Finance ministry to remove BSEC Commissioner Tariquzzaman
In an FID notice issued on Wednesday (11 September), the FID said Tariquzzaman will get a three-month notice period before the removal order comes into effect
The Financial Institutions Division (FID) under the Ministry of Finance has decided to remove ATM Tariquzzaman from his position as commissioner at the Bangladesh Securities and Exchange Commission (BSEC).
He will be given a three-month notice period before his dismissal. Following the notice period, he will officially cease to hold the post of commissioner from 10 December, according to an FID order issued on Wednesday (11 September).
Tariquzzaman was appointed to the BSEC on 8 May as commissioner.
Earlier, he resigned as executive director of the commission and joined as managing director of Dhaka Stock Exchange (DSE) in September 2023. Then he resigned from there to join the post of commissioner.
Following the fall of the Hasina-led government on 5 August, BSEC Chairman Shibli Rubayat Ul Islam, along with Commissioners Shaikh Shamsuddin Ahmed and Rubana Islam, resigned from their positions. However, Commissioners ATM Tariquzzaman and Mohsin Chowdhury did not step down from their roles.
Later, the interim government appointed Khondoker Rashed Maqsood as chairman, Ali Akbar and Farzana Lalarukh as commissioners.
According to sources from the BSEC and DSE, following the fall of the Hasina government, seven independent directors of the Dhaka bourse resigned. This led to legal complications for the commission in appointing new independent directors.
After consulting with stakeholders, the BSEC requested a list of potential candidates from the DSE. However, on 1 September, the BSEC appointed independent directors of its own choosing, disregarding the DSE's recommendations.
The decision angered DSE shareholders, who viewed it as an arbitrary move by the commission. As a result, the newly appointed directors have yet to assume their positions, sources said.
Sources also said that ATM Tariquzzaman had significant influence over this behavior by the BSEC.
Among the appointed independent directors, KAM Majedur Rahman, Helal Uddin, and Nahid Hossain faced accusations of conflicts of interest.
According to DSE shareholders, Majedur and Helal are affiliated with brokerage houses as directors, while Nahid, as the additional secretary of the Financial Institutions Division, is ineligible to serve as an independent director as per law.
Meanwhile, Majedur Rahman has declined to join as an independent director.
Earlier, the DSE Brokers Association in a letter to the BSEC on 5 September expressed concerns that the capital market has been in a precarious state due to "anti-investor, non-transparent, and self-serving" decisions by the last two commissions over the past 15 years.
In light of the current situation, the association urged the regulator to reconsider the selection process for appointing the seven directors.
It suggested invoking Clause 24 of the Demutualisation Act 2013 to form the Nomination and Remuneration Committee comprising four elected directors of the DSE.
The committee should then follow the proper procedures to provide their recommendations to the BSEC, the letter said.