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Published : 23 Jul 2026, 11:49 PM
Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan is seeking legal clarification on whether joining BRAC University's Board of Trustees violates his appointment terms at the stock market regulator.
Masud said he had begun consulting the commission's legal division as well as officials from the Financial Institutions Division (FID) to determine whether serving on the university's Board of Trustees is compatible with his role as BSEC chairman.
Speaking to bdnews24.com, he described the trusteeship as "an honorary, unpaid and non-executive responsibility" rather than employment or a professional engagement.
BRAC University announced on Jul 20 that Masud had joined its Board of Trustees alongside Claire Gordon, director of the Eden Centre for Education Enhancement at the London School of Economics and Political Science (LSE), and former University of Liberal Arts Bangladesh vice-chancellor Prof Imran Rahman.
The university's website also lists Masud as a trustee, identifying him by his current position as BSEC chairman.
Masud was appointed BSEC chairman on Jun 4, more than three months after the BNP government assumed office.
His appointment notification, issued by the FID, stated that he must sever "employment relationships with all other institutions and organisations" before taking up the post.
Section 6(e) of the Securities and Exchange Commission Act, 1993, also states that a person is not eligible to be appointed or remain chairman or commissioner if they serve as a director or officer of a company or organisation.
The issue has therefore prompted questions over whether his trusteeship breaches both the appointment conditions and the law.
Masud, however, argued that the position required attendance at only four meetings a year and did not affect his independence or impartiality as BSEC chairman.
"My responsibility as chairman is to discharge my duties impartially and in accordance with the law. Throughout my career, I have adhered to the principles of integrity, impartiality and avoiding conflicts of interest," he said.
He added that he was prepared to resign from the BRAC University Board of Trustees if legal advice concluded that the appointment contravened the law.
"I will discuss the matter further with the commission's legal division and the ministry. If it is found to be inconsistent with the law, I will step down from the trusteeship," he said.
Masud is scheduled to meet officials at the Financial Institutions Division on Thursday before holding further discussions on the issue.
A senior FID official told bdnews24.com that the appointment conditions were "clearly stated" when Masud was appointed and that his involvement with another organisation would now be reviewed under the relevant provisions of the Securities and Exchange Commission Act before a decision is taken.
Former FID senior secretary Md Aslam Alam told bdnews24.com that the BSEC chairmanship is a full-time public office.
"Those holding such full-time positions should not ordinarily be associated with other organisations. It creates a potential conflict," he said, adding that if the ministry had approved the trusteeship, "there may be no issue; otherwise there appears to have been a deviation from the rules".
University Grants Commission member Prof Mohammad Anwar Hossain also said the question of conflict of interest needed careful examination, particularly if BRAC University had any formal or informal dealings with the securities regulator.
He explained that trustees of private universities, although unpaid, are responsible for key policy decisions, including appointments and financial matters, making the role comparable with that of a company's board of directors.
BRAC University had not responded to bdnews24.com's request for comment as of Thursday, despite saying on Wednesday that it would issue a statement.
