Stocks
BSEC’s New Chairman Vows to Combat Stock Market Corruption, Restore Investor Trust
The newly appointed Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Khondoker Rashed Maqsood, has pledged a rigorous approach to preventing future irregularities and corruption within the stock market. Speaking to the media for the first time since assuming office, Maqsood underscored his commitment to rebuilding investor confidence and addressing the systemic issues that have troubled the market in the past.
Maqsood stated, “We will conduct thorough investigations into the causes of previous market irregularities and take decisive action to eliminate them. It’s not sufficient to merely apply corrective measures; we must address the underlying factors to prevent recurrence.”
With approximately 1.5 million active investors currently in the market, Maqsood stressed the importance of regaining their trust, with an ambitious target to grow the investor base to 2.5 million, and eventually 5 million, within the next four years.
He highlighted the issue of inactive Beneficiary Owner (BO) accounts, emphasizing the need to restore investor confidence to reactivate these accounts and encourage market participation. Maqsood also noted the significant growth potential of the stock market, given Bangladesh’s economic size, and drew comparisons with neighboring Nepal’s advancements in the sector.
“To truly establish the stock market as a hub for long-term investments, we need to develop the necessary infrastructure that allows ordinary citizens to safely invest for 7 to 8 years,” Maqsood remarked.
Regarding the need for reforms, he said, “Reforms are underway nationwide, and BSEC will not be an exception. In international institutions, substantial changes are implemented every three years to achieve better outcomes. Our stock market must also embrace such reforms.”
Maqsood added that while BSEC will collaborate with other capital market regulators, it will strive to operate independently to enhance the stock market’s performance. He plans to work closely with BSEC’s senior officials to formulate short, medium, and long-term strategies.
Khondoker Rashed Maqsood brings over 30 years of banking experience both in Bangladesh and abroad. His previous roles include Managing Director at Citibank NA Bangladesh, Citibank NA Indonesia, NRB Commercial Bank, and Standard Bank. More recently, he served as an advisor for Strategic and Business Development at the International Finance Corporation (IFC), a World Bank Group member. Maqsood holds an MBA in Finance from the Institute of Business Administration (IBA) at Dhaka University.
His appointment follows the resignation of former BSEC Chairman Professor Shibli Rubayat-Ul-Islam on August 10. After a brief interim period with Mohammad Mohsin Chowdhury as acting chairman and M Masrur Reaz as chairman, who declined the role, Maqsood was appointed by the Ministry of Finance.
Major General Mohammad Quamruzzaman (retd) has stepped down from his role as an independent director of the board of the Dhaka Stock Exchange, citing personal reasons.
He also served as a member of the DSE’s Nomination and Remuneration Committee (NRC).
Quamruzzaman was appointed to the DSE board on 1 September 2024, following the fall of the Awami League-led government. After serving for nearly one year and nine months, he submitted his resignation on Saturday (24 May).
Speaking to Quamruzzaman confirmed his resignation, saying, “Yes, I have resigned as an independent director for personal reasons.”
Md Shafiqur Rahman, Deputy General Manager of Public Relations and Publications at the DSE, said Quamruzzaman submitted a resignation letter mentioning personal reasons behind his decision.
“The DSE board will now take a decision regarding the resignation,” Shafiqur Rahman said.
He also indicated that Quamruzzaman may be planning to join another company, which could have influenced his decision to resign.
Earlier, another independent director of the DSE board, Shahnaz Sultana, also resigned from her position. She was likewise a member of the NRC.
According to the DSE annual report, Shahnaz Sultana is the CEO and Chief Consultant of FINS Alliance Risk Advisory and Consultancy and has served as the Founder and Chairperson of the WE Global Women Foundation since 2020.
The Bangladesh Securities and Exchange Commission (BSEC) has today approved appointment of Ms. Nuzhat Anwar as the new Managing Director of Dhaka Stock Exchange PLC. (DSE).
Ms. Nuzhat Anwar brings over two decades of experience in financial markets, banking, and development finance. Prior to her appointment, she worked at the International Finance Corporation (IFC), the private sector arm of the World Bank Group, where she held multiple senior leadership roles across Africa and South Asia. Her positions included Resident Representative for Liberia and Sierra Leone, Senior Country Officer for Bangladesh covering Bangladesh, Bhutan, and Nepal, and acting Cluster Manager during the COVID-19 pandemic and the subsequent transition period.
Ms. Anwar also served as an IFC Country Officer in Botswana and Namibia, where she played a key role in establishing IFC’s presence in Gaborone and advancing a sustainable investment program, including IFC’s first investment in Botswana. She offers deep expertise in capital management, treasury and liquidity, transaction services, portfolio optimization, and market advocacy. Earlier in her career, she spent 16 years with Citibank Bangladesh and Standard Chartered Bank Bangladesh in various senior management roles.
Ms. Anwar holds a Master’s degree in Commerce (Finance) from the University of Dhaka.
On her appointment as the Managing Director of DSE, the Chairman of the Board of DSE Mr. Mominul Islam said, “We are pleased to receive the approval of BSEC for appointment of Ms. Anwar as the new Managing Director. Over the last one year the NRC and Board of have worked hard to recruit a competent leader as the MD of DSE. We are confident that Ms. Anwar, with her excellent leadership trait, vast experience in the financial sector in home and abroad and deep passion for transformation in the Capital Market of the Country, is the right candidate to lead DSE in the days ahead. Now, we will complete the internal processes to onboard Ms. Anwar at soonest.”
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
