A professor of the banking & insurance department at the University of Dhaka has been chosen as the chairman of Bangladesh Securities and Exchange Commission (BSEC), sources said.
Asked, Md. Ashadul Islam, senior secretary of the financial institutions division (FID) of the ministry of finance, however, refused to speak detail about the latest development.
"We are trying to complete the process sincerely. We hope the process will be completed immediately," Mr. Islam told the FE.
When contacted, the DU professor also refused to make any comment before publishing gazette notification on his appointment as the BSEC chairman.
Besides, a professor of finance, a former additional secretary and a cost and management professional are likely to be appointed as the commissioners of the stock market regulatory body.
Presently, the securities regulator is facing quorum crisis following the expiry of the tenures of two commissioners.
The tenure of the incumbent chairman professor M. Khairul Hossain will end tomorrow (May 14).
The tenures of two commissioners Dr. Swapan Kumar Bala and professor Helal Uddin Nizami ended on April 18 and May 3 respectively.
The FID officials said they took the issue of fulfilling vacancies of top bosses at the BSEC seriously so that the regulatory affairs are not hampered.
According to sources, a gazette is set to be published immediately confirming their appointments at the BSEC.
Presently, the trading on both the bourses remained closed following the public holiday and lockdown enforced to contain the spread of COVID-19.
Meanwhile, the Dhaka Stock Exchange (DSE) recently has made a proposal of resuming trading on the bourses following criticism over the long closure.
The premier bourse has also sought some waivers from the compliances of the rules and regulations to conduct trading amid the lockdown.
But the securities regulator is not in a position to deliver its decision due to quorum crisis in the commission.
The commission is comprised of the BSEC chairman and three commissioners and the quorum is fulfilled at the commission meeting if the chairman and at least two commissioners remain present.
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