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Seventeen officials of the Bangladesh Securities and Exchange Commission (BSEC), the country’s capital market regulator, have been sent into compulsory retirement at once. In addition, the salaries of five officials at different levels have been reduced to the lowest pay scale.
This is the first time since the establishment of the BSEC that such a large number of officials have been sent into compulsory retirement at the same time.
According to sources, the action was taken against a total of 22 officials following instructions from the highest levels of the government over an incident on March 5 last year, when then-BSEC Chairman Khandkar Rashed Maksud and other commissioners were confined for several hours and allegedly subjected to harassment.
Of the 22 officials, 17 were sent into compulsory retirement, while the salaries of five others were reduced to the lowest grade. The BSEC took the decisions on Tuesday, maintaining strict confidentiality while carrying out the government’s instructions.
On March 6 last year, a case was filed at Sher-e-Bangla Nagar Police Station in Dhaka against 16 officials over the incident involving the confinement and alleged harassment of the former BSEC chairman and commissioners. Ashikur Rahman, a gunman assigned to provide security to then-BSEC Chairman Khandkar Rashed Maksud, filed the case.
Alongside the criminal case, an investigation and departmental proceedings were initiated under government rules. The Ministry of Finance conducted the investigation and recorded statements from both the accused officials and the complainant. Following various procedures, the government instructed the BSEC to take disciplinary action against a total of 23 officials.
The BSEC took action against 22 of them on Tuesday. The remaining official had already been dismissed from service over another allegation and therefore no further action was taken against him.
Several of the affected officials told reporters that the BSEC informed them of the decision on Tuesday. However, they received the formal letters on Wednesday. Many of them went to the BSEC office in Agargaon, Dhaka, to collect the letters.
What happened on March 5 last year?
On March 5 last year, officials and employees of the capital market regulator confined then-BSEC Chairman Khandkar Rashed Maksud and the commissioners for more than four hours. The army later arrived and rescued them from the situation.
The officials had taken the action in protest against the compulsory retirement of then-BSEC Executive Director Saifur Rahman. They subsequently raised various demands and alleged that the then commission had behaved improperly toward them. BSEC officials and employees also observed a work stoppage over the issue, creating a chaotic situation at the commission for several days.
According to the complaint filed over the incident, a meeting was underway in the commission’s designated conference room under the chairmanship of then-BSEC Chairman Khandkar Rashed Maksud, with former commissioners Mohammad Mohsin Chowdhury, Mohammad Ali Akbar and Farzana Lalarukh present.
The complaint alleged that the accused, along with several other officials and employees, forcibly and without authorization entered the meeting room and confined the chairman and commissioners.
It further alleged that, as part of a pre-planned action, the accused locked the commission’s main gate, shut down CCTV cameras, Wi-Fi and elevators, and disconnected the electricity supply, creating a serious state of disorder and a frightening situation.