Masrur Reaz, who was recently appointed as the chairman of the Bangladesh Securities and Exchange Commission (SEC) by the Ministry of Finance, has declined the position offered by the interim government.

Reaz communicated his decision to the Ministry of Finance via a letter sent around 2:30 PM on Saturday. He was scheduled to start his role at the SEC on Sunday after addressing some preliminary issues.

However, just a day before his official start, Reaz announced he would not be taking the role. “I am seeking to work on a larger scale and contribute more broadly to the economy. If a suitable opportunity arises, I will consider it. I will continue to support my current position,” he stated.

In a subsequent statement, Reaz said: “Recently, the interim government of Bangladesh decided to appoint me as chairman of the Bangladesh Securities and Exchange Commission (SEC). I am deeply grateful for this appointment and thank the interim government for this opportunity. While I view this role as a significant chance to contribute to the interim government's reform efforts, I believe that the interests of the country always come first.”

“At this crucial time for the country, I believe I can have a broader impact on the economy from my current role as an economist. This position allows me to contribute to effective policy formulation and implementation of reforms through policy analysis, reform strategies, and discussions on key areas such as trade, investment, and the financial sector. Therefore, I have chosen not to accept the role of SEC chairman.”

Masrur also stated that he will support the interim government’s efforts to address state issues.

“I am committed to fully cooperating from my current role in this important endeavor. I extend my sincere thanks to the SEC officials, stock market stakeholders, and media colleagues for their warm welcome.”

Following his appointment on Tuesday night, Masrur did not report to the SEC offices on Wednesday. SEC officials waited for him until the end of the business day.

Simultaneously, the appointment notification was removed from the Ministry of Finance website on Wednesday. The notification has neither been officially canceled nor has a new decision been announced.

Finance Advisor Salehuddin Ahmed noted that questions had arisen regarding Masrur following the appointment notice. As the issues were addressed on Thursday, the finance ministry did not cancel the appointment or discuss any alternatives.

Masrur, who has had a long career with the World Bank and IFC, had begun stepping down from his role as chairman at the Policy Exchange research institution and other positions in preparation for his new role at the SEC.

On Thursday, Masrur had suggested he might join the SEC on Sunday or sometime in the coming week, but he has since changed his decision.

With the position still open, the next person to lead the SEC will become the tenth chairman, succeeding Shibli Rubayat Ul Islam, who resigned on August 10 following the collapse of Sheikh Hasina’s government amid a mass movement.

—-