Armed forces to ensure security of BSEC

The armed forces will ensure the security of the Bangladesh Securities and Exchange Commission (BSEC) after it was attacked by agitated investors protesting outside its office in the capital last week.

The decision was made yesterday at a meeting between BSEC Chairman Khondoker Rashed Maqsood, Rear Admiral Mir Ershad Ali, director general of the Bangladesh Coast Guard, and other officials from the armed forces.

According to a press release issued today, the stock market regulator has been classified as critical information infrastructure, meaning the armed forces will be responsible for its security.

A group of investors had organised the protest, demanding the resignation of BSEC high officials, blaming them for decisions that led to the recent market decline.

The DSEX, the benchmark index of the Dhaka Stock Exchange, dropped 280 points over the last five consecutive days.

Investors accused the BSEC of causing the decline by downgrading 28 companies to the Z category for non-compliance and imposing a fine of Tk 428 crore on manipulators of Beximco stocks.

However, BSEC officials clarified that the regulator's enforcement actions were based on investigations carried out by the previous commission, which had not previously taken action against the manipulators.