Economist and public policy analyst M Masrur Reaz has changed his mind and will not be taking on the role of chairman of the Bangladesh Securities and Exchange Commission (BSEC).
On August 13, the Finance Ministry’s Financial Institutions Division released a circular announcing his appointment.
Since Prof. Shibli Rubayat-Ul Islam resigned on August 11 following the Awami League government led by Sheikh Hasina’s collapse on August 5, the position has been vacant.
If Reaz had sent a letter of approval when she took office, the appointment would have been official.
He had told The Daily Star that he was “humbled” and saw it as a chance to help the nation when the circular was released.
“There has been massive corruption in the stock market and my priority is to clean it, bring back good governance and develop the market as a long-term source of financing,” he stated.
Reaz, the founder and chairman of Policy Exchange Bangladesh, however, stated in a different statement sent out yesterday: “I have decided not to accept the position of BSEC chairman, despite my heartfelt appreciation.”
“I feel that at this critical juncture of the nation, I will be best able to serve in my current role as an economist to promote necessary policy analysis and dialogue,” he stated.
“…putting forth actionable policy and reform ideas for the betterment of our economy, with particular focus on trade, investment, and financial development,” he stated.
“I would like to take the opportunity to express my gratitude to the interim government for appointing me as the chairman of the regulatory body,” Reaz stated.
The Bangladesh Securities and Exchange Commission Officers Welfare Association expressed their opposition to the nomination in a letter addressed to the secretary of the Financial Institutions Division just hours after the circular dated August 13 was released.
Other officials, on the other hand, openly claimed that the letter had been sent without their permission.
The association then informed Reaz that they were prepared to receive him in a second letter, which was signed by Md. Saifur Rahman, the association president.
