M Khairul Hossain is a Bangladesh academic, Professor of Finance at the University of Dhaka, and had been the longest-serving head of Bangladesh Securities and Exchange Commission.
Hossain completed his bachelor's degree and Masters in Economics from Plekhanov Russian University of Economics in 1978 and 1979 respectively. [1] In 1983, he completed his PhD from Plekhanov Russian University of Economics. [1] In 2000, he completed his second PhD from Prairie View A&M University in finance. [1]
Hossain has served as the chairman of the Investment Corporation of Bangladesh from 15 September 2009. [1] [2] He is a Selection Grade Professor and chairperson of the Department of Finance and Banking at the University of Dhaka. [1]
In 2010-2011 there was a severe financial crisis in the Dhaka Stock Exchange in the aftermath of the 2011 Bangladesh share market scam. [3] Following which the government of Bangladesh appointed Hossain on 15 May 2011 to be the chairperson of the Bangladesh Securities and Exchange Commission to restore order to the market. [3] He replaced Ziaul Haque Khondker who had served in the position since 2009. [2]
Hossain term ended on 2014 and was extended for additional four years. [3] He extension required an amendment to the Bangladesh Securities and Exchange Commission (Amendment) Act 2012. [4] His term was extended for another two years after his term ended. [3] The Minister of Finance, Abul Maal Abdul Muhith, raised some questions over the legality of his second extension. [3] The Daily Star described his second extension as unjustified because his term could not be considered successful. [4]
During his term, Hossain faced criticism for approving too many IPOs and declining values of the shares of those companies. [3] In August 2019, the Anti-Corruption Commission started an investigation against Hossain. [5] He faced allegations of embezzlement, money laundering, and approving IPOs after receiving bribes. [5] [6] [7] The executive director of Transparency International Bangladesh called for his resignation. [7]
On 14 May 2020, Hossain ended his term as the chairperson of the Bangladesh Securities and Exchange Commission, the longest serving chairperson of the commission. [3] He was replaced by Professor Shibli Rubayat Ul Islam of the University of Dhaka. [8] [9]
- ^ a b c d e "Profile of Dr. M. Khairul Hossain". University of Dhaka. Retrieved 16 September 2021.
- ^ a b Ahmed, Gazi Towhid (16 May 2011). "SEC gets new chief". The Daily Star. Retrieved 16 September 2021.
- ^ a b c d e f g "Prof M Khairul ends his 9-yr tenure as BSEC chief today". The Financial Express. Dhaka. Retrieved 16 September 2021.
- ^ a b "Unwarranted extension for BSEC chief". The Daily Star. 27 April 2018. Retrieved 16 September 2021.
- ^ a b "ACC to probe allegations of graft against BSEC Chairman Khairul Hossain". bdnews24.com. 22 August 2019. Retrieved 16 September 2021.
- ^ "Share market scam: ACC opens inquiry against BSEC chairman". Bangla Tribune. Retrieved 16 September 2021.
- ^ a b "ACC opens money laundering probe against BSEC chairman". Prothom Alo. 22 August 2019. Retrieved 16 September 2021.
- ^ "Prof Khairul leaves BSEC". The Business Standard. 14 May 2020. Retrieved 16 September 2021.
- ^ "Shibli Rubayat made BSEC chairman". jagonews24.com. Retrieved 16 September 2021.
M Khairul Hossain is a Bangladesh academic, Professor of Finance at the University of Dhaka, and had been the longest-serving head of Bangladesh Securities and Exchange Commission.
Hossain completed his bachelor's degree and Masters in Economics from Plekhanov Russian University of Economics in 1978 and 1979 respectively. [1] In 1983, he completed his PhD from Plekhanov Russian University of Economics. [1] In 2000, he completed his second PhD from Prairie View A&M University in finance. [1]
Hossain has served as the chairman of the Investment Corporation of Bangladesh from 15 September 2009. [1] [2] He is a Selection Grade Professor and chairperson of the Department of Finance and Banking at the University of Dhaka. [1]
In 2010-2011 there was a severe financial crisis in the Dhaka Stock Exchange in the aftermath of the 2011 Bangladesh share market scam. [3] Following which the government of Bangladesh appointed Hossain on 15 May 2011 to be the chairperson of the Bangladesh Securities and Exchange Commission to restore order to the market. [3] He replaced Ziaul Haque Khondker who had served in the position since 2009. [2]
Hossain term ended on 2014 and was extended for additional four years. [3] He extension required an amendment to the Bangladesh Securities and Exchange Commission (Amendment) Act 2012. [4] His term was extended for another two years after his term ended. [3] The Minister of Finance, Abul Maal Abdul Muhith, raised some questions over the legality of his second extension. [3] The Daily Star described his second extension as unjustified because his term could not be considered successful. [4]
During his term, Hossain faced criticism for approving too many IPOs and declining values of the shares of those companies. [3] In August 2019, the Anti-Corruption Commission started an investigation against Hossain. [5] He faced allegations of embezzlement, money laundering, and approving IPOs after receiving bribes. [5] [6] [7] The executive director of Transparency International Bangladesh called for his resignation. [7]
On 14 May 2020, Hossain ended his term as the chairperson of the Bangladesh Securities and Exchange Commission, the longest serving chairperson of the commission. [3] He was replaced by Professor Shibli Rubayat Ul Islam of the University of Dhaka. [8] [9]
- ^ a b c d e "Profile of Dr. M. Khairul Hossain". University of Dhaka. Retrieved 16 September 2021.
- ^ a b Ahmed, Gazi Towhid (16 May 2011). "SEC gets new chief". The Daily Star. Retrieved 16 September 2021.
- ^ a b c d e f g "Prof M Khairul ends his 9-yr tenure as BSEC chief today". The Financial Express. Dhaka. Retrieved 16 September 2021.
- ^ a b "Unwarranted extension for BSEC chief". The Daily Star. 27 April 2018. Retrieved 16 September 2021.
- ^ a b "ACC to probe allegations of graft against BSEC Chairman Khairul Hossain". bdnews24.com. 22 August 2019. Retrieved 16 September 2021.
- ^ "Share market scam: ACC opens inquiry against BSEC chairman". Bangla Tribune. Retrieved 16 September 2021.
- ^ a b "ACC opens money laundering probe against BSEC chairman". Prothom Alo. 22 August 2019. Retrieved 16 September 2021.
- ^ "Prof Khairul leaves BSEC". The Business Standard. 14 May 2020. Retrieved 16 September 2021.
- ^ "Shibli Rubayat made BSEC chairman". jagonews24.com. Retrieved 16 September 2021.