Investors issue 48-hr ultimatum for BSEC chairman's resignation

Investors have issued a 48-hour ultimatum demanding the resignation of Khondoker Rashed Maqsood, chairman of the Bangladesh Securities and Exchange Commission (BSEC) over prolonged downturn in the capital market.

They also warned of intensified protest programme if he does not step down within the given deadline.

From a protest programme today demanding the BSEC Chairman's removal, SM Iqbal, president of the Bangladesh Capital Market Investors Association, announced the ultimatum. 

The association arranged a protest, which included a coffin march and funeral prayer (janaza), took place at Shapla Chattar in Motijheel and concluded in front of the old Dhaka Stock Exchange building.

Earlier on 8 May, investors held a similar demonstration amid mounting frustrations over what they describe as the ongoing destruction of the capital market under Maqsood's leadership.

"We do not want any reform in the capital market with Rashed Maqsood in place," said SM Iqbal during the protest. "He has gradually pushed the market toward destruction, and investors with small capital have lost everything."

SM Iqbal emphasised that the chairman's removal is the most necessary reform. "There will be no discussions as long as he remains. If he doesn't resign within 48 hours, we know what to do. We will announce tougher programmes," he warned, without elaborating on what those actions might be.

Responding to suggestions that foreign experts might be needed to revitalise the market, SM Iqbal rejected the idea outright. "We do not need foreign experts. We have capable people in the country. Just remove Maqsood."

The protests come amid a prolonged downturn in the capital market, which has led to widespread losses among small investors and growing dissatisfaction with BSEC leadership. The government has yet to respond officially to the demands or the ultimatum.