Crown Cement CEO Masud Khan gets BSEC chairman post

Crown Cement PLC Chief Executive Officer Masud Khan was appointed the Chairman of the Bangladesh Securities and Exchange Commission (BSEC) on Thursday following the resignation of Khondoker Rashed Maqsood on the same day.

The appointment was confirmed through a notification issued by the Financial Institutions Division (FID) of the Ministry of Finance. 

The notification said Masud will serve as the BSEC chairman for four years from the date of joining. 

Under Section 5(2) of the Bangladesh Securities and Exchange Commission Act, 1993, Masud will have to sever all employment and professional relationships with other institutions and organisations. 

"This order issued in the public interest shall take immediate effect," the notice added.

Earlier in the day, Maqsood resigned from the post of BSEC chairman.

Along with him, four commissioners - Md Saifuddin, Md Mohsin Chowdhury, Md Ali Akbar, and Farzana Lalarukh - also submitted their resignation letters to the FID.

The resignations came shortly after Finance and Planning Minister Amir Khosru Mahmud Chowdhury announced that the BSEC would be reconstituted within the next two weeks. 

In a message released by BSEC on Thursday, Rashed Maqsood said he had decided to step down after serving as chairman for the last 21 months to focus on personal endeavours.

He said the commission had assumed office during a turbulent period and undertaken extensive reforms to strengthen the legal framework and restore market discipline.

According to the statement, the commission gazetted five rules covering margin lending, IPOs, mutual funds, debt securities and whistleblower protection, while also publishing draft regulations on corporate governance, auditing and corporate restructuring for public consultation.

The outgoing chairman also claimed that the commission had taken strong compliance and enforcement measures, removed formal and informal intervention mechanisms, enhanced investor education initiatives and promoted greater stakeholder engagement.

The development follows months of protests by BSEC officials and employees demanding the chairman's resignation. General investors had also staged demonstrations, human chains and road blockades at different times, raising concerns over the regulator's performance and seeking changes in the commission's leadership.