Securities and Exchange Commission member Mansur Alam on Wednesday resigned in the wake of his alleged roles in circulating two directives without the consent of the full commission.
Farhad Ahmed, executive director of the commission, said, ‘Mansur Alam submitted his resignation to the SEC chairman Ziaul Haque Khandkar on Wednesday.’
‘The chairmen sent it to the establishment ministry,’ a senior SEC official said.
Neither the SEC chairman nor Mansur could be reached for comments.
Sources in the commission said that the government had asked Mansur to resign from the position in the wake of the recent volatility on the capital market.
Mansur was earlier stripped of major responsibilities as a commission member after the country’s two bourses had witnessed heavy fall on December 8 following two directives issued by him.
Mansurhad directed stockbrokers and merchant banks not to provide advance financing to their clients to buy securities before selling them from their client’s investment accounts. The market plunged massively following the directives which were later withdrawn by the commission.
The commission sources said that the government in an apparent bid to restore confidence of investors after the six days of massive fall asked Mansur to resign.
