BSEC closes its main gate, army stationed at building

The incident comes a day after the capital market regulator's executive director Saifur Rahman was sent into forced retirement

Employees of the Bangladesh Securities and Exchange Commission, or BSEC, have demanded the resignation of the regulatory body's Chairman Khondoker Rashed Maqsood.

As Maqsood and other commission members were leaving the office on Wednesday, escorted by army personnel and law enforcers, the employees began chanting slogans calling for his resignation.

Speculation had been brewing as the main entrance to the BSEC had been shut throughout the day and the arrival of army personnel in the afternoon added further intrigue.

From 10:45am to 3:00pm, no one was allowed inside the office of the capital market regulator. Just before 3:30pm, a team from the army arrived and took up positions on the premises.

It followed the BSEC chairman's decision on Tuesday to send Executive Director Saifur Rahman into forced retirement.

Security staff at the main gate reported that some officials had also shut the glass doors on each floor, preventing employees on one floor from accessing other floors.

When attempts were made to contact the BSEC spokesperson and other relevant officials, both their office and personal phones were found to be switched off.

Saifur, who had served as the BSEC spokesperson under the Awami League administration, was transferred to another department after the changeover in government in August. In November, he was reassigned to the corporate affairs department.