Bangladesh Securities and Exchange Commission decided on August 18 to send 17 officials into compulsory retirement over alleged violations of service rules. The commission also reduced the salaries of five other officials to the lowest step or grade. The decisions were taken at a BSEC commission meeting after show-cause notices were issued to the accused officials on July 23.

According to BSEC sources, the measures followed a March 5 incident last year in which then chairman Khondkar Rashed Maqsood and several commissioners were allegedly confined for several hours. A government-directed investigation and departmental process recommended action against 23 officials. Punishment was implemented against 22 on Tuesday, while one other official had already been dismissed over a separate allegation.

Those retired compulsorily include Executive Director Rezaul Karim and officials from several ranks. Five employees, including assistant directors Johnny Hossain, Raihan Kabir, Tarikul Islam and Maksud Mila, received salary demotions. An unnamed affected official said the grounds for the decision were unclear and said legal action could be pursued. Officials were informed Tuesday, and many collected formal retirement letters at the BSEC office in Agargaon on Wednesday.