BANGKOK – The head of Thailand’s stock market watchdog agency has resigned after he was accused of being involved in a takeover attempt of a listed company.

The Securities and Exchange Commission said Chairman Vijit Supinit’s resignation was effective Friday. No reason was given.

More than 100 SEC employees earlier Thursday wore black to protest Vijit’s alleged involvement in a hostile takeover attempt of a major shipping company, Thoresen Thai Agencies Public Company Limited.

Thoresen chief executive Chandchutha Chandratat was reported by the Bangkok Post newspaper as saying that Vijit met with company executives and investors who wanted to take it over, and that he was proposed as its new chairman.