In a change of heart, economist and public policy analyst M Masrur Reaz has decided against joining the Bangladesh Securities and Exchange Commission (BSEC) as its chairman.

The Financial Institutions Division of the finance ministry had issued a circular on August 13 informing of his appointment.

The post had been vacant since Prof Shibli Rubayat-Ul Islam resigned on August 11 after the fall of the Sheikh Hasina-led Awami League government on August 5.

The appointment would have been confirmed had Reaz sent a letter of consent on joining office.

"I am humbled and consider it an opportunity to contribute to the country," he had told The Daily Star after the circular was issued.

"There has been massive corruption in the stock market and my priority is to clean it, bring back good governance and develop the market as a long-term source of financing," he added.

However, in another message yesterday, Reaz, the chairman and founder of research organisation Policy Exchange Bangladesh, said, "Despite my heartfelt appreciation, I have decided not to accept the position of BSEC chairman."

"I feel that at this critical juncture of the nation, I will be best able to serve in my current role as an economist to promote necessary policy analysis and dialogue," he said.

"…putting forth actionable policy and reform ideas for the betterment of our economy, with particular focus on trade, investment, and financial development," he added.

"I would like to take the opportunity to express my gratitude to the interim government for appointing me as the chairman of the regulatory body," said Reaz.

Hours after the August 13 circular was issued, Bangladesh Securities and Exchange Commission Officers Welfare Association had sent a letter to the secretary to the Financial Institutions Division saying they were opposed to the appointment.

However, there were other officials who publicly stated that the letter was sent without their consent.

The association then sent another letter, signed by its president Md Saifur Rahman, saying they were ready to welcome Reaz.