48-hr ultimatum for BSEC boss resignation

Staff Reporter :

Investors have given a 48-hour deadline for the resignation of Khondoker Rashed Maqsood, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), blaming him for the prolonged slump in the capital market.

SM Iqbal, President of the Bangladesh Capital Market Investors Association (BCMIA), issued the ultimatum on Sunday during a protest and warned of intensified demonstrations if Maqsood does not step down within the stipulated time.

The protest, organized by the association, included a symbolic a coffin march and funeral prayer (janaza). The programme began at Shapla Chattar in Motijheel and ended in front of the old Dhaka Stock Exchange building.

Addressing the occasion, SM Iqbal said this is not the first time investors have taken to the streets.

On 8 May, a similar protest was held amid growing frustration over what they claim is the continued deterioration of the market under Maqsood’s leadership.

“We do not want any capital market reform with Rashed Maqsood at the helm,” said SM Iqbal. “Under his leadership, the market has been driven to ruin. Small investors have lost everything.”

Iqbal stressed that the chairman’s resignation is a prerequisite for any meaningful reform.

“There will be no dialogue while he remains in office. If he does not resign within 48 hours, we will escalate our movement,” he warned, without specifying what further actions might be taken.

In response to suggestions that foreign experts might be needed to revive the market, Iqbal rejected the idea. “We have enough capable professionals in the country.

The only solution is to remove Maqsood,” he asserted.
The protests come amid deepening losses in the stock market and rising discontent among retail investors. As of now, the government has not issued an official response to the ultimatum or investor demands.