In a significant leadership change, Khondoker Rashed Maqsood, a veteran banker with extensive experience, has been appointed as the new chairman of the Bangladesh Securities and Exchange Commission (BSEC), the regulatory authority for the stock market.
The Financial Institutions Division (FID) issued an official notification today, confirming his appointment for a four-year term.
Maqsood, who brings 30 years of expertise in the banking sector both domestically and internationally, was most recently serving as an Adviser for Strategy and Business Development at the International Finance Corporation (IFC) since May 2023. Prior to that, he held the position of Managing Director and CEO at Standard Bank Limited until January 2023. His career also includes notable roles as the Managing Director of NRBC Bank and as Citi Country Officer (CCO) for Citibank NA, Bangladesh.
Maqsood’s academic credentials include an MBA in finance from the Institute of Business Administration (IBA) at the University of Dhaka. His career began in 1992 as a management trainee with American Express.
This appointment comes after the resignation of Professor Shibli Rubayat-Ul Islam from the BSEC chairmanship on August 10, following the fall of the Sheikh Hasina government. In the wake of Shibli’s departure, the government initially appointed M Masrur Reaz as BSEC chairman on August 13. However, Reaz, who also serves as chairman of the Policy Exchange of Bangladesh, declined the role on Saturday, citing his preference to focus on broader national issues under the new government.
Reaz’s decision was influenced by protests and dissatisfaction from the BSEC Officers’ Welfare Association, which expressed concerns over his alleged connections to the ousted government. Although the association eventually decided to welcome Reaz, he ultimately chose not to accept the position.
In light of these developments, the government swiftly moved to appoint Rashed Maqsood as the new chairman of BSEC, marking a new chapter for the regulatory body.