Bills tabled to scrap age limits for BSEC, Idra leadership

Finance Minister Amir Khosru Mahmud Chowdhury today (28 April) placed two amendment bills in parliament proposing to remove age limits for appointing the heads and members of the Bangladesh Securities and Exchange Commission (BSEC) and the Insurance Development and Regulatory Authority (Idra).

The Bangladesh Securities and Exchange Commission (Amendment) Bill, 2026 seeks to abolish the existing maximum age limit of 65 years for appointing the chairman and commissioners of the market regulator.

Similarly, the Insurance Development and Regulatory Authority (Amendment) Bill, 2026 proposes removing the current age cap of 67 years for appointing the chairman and members of the insurance regulator.

Placing the bills before the House, the minister proposed sending them to a special parliamentary committee for detailed scrutiny, as the relevant standing committees have not yet been formed. 

He suggested the committee submit its report within one day, a proposal that was approved by voice vote.

In the statement of objectives, the minister said the amendments aim to make the laws more time-appropriate by enabling the appointment of experienced, skilled and knowledgeable individuals to key regulatory positions.

He noted that the existing provision under Section 5(6) of the Bangladesh Securities and Exchange Commission Act, 1993, which sets a maximum age limit of 65 years, has created a barrier to appointing highly qualified professionals in the capital market regulator.

Similarly, he said the age restriction under Section 7(3)(c) of the Insurance Development and Regulatory Authority Act, 2010, which caps appointments at 67 years, has limited the scope to recruit capable individuals to leadership roles in the insurance sector.

Removing these restrictions is necessary in the public interest to strengthen decision-making in both sectors, he added.

Earlier, on 23 April, the cabinet approved the draft amendments to both laws, subject to vetting by the Legislative and Parliamentary Affairs Division, noting that the age limits had become an obstacle to appointing competent individuals.