Some officials of the Bangladesh Securities and Exchange Commission (BSEC) returned to work yesterday after protests and a work abstention last week. Over the weekend, the commission chairman instructed officials to restore normality. 

A section of BSEC officials and employees staged protests on Wednesday, demanding the resignation of Chairman Khondoker Rashed Maqsood and three commissioners. The unrest was apparently triggered by the forced retirement of an executive director over graft allegations. 

Protesters locked in the BSEC chairman, shouted threats, cut power to his office, and disabled the closed-circuit television (CCTV) system to avoid detection. 

As tensions escalated on Wednesday, law enforcers intervened, baton-charged protesters, and rescued the top leadership, escorting them out of BSEC premises. 

Although the market remained relatively stable during the unrest amid fragile investor confidence, the Dhaka Stock Exchange (DSE) lost 0.56 percent, or 29.51 points, to close at 5,174.44 on Sunday

The work abstention continued into Thursday, disrupting the regulator's operations.

Amid the standoff, BSEC's top leadership arrived at the office in the afternoon under security escort and announced they had government backing to continue "anti-corruption measures". 

With law enforcers and army personnel present at BSEC's premises and protesting staff gathering on a floor of the commission's office in Dhaka's Agargaon, Maqsood told the media the commission would not bow to pressure. 

Finance ministry sources told The Daily Star that BSEC's leadership met the finance adviser earlier on Thursday. The ministry supported the chairman and instructed him to continue his anti-graft efforts. 

On Friday, a case was filed against 16 protesting officials on criminal charges, further complicating the situation. 

Stockbrokers and analysts told The Daily Star on Saturday that the situation had spiraled out of control for both sides, calling on the finance ministry to intervene. 

Speaking to journalists after a meeting with stakeholders in Dhaka yesterday, Maqsood said he had directed officials to return to work and expressed his willingness to resolve the issues amicably. 

"We have seen that many officials have already returned. We urged them on Thursday to resume work. If they do so, all is well," he said. 

Operations would return to "business as usual," he added, saying the BSEC would investigate last week's incidents and take necessary action. 

Top brokers, merchant bankers, and representatives from the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) met Maqsood and three commissioners to express their support. 

Stock market stakeholders urged BSEC to hold accountable those involved in last week's unrest, along with those implicated in corruption over the past 15 years. They also called for a conducive work environment for employees not involved in the protests. 

DSE Chairman Mominul Islam told journalists, "What happened last week was unexpected." 

He said that many officials work with integrity and deserve a workplace where they can perform their duties without concern. 

"We have requested the commission to take action, and they have assured us they will," he said. 

Islam reassured investors that the DSE and CSE would strengthen market monitoring to prevent further disruptions. 

"Don't lose confidence in the stock market," he said, adding that reforms would soon bring stability. 

Islam voiced support for BSEC's ongoing investigations and anti-corruption measures, saying that the executive director was forced into retirement due to graft. 

"If anyone disagrees with BSEC's decisions, there is a process to challenge them. They can even go to court if they wish. However, indiscipline is unacceptable," he said. 

DSE directors Minhaz Mannan Emon and Richard D'Rozario, along with DSE Brokers Association President Saiful Islam, attended the meeting. 

Although the market remained relatively stable during the unrest amid fragile investor confidence, the Dhaka Stock Exchange (DSE) lost 0.56 percent, or 29.51 points, to close at 5,174.44 on Sunday.