The government has picked Professor Shibli Rubayat Ul Islam, the Dean of of Business Studies Faculty, Dhaka University, as the next Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Financial Institution Division sources confirmed.

Financial Intuitional Division last week finalized the proposal for appoint Chairman and three commissioners of BSEC and sent it to Prime Minister Sheikh Hasina for her approval after Finance minister AHM Mustafa Kamal signed.

Professor Dr Shaikh Shamsuddin Ahmed, Department of Finance, Dhaka university, also Janata Bank Director was proposed one of the BSEC commissioner.

Former civil servant with accounting background AKM Delwar Hossain a fellow member of The Institute of Cost and Management and  Chartered Accountant and Ajit Kumar Paul also a director of Janata Bank were proposed for other members.

The tenure of BSEC current chairman professor M Khairul Hossain’s term is ending on May 13(Wednesday).

Department of Banking & Insurance’s Chairman Shibli Rubayat Ul Islam is additionally serving the state-owned reinsurer Sadharan Bima Corporation as its board chairman.

He has gained reputation because of his leadership in modernisation efforts at each of the institutions.

Bangladesh Securities and Exchange Commission (BSEC) had undergone through a reform after the 2010 stock market crash and Dhaka University’s finance professor Dr M Khairul Hossain along with his fellow commissioners has led the regulator since then.

The longest serving BSEC Chairman’s stretched tenure is going to end this week, while three among the four posts of commissioner are already vacant right now.

Two former commissioners Dr Swapan Kumar Bala and Professor Helal Uddin Nizami have left the office in recent weeks, while another post of commissioner has been left vacant for more than a year.