B Mirror Desk : Investors have issued a 48-hour ultimatum for the resignation of Khondoker Rashed Maqsood, the chairman of the Bangladesh Securities and Exchange Commission (BSEC), due to the ongoing decline in the capital market.

They have also threatened to escalate their protest actions if he does not resign within the specified timeframe. The ultimatum was announced by SM Iqbal, president of the Bangladesh Capital Market Investors Association, during a protest that featured a coffin march and funeral prayer at Shapla Chattar in Motijheel, concluding in front of the old Dhaka Stock Exchange building.

Previously, on May 8, investors staged a similar protest, expressing their frustration over what they perceive as the ongoing deterioration of the capital market under Maqsood’s leadership. SM Iqbal stated, ‘We do not want any reforms in the capital market with Rashed Maqsood in charge. He has systematically led the market to ruin, causing significant losses for small investors.’ He underscored that the chairman’s removal is essential for any reform to take place. ‘There will be no discussions as long as he is in position. If he does not resign within 48 hours, we are prepared to announce more severe actions,’ he cautioned, without detailing what those actions might entail.

When asked about the potential need for foreign experts to rejuvenate the market, SM Iqbal firmly dismissed the notion, asserting, ‘We do not require foreign experts. We have competent individuals in our country. Just remove Maqsood.’ The protests are occurring against the backdrop of a sustained downturn in the capital market, which has resulted in significant losses for small investors and increasing discontent with the BSEC’s leadership. The government has not yet provided an official response to the demands or the ultimatum.