A probe board has finally been formed to investigate the departmental cases filed against 23 officials of the Bangladesh Securities and Exchange Commission (BSEC), the country’s capital market regulatory body. To ensure full transparency and impartiality in the investigation, the commission decided to exclude its own officials and instead form a three-member board comprising individuals from outside the organization.
To this end, on September 28, the government nominated three senior officials from the Financial Institutions Division (FID) of the Ministry of Finance. The board members are: Additional Secretary Md. Azim Uddin Biswas, Joint Secretary Sania Akter, and Deputy Secretary Mohammad Atul Mondal.
These departmental cases stemmed from an unprecedented incident earlier this year in March, when BSEC officials launched a movement demanding the resignation of the chairman and three commissioners, among other demands. The situation escalated dramatically, with the officials shutting off power and CCTV cameras and effectively “locking down” the office for nearly four hours. The crisis reached such a level that the chairman and commissioners eventually had to leave the premises with the assistance of the military.
In the aftermath of this unprecedented event, a case was filed at the Sher-e-Bangla Nagar police station, and the commission decided to initiate departmental proceedings against 23 involved officials. During the protests, in April, the commission temporarily suspended 21 officials — including an Executive Director and three Directors — for violating service conduct rules. This disciplinary unrest originated from frustration over the March 4 decision to force Executive Director Saifur Rahman into mandatory retirement.
In a letter sent to the FID on August 31, BSEC stated that, during an emergency meeting on July 27, the commission concluded that forming a board with external members was essential to ensure transparency and impartiality when investigating the incidents of March 5 and 6, 2025. The commission emphasized that the decision was based on the seriousness of the allegations, the positions held by the accused, and the need for a fair investigation.
The commission further stated that the accused officials were given the opportunity to present their statements in person on July 23 and 24. Following those personal hearings, the commission held an emergency meeting on July 27 and reached a final decision. The commission concluded that there was sufficient basis to take departmental action against each of the accused. Additionally, it noted that if the allegations are proven, there would be ample grounds for imposing severe penalties.
Therefore, in the interest of a proper and fair investigation, the commission opted not to appoint individual inquiry officers for each case, but rather to form a single, unified investigation board.
