BSEC chairman and 4 commissioners resign

The chairman and four commissioners of the Bangladesh Securities and Exchange Commission (BSEC) resigned from their posts today (4 June).

"We have all resigned due to personal reasons," Md Saifuddin, one of the now four former commissioners, confirmed to The Business Standard.

BSEC Chairman Khondoker Rashed Maqsood and the four commissioners submitted their resignation letters to the Financial Institutions Division of the Ministry of Finance this morning, said Saifuddin. 

The other three commissioners are Md Mohsin Chowdhury, Md Ali Akbar, and Farzana Lalarukh.

Their resignations came just two days after Finance and Planning Minister Amir Khosru Mahmud Chowdhury said the BSEC will be reconstituted within the next two weeks with a leadership team comprising non-political and experienced market professionals.

The minister also said that the process of appointing a new chairman and four commissioners was already underway.

In a message this morning, Maqsood said that after serving as chairman for the last 21 months, he had decided to resign from the position to focus on personal endeavours.

He said, "We had taken over the leadership role in the most turbulent times and immediately began a long overhaul of the legal framework and market discipline. During this short period, we have already gazetted 5 Rules (Margin, IPO, Mutual Fund, Debt Securities, Whistleblower).

"We have also published 3 draft Rules/Guidelines (Corporate Governance, Audit, Corporate Restructuring) in recent weeks for public opinion. We have drafted two laws (Bangladesh Securities and Exchange Commission Act & Capital Market Stabilization Fund Act) for FID to enact."

Maqsood added, "We have also made tremendous progress in investor awareness and education by adopting digital platforms, short video competitions by students and engaging at the grassroots levels of the administration. All the above measures had been achieved by a rejuvenated and revitalised BSEC team who are ready and eager to do more."

"In conclusion, we are proud to leave a lasting impact on the capital markets. We take this opportunity to thank all our colleagues, stakeholders and the government for their dedicated support and commitment," he said.

Earlier in the morning, the BSEC postponed its Eid Reunion 2026 programme, which was scheduled to bring together market stakeholders and journalists at 11am today.

Officials said the event was postponed following a directive from the commission, with the securities regulator stating in a notice sent to invited guests, "Due to unavoidable circumstances, the BSEC Eid Reunion 2026 scheduled for today has been postponed. We regret the inconvenience and thank you for your understanding and cooperation."

The postponement came a day after the chairman and commissioners reportedly left the BSEC headquarters with their personal belongings following a meeting yesterday (3 June).

According to BSEC officials, the five officials had not returned to the office as of this morning.

Khondoker Rashed Maqsood, a former banker with 30 years of experience both in Bangladesh and abroad, was made the chairman of the stock market regulator on 18 August 2024.