The chairman and commissioners of the Bangladesh Securities and Exchange Commission (BSEC) have resigned unexpectedly, ending weeks of speculation. The resignations were submitted on Thursday morning to the Financial Institutions Division of the Ministry of Finance. The outgoing chairman, Khondkar Rashed Maksud, and commissioners Md. Mohsin Chowdhury, Md. Ali Akbar, Farzana Lalarukh, and Md. Saifuddin stepped down from their positions.

Two days earlier, Finance and Planning Minister Amir Khosru Mahmud Chowdhury had announced at an Economic Reporters Forum event that new appointments for the BSEC chairman and commissioners would be made within two weeks. Following this announcement, the resignations came sooner than anticipated. A scheduled Eid reunion event at the BSEC office, organized by the chairman, was also canceled after the resignations.

According to sources connected to the invited guests, the chairman and commissioners were advised to resign. The developments mark a significant leadership change at the country’s capital market regulatory body.