TDS Desk:

Khondoker Rashed Maqsood is going to be the new chairman of the Bangladesh Securities and Exchange Commission (BSEC), according to sources familiar with the matter.

Several officials of the Financial Institutions Division (FID) of the Ministry of Finance have confirmed to The Business Standard that preparations are underway to issue a notification in this regard.

At the same time, the officials said the cancellation of the notification appointing M Masrur Reaz as BSEC chairman is also underway.

Earlier on 10 August, Shibli Rubayat-Ul Islam resigned from the post of chairman of BSEC, five days after the fall of Awami League government.

On 13 August, economist and public policy expert M Masrur Reaz was appointed as the chairman of BSEC by the interim government.

Meanwhile, controversy had arisen within the BSEC regarding Masrur’s appointment, as some employees expressed displeasure and the BSEC Officers’ Welfare Association decided not to welcome him, citing alleged connections to the ousted Sheikh Hasina government.

Later, Masrur announced his decision not to assume the BSEC chairmanship just four days after his appointment.

The new appointee Khondoker Rashed Maqsood is a banker with 30 years of experience in banking both in Bangladesh and abroad. He was managing director and CEO of Standard Bank Limited.

Rashed Maqsood completed his MBA in Finance from IBA of University of Dhaka and started his career with American Express Bank as a management trainee in 1992.

Prior to joining Standard Band Ltd, he was the managing director of NRBC Bank Limited and also worked as the managing director and country officer of Citibank NA Bangladesh.