The stock market regulator will face quorum crisis in its commission meeting from Monday as the tenures of most of the members will expire by Sunday.
As a result, the Bangladesh Securities and Exchange Commission (BSEC) will not be able to hold any commission meeting from Monday until the government fulfills the vacancies.
"From Monday, the BSEC will conduct only the day-to-day affairs," a BSEC official said.
The quorum is fulfilled at the meeting of the commission if the BSEC chairman and at least two members remain present.
After Sunday, there will be only one commissioner at the BSEC following the completion of tenure of the commissioner professor Helal Uddin Nizami.
And the tenure of the incumbent chairman professor M Khairul Hossain will also end on May 14.
Under such a situation, the securities regulator will not be able to hold any commission meeting from Monday.
The situation will continue until the vacancies of the chairman and at least one commissioner are fulfilled by the government.
"During his departure, the chairman will hand over his responsibility to the only one incumbent commissioner who will also look after day-to-day affairs until further recruitment of new chairman and commissioners," said the BSEC official.
Presently, the trading in the stock market and the offices of the securities regulator and the stock exchanges remain closed following the public holiday extended till May 5 to contain infection of COVID-19.
The president of Bangladesh Merchant Bankers Association (BMBA) Syadur Rahman said the government is certainly watching the situation created in the BSEC following the vacancies of its policy makers.
"I think, the government will fulfill the vacancies of the chairman and commissioners in right time," Mr. Rahman said.
Amid the ongoing closure of the office, the existing commission of the securities regulator held its last meeting on Wednesday to deliver its decision on some pending issues.
The implementation of some major decisions, however, remains incomplete before completion of the tenures of the incumbent chairman and two commissioners.
Of two incumbent commissioners, the tenure of professor Helal Uddin Nizami will end on Monday and quorum crisis will be created in the commission following his departure.
After 2010-11 stock market debacle, professor Khairul was appointed the chairman at BSEC for three years on May 15, 2011 following quick reconstitution of the stock market regulatory body--BSEC.
Later, his tenure was extended for four years in line with an amendment, brought by incumbent commission, to the rules regarding the tenures of the chairman and commissioners.
On completion of four years, the tenure of professor Khairul was extended for another term of two years which will end on May 14.
Similarly, BSEC commissioner professor Nizami will complete his tenure on Monday.
The tenure of another BSEC commissioner professor Dr. Swapan Kumar Bala ended on April 18 and he has already joined his previous teaching profession at the University of Dhaka.
After May 14, there will be only one commissioner namely Khondoker Kalamuzzaman at the BSEC.
Apart from the chairman, there are four posts of commissioners at the BSEC.
mufazzal.fe@gmail.com