FE REPORT
After three days of discussions, Dr M Masrur Reaz on Saturday announced with regret that he was "unable" to accept the proposal to become chairman of the Bangladesh Securities and Exchange Commission (BSEC) -- a position the finance ministry had offered him.
Instead of joining the stock regulator, Mr Reaz said he prefers to continue promoting necessary policy analysis and reform ideas for the country's economy, he said in a statement on Saturday.
"…thus, despite my heartfelt appreciation, I have decided not to accept the position of BSEC Chairman," the statement said.
While talking to The Financial Express, Mr Reaz said he has informed the government of his decision, saying he has the scope to help the government by working in broader areas of the economy.
Meanwhile, stakeholders expressed concern about the urgency for leadership at the BSEC to restore normal operations.
The securities regulator cannot hold commission meetings without a chairman. It also requires three commissioners to form a quorum, and currently, there are only two overseeing routine works.
The interim government led by Professor Muhammad Yunus appointed Mr Reaz as BSEC chairman on Tuesday.
On the same day, the BSEC employees' welfare association opposed the appointment based on social media "rumours" about his relationship with an adviser to former Prime Minister Sheikh Hasina.
In a statement, the association said it would not welcome the new chairman.
However, a subsequent statement from the majority of the association's executive committee said they would accept the government's decision.
Those members also said they opposed the appointment based on "misconceptions" and that BSEC employees were now "ready to welcome" their new chairman.
Mr Reaz was to join the BSEC on Sunday but expressed regret to the office on Saturday. "I have always prioritised my country's prosperity above all else, and have worked with full dedication to do what is right."
Following his withdrawal, the securities regulator has remained without a chairman since the resignation of Professor Shibli Rubayat Ul Islam on August 10.
Two commissioners also resigned, leaving two commissioners to oversee the BSEC, with one acting as chairman.
Md Ashequr Rahman, managing director of Midway Securities, said Mr Reaz's decision was a setback in the search for new leadership, as it might deter potential candidates from facing similar "unfounded criticism".
"BSEC officials and outsiders criticised Mr Reaz without evidence and there is no justification for such actions," said Mr Rahman.
Social media posts claimed Mr Reaz had been seen with a controversial figure in a photo from an overseas roadshow.
"Despite criticising previous regulatory decisions, I attended the roadshows at my own expense. Does a photo with someone imply a close relationship" Mr Reaz questioned.
He said a non-functional commission is not good for the capital market.
A leader of the Dhaka Stock Exchange Brokers Association of Bangladesh (DBA) declined to comment but expressed optimism for a swift resolution.
Asif Khan, chairman of EDGE Asset Management, said the government is definitely working to appoint a new chairman and commissioners. "I hope the issue will be resolved soon," Khan said.
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