Masrur Reaz declines BSEC chair post
Economist and public policy expert M Masrur Reaz has declined the position of chairman of the Bangladesh Securities and Exchange Commission (BSEC), expressing a preference to work on broader national issues with the new government.
In a statement released today, Masrur announced his decision not to assume the BSEC chairmanship just four days after his appointment.
He conveyed his decision to the Financial Institutions Division (FID), which had issued the appointment circular on 13 August.
"Despite my heartfelt appreciation, I have decided not to accept the BSEC chairman position," Masrur stated.
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He expressed gratitude to the interim government for considering him for the role, describing it as an opportunity to contribute to crucial state reforms.
"I have always prioritised the prosperity of my country above all else and have worked with full dedication to doing what is right. I commit myself to supporting the interim government in rebuilding the state in my own capacity," he said.
Meanwhile, controversy had arisen within the BSEC regarding Masrur's appointment, as some employees expressed displeasure and the BSEC Officers' Welfare Association decided not to welcome him, citing alleged connections to the ousted Sheikh Hasina government.
According to related sources, this internal criticism influenced Masrur's decision not to join the position.
Masrur, in his statement today explained that given the critical juncture, the nation is currently facing, he believes he can better serve as an economist by focusing on policy analysis and dialogue and proposing actionable reforms to improve the economy, with particular emphasis on trade, investment, and financial development.
Quorum crisis at BSEC
The BSEC is currently facing a quorum crisis due to the resignation of its former chairman and two commissioners following the ousting of the Hasina-led government on 5 August.
The five-member commission, which is responsible for regulating the stock market, now lacks the minimum of three members required to conduct official meetings and make policy decisions.
The past chairman and a commissioner had been on leave from 28 to 31 July amid student protests.
After the government was ousted, Shibli Rubayat-Ul Islam, the former chairman, did not return to his duties and resigned on 10 August, citing personal reasons.
On 12 August, two more commissioners, Shaikh Shamsuddin Ahmed and Rumana Islam, both professors at the University of Dhaka, also resigned.
Officers' association's dilemma
The FID had confirmed Masrur's appointment for a four-year term on 13 August.
On the same day, the BSEC Officers' Welfare Association held a meeting where they decided not to welcome him and urged the government to revoke the appointment. The notification regarding his appointment has since been removed from the FID's website.
However, on 14 August, six of the seven association leaders retracted this decision, stating that it had not been made in consultation with the association's executive members.
These executives included Assistant Director AKM Faruk Alam, Deputy Director Sohidul Islam, Account Officer Mohammad Hamayet Hasan, and additional directors Siddiqur Rahman and Md Faruk Hosen.
On 15 August, these six leaders withdrew their retraction, acknowledging their mistake and agreeing with the association's original decision made on 13 August to not welcome to newly appointed chairman.
However, in a statement released later that day, the officers' association retracted its previous decision and expressed its willingness to welcome the new chairman.
The statement signed by its president Saifur Rahman stated, "The government appointed M Masrur Reaz as chairman on the basis of his qualifications and experience. So the officers' welfare association has no objection in this regard. Based on discussions with the members of the association, they have completely reversed its previous decision."
