The Bangladesh Securities and Exchange Commission (BSEC), the country’s capital market regulator, has sent 17 of its officials into compulsory retirement, while five others have been moved to the lowest pay grade.
This is the first time since BSEC’s establishment that such a large number of officials have been sent into compulsory retirement at once.
The decisions were taken by BSEC on Tuesday in line with government directives. The officials concerned received formal letters informing them of the decisions on Wednesday, according to sources.
A total of 22 officials have faced disciplinary action over an incident on March 5, 2025, when then-BSEC Chairman Khandkar Rashed Maksud and several commissioners were confined for more than four hours.
Following the incident, a criminal case was filed, while an investigation and departmental proceedings were initiated under government rules.
After taking statements from the accused officials and complainants, an investigation by the Ministry of Finance recommended disciplinary action against 23 officials. However, no fresh action was taken against one of them as he had already been dismissed from service over another allegation.
On March 5, 2025, BSEC officials and employees confined the then chairman and commissioners for more than four hours. Army personnel later entered the premises and rescued them.
The officials and employees had staged the protest against the compulsory retirement of BSEC’s then Executive Director Saifur Rahman. They also observed a work stoppage, alleging mistreatment and raising various other complaints against the commission. The protests led to a deadlock and chaotic situation at BSEC for several days.
According to the complaint filed over the incident, a group of officials and employees forcibly entered the meeting room while a commission meeting was underway and confined the chairman and commissioners.
The commission’s main gate was later locked. CCTV and Wi-Fi connections were disconnected, elevators were rendered inoperative, and the power supply was cut off, creating a threatening situation.
Following the government investigation and departmental proceedings, disciplinary action has now been taken against the officials involved in the incident.
