The Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has resigned from his position, according to a press statement today.

He served as chairman for the past 21 months.

Maqsood has not come to office today, said an official of BSEC. 

Four commissioners also resigned today, said the official.

In a statement, Maqsood said he had decided to step down from the public position to focus on personal endeavours.

He said the current commission took charge during a turbulent period and initiated reforms aimed at strengthening the legal framework and market discipline.

During its tenure, the BSEC gazetted five rules covering margin loans, initial public offerings (IPOs), mutual funds, debt securities and whistleblower protection. It also published three draft rules and guidelines on corporate governance, audit and corporate restructuring for public opinion.

According to the statement, the commission drafted two laws — the Bangladesh Securities and Exchange Commission Act and the Capital Market Stabilisation Fund Act — for enactment.