17 BSEC Officials Sent Into Compulsory Retirement

❐ Staff Reporter

The capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has decided to send 17 officials on compulsory retirement. At the same time, five more officials have been punished with salary reduction. This disciplinary action has been taken against them for violating service rules.

These decisions were taken at the BSEC commission meeting on Tuesday. The officials concerned were given show-cause notices on July 23. A BSEC source confirmed this information.

The officials sent on compulsory retirement include the organization’s executive director Rezaul Karim, directors Abul Hasan and Mohammad Fakhrul Islam Majumder, additional directors Nazrul Islam and Mollah Md. Miraj Us Sunnah, and joint director Rashedul Alam.

In addition, it has been decided to send Deputy Directors Md. Nannu Bhuiyan, Kazi Md. Al-Islam, Shahidul Islam, Bani Yamin Khan and Touhid Hasan; Assistant Directors Aminul Haque Khan, Abdul Baten and Sajjad Hossain and Personal Officers Abu Yusuf, Kawsar Pasha Brishti and Sameer Ghosh on compulsory retirement.

BSEC assistant directors Johnny Hossain, Raihan Kabir, Tariqul Islam and Maksud Mila, and librarian Selim Reza Bappi have been punished for salary reduction.

The incident of taking disciplinary action against so many officials at once has once again sparked discussions within the BSEC. Earlier this year, the agency’s director Abu Raihan Md. Mohtasin Billa was also sent on compulsory retirement.

This is not the first time that BSEC officials have been subject to disciplinary action. Earlier, the forced retirement of two officials had created anger among the officials and employees of the organization. The incident also led to an undesirable situation such as the blockade of the chairman and commissioners.

Although the decision to send 17 officers on compulsory retirement at once was made, the exact nature of the allegations of service rule violations that were proven against them was not disclosed in detail. As a result, questions have been raised about the specific nature of the allegations and the basis for the investigation, as well as the decision to punish them.

The BSEC is the country’s capital market regulator. In taking major disciplinary action against its officials and employees, transparency about the nature of the complaint, the investigation process, and the opportunity for self-defense is important, say concerned people. The recent incident of sending 17 officials on compulsory retirement has created an opportunity for further discussion on that process.