BSEC employees set Thursday deadline for chairman, members to step down

Officials and employees warn of work stoppage if demands are not met by the deadline

Officials and employees of the Bangladesh Securities and Exchange Commission, or BSEC, have demanded the resignation of its Chairman Khondoker Rashed Maqsood and all members by Thursday.

They have threatened to go on a work stoppage if their demands are not met.

On Wednesday, BSEC officials and employees protested at the commission’s Headquarters in Dhaka’s Agargaon, blocking the main entrance for over four hours.

Speaking to the journalists in the afternoon, Executive Director Mahbubul Alam said they would refrain from work if the chairman and members did not step down by the deadline.

"If they do not resign by Thursday, we will all go on work abstention. We will come to the office but will not work," he added.

Earlier in the day, BSEC Chairman Maqsood and commission members left the office under the protection of army personnel and law-enforcing agencies.

When asked about the allegations, Maqsood told bdnews24.com: “Following different allegations and the completion of 25 years of service, Executive Director Saifur Rahman was retired on the 4th of March as per regulations.

He claimed that in response, a group of officials forcibly entered the commission’s boardroom during an ongoing meeting, locked the main gate, turned off CCTV cameras, and disconnected the power supply, creating a disruptive and intimidating situation.

He alleged that they used abusive language, displayed physical intimidation, and harassed the chairman’s newly appointed personal secretary, who is a senior assistant secretary to the government.

Earlier, from 11:15am to 3:00pm, no one was allowed inside the office of the capital market regulator.

Just before 3:30pm, a team from the army arrived and took up positions on the premises.

It followed the BSEC chairman's decision on Tuesday to send Executive Director Saifur into forced retirement.

In an official briefing at 4pm, Executive Director Mahbubul claimed that Saifur had not been sent into mandatory retirement under the commission’s law, but according to government employee regulations.

He added that such provisions did not apply to the commission’s employees.

Mahbubul declared that if any disciplinary action was to be taken against the commission’s employees, it should be done in line with the commission’s laws, which the employees would accept.

He also demanded the cancellation of show-cause notices sent to some employees, threatening work stoppage if their demands were not met.

When asked whether the demands had been communicated to the commission chairman, he said, "We have been told that the demands are unreasonable. Everything has been done in accordance with the law."

“They always say they never act outside the law,” he added.