An eerie sense of unease hangs at the Bangladesh Securities and Exchange Commission (BSEC), with its staffers divided into groups fighting with each other and seeking protection from the wrath of the changing political landscape.
Regular operations are hampered as BSEC staffers do not feel confident enough to perform their duties without being scorned by their seniors.
"I don't know if my bosses will back me up," said a junior official, wishing not to be named.
"Many officials have become demoralized. Some of them got busy with forming separate groups in bolstering strength against opponents," he added.
An environment of fear has been prevailing at the BSEC since the Anti-Corruption Commission (ACC) opened an inquiry into the role of former BSEC chairman Shibli Rubayat Ul Islam and eight other officials during their time at office until the ouster of Sheikh Hasina led government.
Among them, two -- Mr Islam and former commissioner Shaikh Shamsuddin Ahmed -- have resigned. Seven others still remain deployed at the commission.
Several BSEC officials claimed that all of those being investigated by the ACC were not guilty of wrongdoings. They emphasized that the ACC probe must be fair so that no one is harassed if they did not have involvement in corruption.
One of them complained that their social image was tainted even before allegations were proved to be true.
"We welcome the inquiry. But those who had no link to corruption should get justice," the official said.
Meanwhile, Mohammad Saifur Rahman, a BSEC executive director, has been made OSD (officer on special duty). He refused to make any comment.
The situation worsened on Wednesday when the government announced its decision to eliminate a commissioner of the securities regulator -- ATM Tariquzzaman.
The Financial Institutions Division (FID) issued a circular, saying Mr. Tariquzzaman would get three months' time to resign.
Farida Yeasmin, a deputy secretary who signed the notification, said the government has the authority to remove anyone from a public office without specifying reasons, giving him/her three months' time.
She said the circular had been issued following an order from high ups and it is part of the government's ongoing reforms.
The securities regulator could not function for at least 12 days before the appointment of the new chairman and new commissioners as a quorum was absent for necessary decision making.
The previous quorum disappeared after the resignation of the previous chairman Prof Shibli Rubayat Islam and two commissioners following a change in the political regime.
Then the BSEC's operation as a regulator stalled.
In such a situation, stakeholders demanded quick replacement in the vacant posts. The government then appointed Khondoker Rashed Maqsood as chairman and two other commissioners.
The events in the run up to his appointment laid bare divisions among top officials of the commission.
Dr M Masrur Reaz, policy advisor of International Growth Centre, was first appointed as BSEC chairman. But he turned down the offer after some officials of the commission had brought allegations against him of having links with Salman F Rahman, one of the advisors to the fallen PM and a controversial figure in the capital market.
The association of the BSEC employees also issued a statement, saying they would not welcome Mr Reaz. Later, another group, with some members of the executive committee of the association, changed their position and expressed their willingness to accept Mr Reaz as chairman.
However, Mr Reaz stayed firm in his decision.
There was anticipation that the commission would become fully functional after the joining of the new appointees. But external and internal influence allegedly has kept the regulator from functioning effectively.
Insiders said the division among top officials was a major problem to be addressed.
"The spirit to carry out day-to-day activities is missing," said a BSEC official, seeking anonymity.
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