"I have sent my resignation through speed post on April 2," Bhaskar told reporters here today.
After "feeling suffocated" in BSP, he joined Samajwadi Party but in May 2009 he rejoined the party, he said.
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He alleged that Lok Sabha and Assembly tickets were being "sold" to candidates by the party leadership and he was being "insulted" for the last five years.
The former minister claimed that 28 BSP MLAs could soon form a separate group and float a new party.
Bhaskar also claimed that some senior BSP leaders would leave the party.
Replying to a question, he said that he was not planning to join any party as of now and would take any step only after consulting his supporters.