The Bangladesh Securities and Exchange Commission (BSEC) has formally requested the government to appoint 19 professionals with qualifications in economics, finance, commerce, accounting, statistics, mathematics, law, and information technology. This group will consist of three executive directors, three directors, one commission secretary, and 12 individuals at the joint or additional director level.
The BSEC aims to diversify its workforce to reduce reliance on its current staff, enhance the quality of its operations, expedite processes, and ensure confidentiality. However, this proposal has elicited a range of reactions from BSEC officials and stakeholders. While the leadership of the BSEC strongly advocates for these appointments, some individuals express reservations.
Faruq Ahmad Siddiqi, a former chairman of the BSEC, noted that securities law is among the most intricate legal frameworks in the nation, characterized by numerous directives and circulars. He emphasized that officials from various backgrounds may find it challenging to implement these regulations effectively. It could take them two to three years to fully grasp the complexities, during which they might need to depend on their subordinates.
Siddiqi highlighted that the BSEC operates as an independent entity with the power to establish its own regulations, distinguishing it from other regulatory agencies such as the central bank and the Anti-Corruption Commission. He pointed out that the government is not permitted to appoint the BSEC chairman or commissioners from its own ranks on a temporary basis. Consequently, he argued that the law does not support the appointment of BSEC officials from other government sectors.
He cautioned that bringing in government officials could compromise the BSEC’s independence, irrespective of their qualifications or roles. An anonymous mid-level BSEC official expressed concerns that integrating new officials from the ministry might lead to internal divisions, as these individuals could seek to assert dominance over their colleagues. Additionally, there is a worry that they may aim to remain within the BSEC for extended periods, potentially hindering the career advancement of existing officials who are looking to progress after gaining experience.
The Bangladesh Securities and Exchange Commission (BSEC) has formally requested the government to appoint 19 professionals with qualifications in economics, finance, commerce, accounting, statistics, mathematics, law, and information technology. This group will consist of three executive directors, three directors, one commission secretary, and 12 individuals at the joint or additional director level.
The BSEC aims to diversify its workforce to reduce reliance on its current staff, enhance the quality of its operations, expedite processes, and ensure confidentiality. However, this proposal has elicited a range of reactions from BSEC officials and stakeholders. While the leadership of the BSEC strongly advocates for these appointments, some individuals express reservations.
Faruq Ahmad Siddiqi, a former chairman of the BSEC, noted that securities law is among the most intricate legal frameworks in the nation, characterized by numerous directives and circulars. He emphasized that officials from various backgrounds may find it challenging to implement these regulations effectively. It could take them two to three years to fully grasp the complexities, during which they might need to depend on their subordinates.
Siddiqi highlighted that the BSEC operates as an independent entity with the power to establish its own regulations, distinguishing it from other regulatory agencies such as the central bank and the Anti-Corruption Commission. He pointed out that the government is not permitted to appoint the BSEC chairman or commissioners from its own ranks on a temporary basis. Consequently, he argued that the law does not support the appointment of BSEC officials from other government sectors.
He cautioned that bringing in government officials could compromise the BSEC’s independence, irrespective of their qualifications or roles. An anonymous mid-level BSEC official expressed concerns that integrating new officials from the ministry might lead to internal divisions, as these individuals could seek to assert dominance over their colleagues. Additionally, there is a worry that they may aim to remain within the BSEC for extended periods, potentially hindering the career advancement of existing officials who are looking to progress after gaining experience.
The government is prohibited from appointing the chairman or commissioners of the BSEC from its own officials on temporary assignment. Siddiqi emphasized that the essence of the law does not endorse the selection of BSEC personnel from other government sectors. He noted, “The inclusion of government officials could compromise the BSEC’s independence, irrespective of their qualifications and roles.”
An anonymous mid-level BSEC official expressed concerns that introducing new officials from the ministry might lead to internal conflicts within the regulatory body, as these individuals could seek to assert their influence over others. Furthermore, there is a risk that they may aim to remain within the BSEC for extended periods, potentially hindering the career progression of current BSEC staff who have accumulated experience and are vying for promotions.
BSEC Chairman Khondoker Rashed Maqsood pointed out that the BSEC lacks the extensive history of the central bank and currently faces a considerable number of vacancies, a situation acknowledged by BSEC officials. He noted that filling these positions cannot be accomplished swiftly. The existing staff are under significant pressure due to these vacancies, leading to considerable delays in task completion.
Maqsood mentioned that the BSEC is looking for candidates with expertise in finance, economics, and related fields, which should facilitate their integration into the regulatory framework. He also clarified that not all departments within the BSEC necessitate technical skills, citing that areas such as administration and information technology can function without specialized technical experts, making them appropriate for the new appointees.
He addressed worries regarding the likelihood of these officials not returning to their original positions, stating that they would need to return for career growth and promotional opportunities. Additionally, upon their return to the Ministry of Finance, they would act as advocates for the stock market.
