Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood and four commissioners have resigned from their positions, days after the government announced plans to restructure the country's capital market regulator.
The four commissioners who stepped down are Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh and Md Saifuddin.
They submitted their resignation letters to the Financial Institutions Division under the Ministry of Finance on Thursday, according to officials familiar with the development.
Rashed Maqsood was appointed BSEC chairman on August 18, 2024 for a four-year term. Among the commissioners, Md Mohsin Chowdhury joined on June 2, 2024, Ali Akbar on August 28, 2024, Farzana Lalarukh on September 3, 2024, and Md Saifuddin on July 29, 2025.
The resignations came shortly after Finance and Planning Minister Amir Khosru Mahmud Chowdhury announced that the BSEC would be reconstituted within the next two weeks.
In a message released by BSEC on Thursday, Rashed Maqsood said he had decided to step down after serving as chairman for the last 21 months to focus on personal endeavours.
He said the commission had assumed office during a turbulent period and undertaken extensive reforms to strengthen the legal framework and restore market discipline.
According to the statement, the commission gazetted five rules covering margin lending, IPOs, mutual funds, debt securities and whistleblower protection, while also publishing draft regulations on corporate governance, auditing and corporate restructuring for public consultation.
The outgoing chairman also claimed that the commission had taken strong compliance and enforcement measures, removed formal and informal intervention mechanisms, enhanced investor education initiatives and promoted greater stakeholder engagement.
Meanwhile, news of the resignations was welcomed by many investors and capital market stakeholders.
The development follows months of protests by BSEC officials and employees demanding the chairman's resignation. General investors had also staged demonstrations, human chains and road blockades at different times, raising concerns over the regulator's performance and seeking changes in the commission's leadership.
The government is now expected to announce a new leadership team for the capital market watchdog as part of its planned restructuring efforts.