The stock market regulator has dismissed the board of Fareast Islami Life Insurance to protect investors' interest.

The new board will restructure the top management of the company within six months, Bangladesh Securities and Exchange Commission (BSEC) said in a press release.

It will be asked to bring back cash and assets and they will take legal action against the culprits who were involved in financial crime and money laundering, the BSEC said.

The new board will ensure that they have no conflict of interest with the insurer and follow insurance act, corporate governance code and securities law.

The BSEC appointed 10 independent directors for the new board.