Staff Correspondent, Dhaka
The Bangladesh Capital Market Investor Association (BCMIA) has launched a protest rally demanding the resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondokar Rashed Maqsood.
The rally began in front of the old building of the Dhaka Stock Exchange (DSE) in Motijheel today (3 February).
The protesters called for Maqsood's resignation, emphasising the need to protect capital and establish a transparent and accountable capital market in Bangladesh.
They also presented a list of urgent reforms to prevent the market's collapse, including, immediate removal of the BSEC and Investment Corporation of Bangladesh (ICB) chairmen, replacing them with qualified individuals to stabilise the market, complete withdrawal of the capital gains tax, an end to excessive regulatory interference, reforming the process of sending listed companies to the Z category, ensuring companies distribute a minimum dividend of 50% of their profits, prompt communication of task force reforms to investors and stakeholders via media, enforcing the 30% minimum shareholding requirement for companies, restructuring the board of any listed company that fails to pay dividends for two consecutive years, halting force sales in the stock market.
Investors have accused Maqsood of incompetence, claiming he lacks the necessary expertise to manage the stock market. As a result, they are demanding his immediate resignation in the interest of market stability.
