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Published : 15 May 2026, 04:41 PM
The government is preparing to appoint a new chairman to the Bangladesh Securities and Exchange Commission (BSEC), with Masud Khan, chairman of Unilever Consumer Care, emerging as the leading candidate to head the capital market regulator.
Talks over a change at the top of BSEC have gathered pace since the new government led by Tarique Rahman took office on Feb 17.
The move would replace current Chairman Khondoker Rashed Maqsood, who was appointed during the previous interim administration.
Several names have been come up in market circles, including DSE Brokers Association President Saiful Islam, former BSEC chairman Faruq Ahmad Siddiqi, and former secretary Faridul Islam.
Saiful Islam is understood to have support from sections of the market, including major investors and stakeholders who argue that his direct experience of trading and brokerage gives him an edge over retired bureaucrats or academics.
Faruq Ahmad Siddiqi, meanwhile, has reportedly shown no interest in returning to the commission and has conveyed that position to government representatives.
But sources say the government’s focus has now shifted firmly towards Masud.
In addition to his post at Unilever, Masud also serves as an independent director of British American Tobacco Bangladesh and Marico Bangladesh.
His possible appointment follows parliament’s passage of the BSEC (Amendment) Bill 2026 on Apr 30, which removed the 65-year age limit for appointing the commission’s chairman and commissioners.
The change allows the government to appoint older professionals with extensive experience to the regulator. Masud, who is over 70, would have been ineligible under the previous rules.
A finance ministry official said a file proposing Masud’s appointment has been sent for the prime minister’s approval. A formal notification will be issued once the proposal is cleared.
Asked about the matter, Masud told bdnews24.com: “I have heard that my name is being considered for the BSEC chairmanship. Beyond that, I don’t have further details.”
Tanvir Ghani, special assistant to the prime minister for investment and the capital market, declined to confirm the final choice.
“We are analysing the matter thoroughly and need a bit more time. We will provide updates as soon as a decision is finalised,” he said.
The BSEC has been in a state of transition since the political upheaval of 2024.
The Muhammad Yunus-led interim government initially appointed M Masrur Reaz, chairman of the Policy Exchange, to lead the commission. But he did not take up the post following protests over his alleged links to the previous regime.
Former banker Rashed Maqsood was later appointed chairman on Aug 18, 2024.
Maqsood’s term saw its share of controversy, particularly in the wake of the forced retirement of former executive director Saifur Rahman -- appointed under the Awami League administration -- in March, 2025. Following the decision, BSEC officials and employees launched intense protests calling for Maqsood’s resignation and threatening a work stoppage.
The protests escalated with disruptions to BSEC meetings, a siege of the BSEC building, and the turning off of the power supply and CCTV cameras during office hours. Army personnel eventually stepped in to escort Maqsood and the other commission members to and from the building.
However, not all the commissioners at the watchdog will be replaced, some sources say. Md Ali Akbar, commissioner of the Law Division, may retain his position, they said.
A former judge, Akbar had reached the post of senior district and sessions judge and registrar general of the Supreme Court before his appointment to BSEC.
