Bangladesh: Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has resigned from his position after serving for the past 21 months, according to a statement issued today. In his statement, Maqsood expressed his decision to step down from public service to concentrate on personal endeavors.
According to Bangladesh Sangbad Sangstha, during Maqsood's tenure, the commission undertook significant reforms aimed at strengthening the legal framework, enhancing market discipline, and improving investor protection. The leadership assumed responsibility during a challenging period for the capital market and directed efforts towards key regulatory advancements.
The statement highlighted that the commission successfully finalized and gazetted five key rules governing margin loans, initial public offerings (IPOs), mutual funds, debt securities, and whistleblower protection. Additionally, the commission published three draft regulations and guidelines concerning corporate governance, audit practices, and corporate restructuring for public consultation.
The outgoing chairman also noted that the commission prepared two major legislative proposals-the Bangladesh Securities and Exchange Commission Act and the Capital Market Stabilisation Fund Act-for enactment. These proposals aim to modernize the regulatory architecture of the country's capital market.