The standoff between the top leadership and staff at the Bangladesh Securities and Exchange Commission (BSEC) entered its second day yesterday, as employees continued their protests against the forced retirement of an executive director over corruption allegations.

The unrest has effectively halted regular operations at the commission. Protesting staff are demanding the resignation of BSEC Chairman Khondoker Rashed Maqsood and three commissioners, citing inefficiency in managing the stock market regulator.

Despite the growing protests, Maqsood rejected calls for his resignation, asserting that the commission would not yield to pressure. He arrived at the BSEC headquarters in Agargaon yesterday afternoon under tight security, vowing to continue anti-corruption efforts with government support.

Law enforcement and army personnel were deployed at the premises as the chairman addressed journalists. Meanwhile, protesting staff, who have been observing a work abstention, gathered on a separate floor of the building.

The crisis began on Wednesday when employees locked Maqsood inside his office following Executive Director Saifur Rahman’s sudden retirement over graft charges. Protesters escalated their actions by cutting off power to the building for hours, prompting law enforcement to intervene and escort the leadership to safety.

Maqsood and the commissioners later met with Finance Adviser Salehuddin Ahmed and Financial Institutions Division Secretary Nazma Mobarek to discuss the situation.

According to finance ministry sources, the government instructed BSEC leadership to take firm action against corruption and assured full support for such measures.

Around 3 pm, Maqsood returned to the office under security protection and announced that the government had reaffirmed its decision to keep him in office to oversee corruption investigations.

“Those who are being charged with involvement in corruption have an interest in creating obstacles to the investigation,” Maqsood told reporters, suggesting that the protests were an attempt to hinder ongoing inquiries.