Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Khondoker Rashed Maqsood and all four commissioners submitted their resignation letters to the Financial Institutions Division (FID) of the Ministry of Finance on Thursday.
Earlier, the BSEC shared the chairman’s written statement with the media. In the statement, Maqsood said he had decided to resign after serving 21 months as chairman. He cited the need to focus on personal endeavours.
The commissioners who resigned are Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh and Md Saifuddin. The resignations came amid prolonged instability in the capital market, investor dissatisfaction and internal unrest within the commission.
Maqsood said in his statement that he and his team took charge during a turbulent period. He added that they immediately began a comprehensive overhaul of the legal framework and market discipline.
During his tenure, the BSEC gazetted five rules covering margin requirements, initial public offerings, mutual funds, debt securities and whistleblowing. It also published three draft rules and guidelines on corporate governance, audit and corporate restructuring for public consultation.
He further said that two draft laws — the Bangladesh Securities and Exchange Commission Act and the Capital Market Stabilization Fund Act — were prepared for enactment by the Financial Institutions Division.
Maqsood said the commission made progress in compliance and enforcement to restore market discipline. He added that all formal and informal interventions were removed, allowing market participants, intermediaries and issuers to operate under the rule of law.
He also highlighted initiatives on investor awareness and education, including digital platforms, student video competitions and grassroots engagement across the country.
“All these measures were achieved by a rejuvenated and revitalised BSEC team, ready and eager to do more,” he said, adding that the team had left a lasting impact on the capital market.
He expressed gratitude to colleagues, stakeholders and the government for their support and cooperation.
Maqsood’s tenure, according to the statement, oversaw regulatory and operational improvements at BSEC, strengthening transparency, governance and market stability while preparing the ground for new appointments of non-political professionals.
