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.
