Banker Khondoker Rashed Maqsood has become the new chairman of the capital market regulator Bangladesh Securities and Exchange Commission (BSEC).

The Financial Institution Division (FID), a wing of the Ministry of Finance, issued an office order in this regard on Sunday. The FID at the same time cancelled the previous office order regarding the appointment of the BSEC Chairman Dr Masrur Reaz.

Khondoker Maqsood was the Managing Director and CEO of Standard Bank Limited. Prior to joining Standard Bank, he served as MD of NRBC Bank and served for seven years as MD and City Country Officer of City Bank NA Bangladesh. The new chairman of BSEC Khondoker Maqsood is a banker, who completed MBA in Finance from IBA, Dhaka University in 1992.

Earlier, the FID issued an office order for appointing Dr Masrur Reaz as the chairman of BSEC on August 13. But he declined to join the post after a group of share markets stockholderraise opposed his appointment by, claiming him to be a beneficiary of Salman F Rahman.