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Published : 04 Jun 2026, 11:51 AM
Khondoker Rashed Maqsood has resigned as the chairman of the Bangladesh Securities and Exchange Commission (BSEC).
BSEC Commissioners Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh, and Md Saifuddin have also resigned.
This means BSEC, which is formed by a chairman and four commissioners according to law, now stands vacant.
Rashed told the media on Thursday that he was resigning as the head of the stock market regulator for personal reasons.
A written statement was later issued by BSEC, citing Rashed.
"After performing the role of chairman, BSEC for last 21 months, I have decided to resign from the public position to focus on personal endeavors," he wrote.
Rashed said he had taken over the leadership at a turbulent time and 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,” he said.
“We had taken very strong measures and have made significant progress in Compliance / Enforcement area to restore market discipline. We had removed all formal and informal intervention mechanisms and allow the market, intermediaries and issuers to operate freely by restoring rule of law and regular stakeholder engagement programme.”
He also touted “tremendous progress” in investor awareness and education through the adoption of digital platforms, short video competitions for students, and engaging with the administration at the grassroots level.
“All the above measures had been achieved by a rejuvenated and revitalised BSEC team who are ready and eager to do more,” the statement said.
“In conclusion, we are proud to leave a lasting impact for the capital markets. We take this opportunity to thank all our colleagues, stakeholders and the government for their dedicated support and commitment.”
Rashed was appointed as the BSEC chairman for a four-year term on Aug 18, 2024. Before that, Md Mohsin Chowdhury was appointed as a commissioner on Jun 2, 2024.
After the fall of the Awami League government in face of a student-led mass uprising, three other BSEC commissioners were appointed. Md Ali Akbar was appointed on Aug 28 that year, Farzana Lalarukh on Sept 3 and finally Md Saifuddin on Jul 29, 2025.
The BNP won a landslide victory in the general election in February and formed a government with an absolute majority.
Later that month, when a new face was appointed as the governor of Bangladesh Bank, the talk turned to the post of BSEC chairman.
Discussions have been going on since then, but Finance and Planning Minister Amir Khosru Mahmud Chowdhury clarified the matter on Tuesday.
At an event titled “Budget 2026-27: Expectations and Reality” organised by the Economic Reporters Forum (ERF), the minister said that BSEC will be restructured within two weeks. A chairman and four commissioners are being appointed in this restructuring process.
Khosru said, "We are reorganising the market. The chairman and four commissioners who are going to be appointed are professionals. Each of them is quite skilled and experienced in the capital market."
The names of several potential appointees have been discussed for the post of chairman, with Unilever Consumer Care Chairman Masud Khan.
An official of the Ministry of Finance told bdnews24.com that Masud’s name had been finalised for the new chairman and the file has been sent to the prime minister for approval. Once it is approved, a notification will be issued.
Despite the talk, Rashed continued his duties as usual. A post-Eid greetings exchange event with capital market-based journalists was also scheduled for Thursday.
Although the programme was supposed to start at 11am, neither the chairman nor the other commissioners came to the office. According to the official schedule, the BSEC office opens at 9am.
Rumours began to circulate when no one from the commission came to the event. Then, at 11 am, the chairman sent his written statement.
