Govt to fulfill vacancies of top officials at BSEC

No commission meeting since May 4 due to quorum crisis

Mohammad Mufazzal | Monday, 11 May 2020

The government will fulfill the vacancies of the top officials at the securities regulator timely to avoid disruptions in the operations of regulatory affairs.
A top official of the financial institutions division (FID) of the ministry of finance (MoF) said this following the discussions regarding the vacancies created in the posts of two commissioners at the securities regulator.
The tenure of the chairman of the Bangladesh Securities and Exchange Commission (BSEC) also will end on May 14. After his departure, there will be only one commissioner at the BSEC.
"The government is aware of the situation created at the BSEC following the expiry of the tenures of its some top officials," said the FID official.
He said the government knows that disruptions in the regulatory decisions will hinder the operations of the capital market if the vacancies at the posts of top officials are not fulfilled timely.
"It's our routine job to keep the regulatory body functioning fulfilling the vacancies. And the government will do it in right time," said the FID official preferring anonymity.
Asked, whether any short list of aspirant candidates has already been made or placed before the line ministry, the FID official refused to make comment saying, "Everything will be done timely."
The BSEC office, stock exchanges and trading on bourses remained closed since March 26 following the public holiday announced to flatten the infection curve of Covid-19.
The commission of the securities regulator is comprised of its chairman and four commissioners and the quorum is fulfilled at the commissioner meeting if at least the chairman and two commissioners remain present.
The securities regulator became unable to hold any commission meeting since May 4 due to quorum crisis created following the expiry of the tenure of the BSEC commissioner professor Helal Uddin Nizami.
Before facing quorum crisis, the incumbent commission held its last meeting on April 29.
The tenure of another commissioner professor Swapan Kumar Bala ended on April 18 last.
Presently, there is only one commissioner namely Khondoker Kamaluzzaman along the chairman professor M. Khairul Hossain.

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