The new head of the temporary body and his 10 advisors sacked two key officials on Tuesday as the Friday deadline loomed.
The main opposition Awami League and its allies on Monday suspended protests until Friday and gave the caretaker chief a list of demands it said would demonstrate his neutrality and commitment to conducting free and fair polls.
President Iajuddin Ahmed, the caretaker administration's head, on Tuesday fired senior security force and police intelligence chiefs appointed by the outgoing government in a move seen as an attempt to appease the opposition.
The administration told reporters to expect more changes after Abdul Aziz Sarker, director general of the Rapid Action Battalion security force, and police intelligence chief Farrukh Ahmed Chowdhury were both sacked.
One of the Awami League's key demands is the replacement of the chief election commissioner and his two deputies.
The party accuses the Election Commission's top officials of favouring the
outgoing Bangladesh National Party and of attempting to rig the election by producing a list with millions of "ghost voters."
"We have reiterated that we will not take part in any elections supervised by the current chief election commissioner," Awami League secretary general Abdul Jalil told reporters on Wednesday.
"The chief election commissioner M.A. Aziz and his deputies must go. There will be no compromise in this issue," he added.
The opposition has threatened to boycott the polls unless its demands are met, claiming the BNP has stacked the cards against them by politicising the supposedly neutral non-party caretaker body and Election Commission.
The opposition had earlier objected to the government's original choice for head of the temporary administration, former Supreme Court judge K.M. Hasan -- a senior BNP-appointed government official during the late 1970s.
The president named himself as the caretaker chief Sunday after the parties failed to reach an agreement on a compromise candidate.
Jalil welcomed the removal of the two security and police chiefs but said more changes were needed.
"It is not enough. The president has to make wholesale changes and sack all the contractual officials to neutralise the administration, which we think is essential for a free and fair polls," he said.
"We will observe activities. If they (the caretaker chief and his advisors) prove their neutrality, we will welcome them, otherwise we will launch fresh protests," he said.
The 10 members of the advisory council began work amid a lull in political violence that has claimed 23 lives since the previous government's term expired.
The advisory council -- including a newspaper editor, a former armed forces chief, and a human rights lawyer, and mandated by the constitution to oversee elections -- faces a range of demands from the opposition.
In addition to sacking the chief election commissioner, the opposition also wants a revision of the voting list and full and unbiased coverage of opposition activities by state TV.
They also want portraits of outgoing prime minister Khaleda Zia removed from government offices, and all promotion and retirement orders since July 1 cancelled.
Thousands of activists took to the streets as the coalition government's five-year tenure expired on Friday, leading to days of deadly protests.
Police said calm was largely restored across the country on Tuesday with no fresh clashes reported on Wednesday.

Copyright AFP (Agence France-Presse), 2006