The Bangladesh Securities and Exchange Commission (BSEC) has suspended 21 of its officials for misconduct and breaches of discipline during a protest in March against the commission's senior leadership.

The suspensions followed preliminary investigations, with the regulator now preparing to launch departmental cases against those involved.

In March this year, a protest broke out at the market regulator following the removal of a BSEC executive director.

During the demonstration, a group of BSEC employees locked Chairman Khondoker Rashed Maqsood and three commissioners inside the meeting room for nearly four hours.

They also shut down the main gate, disabled CCTV cameras and Wi-Fi, and cut power to elevators and other electrical systems, plunging the premises into disarray.

As the situation escalated and offices were vandalised, law enforcement was called in to rescue the senior officials from the commission's headquarters in Dhaka's Agargaon area.

The protesting staff later issued a list of demands, including the resignation of the top leadership, citing what they described as "inexperience".

However, the commission alleged that a vested group was manipulating the protest to obstruct its anti-corruption investigations.

The deadlock, which began on 5 March, severely disrupted operations and further dented already fragile investor confidence in the capital market.

With backing from the finance ministry to continue its anti-graft campaign, the commission proceeded with legal action against 16 staff members and launched internal inquiries into acts of indiscipline, insubordination, and sabotage.

In a statement, the commission then said any official found guilty of such offences could face dismissal or other serious disciplinary measures.

The suspended staff will continue to receive subsistence allowances as per service regulations during their suspension.

In a separate development yesterday, a general meeting was held at the BSEC's multipurpose hall, attended by all officials, including the chairman and three commissioners.

According to a press release, BSEC Chairman Maqsood urged staff to put past incidents behind them and work together with renewed purpose, discipline, and a focus on protecting investors' interests.

Officials pledged to support the commission's work with greater efficiency and accountability.

The chairman expressed hope that, with collective effort, the pace of BSEC's activities would accelerate.