A tense situation is prevailing at the Bangladesh Securities and Exchange Commission (BSEC) as officials and employees across all levels have united in demanding the resignation of Chairman Khondker Rashid Maksud and the entire commission. As part of their protest, they have staged a work stoppage.

The unrest erupted after the decision to send Executive Director Saifur Rahman into compulsory retirement, leading to unprecedented demonstrations on Wednesday. Since then, the commission's activities have come to a standstill.

Despite the turmoil, trading on both the Dhaka and Chittagong Stock Exchanges began as usual at 10 AM and continued without disruption.

By 1 PM on Thursday, a visit to the BSEC office in Agargaon, Dhaka, revealed that no department was operational. A heavy presence of police and military personnel was observed both inside and outside the premises.

Officials reported that neither the chairman nor the commissioners had arrived at the office by that time. Another source indicated that they were at the Secretariat, engaging in high-level discussions with the government in response to the crisis.

At the same time, a large gathering of officials and employees convened in the commission’s multipurpose hall to determine their next course of action. Many were wearing red badges as a symbol of their protest.

Several employees expressed frustration, claiming that Chairman Rashid Maksud and the commissioners lacked the administrative competence and qualifications needed to run a regulatory body like the BSEC. They accused the leadership of not understanding securities laws, making arbitrary decisions, and mistreating staff. These sentiments were reportedly shared by a majority of employees, from junior to senior levels.

In contrast, a statement from the chairman’s office asserted that certain officials were instigating chaos and disrupting operations because the commission had initiated accountability measures based on investigations into past stock market irregularities and manipulations from the previous administration.