BSEC finally gets new chairman

Khondoker Rashed Maqsood, a former banker, has been appointed as the new chairman of Bangladesh Securities and Exchange Commission (BSEC), the capital market regulatory body. 

He has been made the chairman of BSEC for 4 years, according to a circular issued by Financial Institutions Division on Sunday.

Maqsood, who previously served as the Managing Director of Standard Bank, is currently a Strategic and Business Development Advisor to the International Finance Corporation (IFC) under the World Bank Group.

This appointment follows the recent formation of the interim government. 

On August 13, M Masrur Riaz, chairman and CEO of the private research organization Policy Exchange, was appointed as BSEC chairman. However, shortly after his appointment, allegations surfaced on social media accusing him of being closely associated with former Prime Minister Sheikh Hasina's private investment advisor, Salman F Rahman. 

Riaz later expressed his unwillingness to take up the post.

In light of Riaz's decision not to take the charge, the Finance Ministry began searching for a new candidate for the BSEC chairmanship. 

Maqsood's banking career includes serving as Managing Director of Standard Bank from January 2020 to January 2023, and as Managing Director of NRBC Bank from April 2018 to January 2020. 

Prior to his roles in domestic banks, he was the Managing Director of the multinational Citi Bank NA from December 2010 to August 2017.

Earlier, Professor Shibli Rubaiyat-ul-Islam resigned from the post of chairman of BSEC on August 10 when the Hasina government collapsed in the face of the student-public movement.