Shibli Rubayat-Ul Islam is poised to continue his role as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for another four-year term.
The finance ministry has already recommended his reappointment, which received approval from Prime Minister Sheikh Hasina last week, as per ministry insiders. A circular formalizing the reappointment will be issued shortly.
According to the Financial Institutions Division’s recommendation to the prime minister, Professor Shibli Rubayat-Ul Islam meets the age limit requirement of 65 years to serve another term as the capital market regulator. He will only be 56 years old on May 16, marking the end of his initial term as BSEC chairman.
The Bangladesh Securities and Exchange Commission Act 1993 permits the reappointment of the BSEC chairman and commissioners for two consecutive four-year terms. However, they cannot continue in their contractual positions beyond the age limit of 65 years.
In May 2020, Shibli was appointed to lead the commission. Prior to this, the banking and insurance professor served as the Dean of the Faculty of Business Studies at the University of Dhaka. He also held the position of chairman at Sadharan Bima Corporation, the state-owned non-life insurer and reinsurer.
After serving as the vice-chair of the Asia Pacific Regional Committee of the International Organization of Securities Commissions from 2022-24, Shibli has been re-elected to represent Bangladesh for the 2024-26 term. This reaffirms his role in the regional committee of the organization comprising the world’s securities regulators.
