The Bangladesh Securities and Exchange Commission (BSEC) has dissolved the 17-member advisory committee formed in 2011 to develop the stock market and protect the interests of investors. The decision was taken as the committee, which had been inactive for a long time, was not playing any effective role. At the same time, the name of the committee has also been removed from the BSEC website, which has already taken effect.
The current BSEC, which was restructured under the leadership of Khandaker Rashed Maqsood after the political changes, has taken this decision.
It is worth noting that in the wake of a major collapse in the stock market in late 2010, the BSEC was restructured as per the recommendations of the investigation committee formed under the leadership of Khandaker Ibrahim Khaled. In continuation of this, an advisory committee was formed on March 28, 2011, on the instructions of the then Finance Minister Abul Maal Abdul Muhith, whose convener was Professor Dr. M Khairul Hossain. He joined BSEC as Chairman on August 23 of that year and served until May 14, 2020.
Then, amidst the COVID-19 pandemic, Professor Shibli Rubaiyat-ul-Islam took over as the chairman of BSEC on May 17, 2020. He was the ex-officio convener of the advisory committee. After serving for five years, he resigned on August 10, 2024 due to the changing political landscape. The committee did not play any effective role during his tenure.
According to BSEC, no records of the activities or meetings of the advisory committee were found. Due to this, the current commission decided to formally abolish the committee and it was also removed from the website.
On March 28, 2011, a notification signed by the then BSEC Executive Director (Administration and Finance) Farhad Ahmed constituted the advisory committee under the provisions of Section 27 of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969) until further orders from the Securities and Exchange Commission.
The members of the advisory committee were – Chairman of the Securities and Exchange Commission (SEC), all members of the Securities and Exchange Commission (currently Commissioners), a representative of the Banking and Financial Institutions Department of the Ministry of Finance, a Deputy Governor of Bangladesh Bank, President of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), President of the Institute of Chartered Accountants of Bangladesh (ICAB), President of the Bangladesh Association of Publicly Listed Companies (BAPLC), President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), President of the Dhaka Stock Exchange (DSE), President of the Chittagong Stock Exchange (DSE), Chairman of the Central Depository Bangladesh Limited (CDBL), Dr. from the Center for Policy Dialogue. Mustafizur Rahman, Managing Director of Investment Corporation of Bangladesh, President of Bangladesh Association of Banks, President of Bangladesh Insurance Association (BIA), Chairman of Policy Research Institute Dr. Zaidi Sattar and Editor of Financial Express Moazzem Hossain.
The terms of reference of the advisory committee are- to propose suitable policy alternatives for the development of the country’s stock market, to advise on policies and programs to protect the interests of investors, to advise on any other matter that may be mentioned by BSEC, to invite any institution or person with special knowledge about the subject matter to any meeting of the advisory committee, the advisory committee can meet at any time deemed necessary by the commission and the Chairman of SEC will serve as the convener of the advisory committee.
In this regard, BSEC Director and Spokesperson Md. Abul Kalam told the media that the previous advisory committee has been canceled. The current committee will form a new advisory committee if necessary.
