stakeholders, including the media.

“…I am confident that together we can restore confidence and build a transparent, fair, vibrant, and resilient capital market,” the new BSEC chief wrote.