Bangladesh Securities and Exchange Commission (BSEC) has requested three acres of land for a new headquarters, less than eight years after moving into its current office building in Agargaon. The regulatory body has applied to the Rajdhani Unnayan Kartripakkha (RAJUK) for land allocation under the Purbachal New Town Project to construct a modern, state-of-the-art complex.
Current Facility Deemed Inadequate
The BSEC’s existing ten-story building in Agargaon, which cost approximately ৳60 crore to construct, is no longer sufficient to conduct its operations smoothly, according to the Commission. The BSEC has cited a critical lack of space for officials and insufficient parking, stating these constraints are hampering its regulatory and developmental activities. The current building sits on 33 decimal of land next to the Passport Office.
The BSEC relocated to this custom-built office from the Jibon Bima Tower in Motijheel in February 2017.
Staff Expansion Driving Need for Space
In a letter sent to the Financial Institutions Division of the Ministry of Finance last September, the BSEC highlighted that its current approved workforce is 369, but an additional 301 new posts are in the process of approval. This expansion is expected to intensify the space crisis.
BSEC spokesperson Abul Kalam confirmed the situation: “The current building cannot handle our operations. Many officials do not have a desk. We’ve been requesting land for a new building for a long time.”
He added that the new staff is needed “to enhance our capacity in regulating and developing the capital market. When the new posts are approved, it will be impossible to stay in this building.” The Commission also plans to establish its own academy and expand its product base in the capital market, both of which require additional space.
Strategic Initiatives and International Requirements
Established in 1993, the BSEC is tasked with regulating and developing the country’s capital market and protecting the interests of investors.
The letter to the Finance Ministry noted that under the Chief Adviser’s directive, the BSEC has undertaken various initiatives to develop the capital market to international standards, including the urgent appointment of consultants. These initiatives are part of the Commission’s short, medium, and long-term plans aimed at improving the market capitalization to GDP ratio to a regional standard and ensuring sustainable development.
Ongoing initiatives include:
- Developing the bond market.
- Initiating trading of unlisted company shares.
- Expanding financing for Small and Medium Enterprises (SMEs).
- Launching Real Estate Investment Trusts (REITs).
- Establishing a Commodity Exchange.
- Forming the Capital Market Stabilization Fund (CMSF).
- Starting a Capital Market Learning Program for the new generation.
The BSEC further stated that the expansion of the country’s capital market necessitates an expansion of the permanent staff structure for effective regulation and investor protection. Staff demand will increase further once bond and derivatives trading commence.
Operational Challenges and Need for Modern Facilities
The BSEC detailed its operational challenges, noting that the lack of adequate space prevents them from accommodating new and old officials together. Furthermore, they have been unable to build a modern auditorium for large seminars or conferences.
The Commission, which achieved ‘A’ category membership in the international organization IOSCO in 2013, stated it now needs an auditorium suitable for national and international conferences.
The letter also pointed out that daily operations are being hampered by the space constraints, and due to limited parking, the BSEC is currently renting space from the nearby Bangladesh Investment Development Authority (BIDA) for vehicle parking.
The BSEC believes that a new, modern headquarters will enable it to provide more efficient and effective services to investors.
