The Jatiya Sangsad on Thursday passed two amendment bills removing age limits for appointing the heads and members of the Securities and Exchange Commission and Insurance Development and Regulatory Authority, despite objections from opposition lawmakers.

The bills, tabled by finance minister Amir Khasru Mahmud Chowdhury, amended the laws governing the Bangladesh Securities and Exchange Commission and the Insurance Development and Regulatory Authority.

Under the amendments, the existing maximum age limit of 65 years for the BSEC chairman and commissioners, and 67 years for the IDRA chairman and members, will be abolished.

The finance minister on Tuesday proposed that the bills be referred to a special parliamentary committee for detailed scrutiny, noting that the relevant standing committees had yet to be formed.

The House approved the proposal by voice vote, and the committee subsequently recommended passage of the bills without changes on Wednesday.

Placing the bills for immediate passage on Thursday, the minister said the amendments were intended to make the laws more time-appropriate by allowing the appointment of experienced and skilled individuals to key regulatory roles.

He argued that the existing age caps had created barriers to recruiting highly qualified professionals.

Citing provisions in the relevant laws, he said the 65-year limit under the BSEC Act of 1993 and the 67-year cap under the IDRA Act of 2010 had restricted the pool of capable candidates.

Removing these limits, he said, would serve the public interest by strengthening decision-making in both the capital market and insurance sectors.

However, independent lawmaker Rumeen Farhana called for the bills to be opened to public scrutiny, a proposal that was rejected by voice vote.

She stressed the importance of the stock market and insurance sector as key indicators of a country’s economic health, noting that developed economies often rely on strong capital markets.

Referring to major market crashes in 1996 and 2010, she said small investors in Bangladesh had suffered severe losses.

Citing reports, she alleged that more than Tk1 lakh crore had been siphoned off from the market over the past 15 years without accountability.

Rumeen urged the government to bring those responsible for market manipulation to justice and to ensure that competent and qualified individuals are appointed to regulatory bodies to restore investors’ confidence.

Opposition lawmaker Akhter Hossen questioned whether the amendment had been introduced to appoint capable chairmen and members to the BSEC and the IDRA, or merely to facilitate the appointment of favoured individuals.

Opposition lawmaker Sahjahan Chowdhury also opposed the amendment of the bills, proposing that the bills should sent to a standing committee for further review.

His proposal was similarly rejected by voice vote.

Sahjahan argued that the existing age limit for the BSEC and IDRA chairman should remain in place and warned against altering established norms without sufficient deliberation.

Meanwhile, leader of the opposition and Bangladesh Jamaat-e-Islami amir Shafiqur Rahman criticised the process, alleging that lawmakers were not given adequate time to review the bills.

He said that the documents had been supplied only on the day of discussion and urged the speaker to defer consideration to a later session, arguing that the amendments were not time-sensitive and warranted proper debate.

Responding to the criticism, the deputy speaker said the procedures had been followed in accordance with parliamentary rules, noting that the bills and committee reports had been circulated within the stipulated timeframe.

Defending the amendments, the finance minister pointed to changes in life expectancy since the original laws were enacted.

He said that when the securities law was introduced in 1993, the average life expectancy in Bangladesh was around 57 years, whereas it now stands at approximately 72 years.

‘In today’s context, retaining earlier age limits would prevent experienced and capable individuals from contributing effectively,’ minister told the House.

The bills were ultimately passed by voice vote.