M Khairul Hossain

Last updated

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.

Contents

Early life

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]

Career

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]

Related Research Articles

<span class="mw-page-title-main">Dhaka Stock Exchange</span> Stock exchange in Dhaka, Bangladesh

The Dhaka Stock Exchange (DSE), located in Nikunja, Dhaka, is one of the two stock exchanges of Bangladesh, the other being the Chittagong Stock Exchange. In 2021, the combined market capitalisation of listed companies on the Dhaka bourse stood at over $68 billion. In January 2023, DSE and Nasdaq announced their partnership with trading technology.

<span class="mw-page-title-main">Bangladesh Securities and Exchange Commission</span> Government regulatory body overseeing the stock market

The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Ministry of Finance. The current chairman of the commission is Shibli Rubayat Ul Islam.

Dragon Group is a group of garment factories and other companies in Bangladesh. The group produces mainly for the international market and exports to more than 30 countries, especially the United States and Canada. Its subsidiary Dragon Sweater employs more than few thousand workers and in 2018 was the most traded stock on the Dhaka Stock Exchange.

NRB Bank is one of the third generation private banks in Bangladesh. Mohammed Mahtabur Rahman, chairman of Al Haramain Perfumes, is the chairman of the NRB Bank. Mohammed Jamil Iqbal and Tateyama Kabir are vice-chairmen of the NRB Bank. Mehmood Husain is the CEO and Managing Director of NRB Bank.

Mutual Trust Bank Limited is a private commercial bank headquartered in Dhaka, Bangladesh. Md Abdul Malek, chairmanSheltech Consultants (Pvt) Ltd, is the chairman of Mutual Trust Bank Limited.

<span class="mw-page-title-main">BASIC Bank Limited</span>

BASIC Bank Limited is a fully government owned bank in Bangladesh which was founded on 2 August 1988. The bank was founded to finance small enterprises. Abul Hashem is chairman of the bank. Md. Anisur Rahman is the managing director of the bank. More than 45 billion taka loan was defaulted from the bank, many of the loans were to companies that existed on paper only, with the support of former chairperson Sheikh Abdul Hye Bachhu. 100 borrowers accounted for 86 percent of the defaulted loans.

Nazmul Huda is a Bangladeshi barrister and politician. He served as the minister of information (1991–1996) and the minister of communications (2001–2006) of the government of Bangladesh. He was a 4-term Jatiya Sangsad member representing the Dhaka-1 constituency. He was a member of Bangladesh Nationalist Party since its inception until 2012 when he left the party as its vice chairman.

Shimanto Bank is a schedule commercial bank in Bangladesh and related to the Border Guards Bangladesh. As the slogan goes "Shimanhin Astha", Shimanto Bank Limited aims to be the leading financial institution to serve with utmost trust. Rafiqul Islam is the chief executive officer and managing director of the bank. Major General Shakil Ahmed, director general of Border Guards Bangladesh, is the chairman of the bank.

Padma Bank Limited, formerly known as The Farmers Bank Limited, is a private commercial bank headquartered in Gulshan-1, Dhaka, Bangladesh. The bank was established in 2013. The fourth generation bank commenced its banking operation on June 3, 2013. By an order On 29 January 2019 Bangladesh Bank has changed the name of The Farmers Bank Limited to Padma Bank Limited after the bank failed to pay its liabilities due numerous bad loans and embezzlements.

Fareast Islami Life Insurance Limited ফারইস্ট ইসলামী লাইফ ইন্স্যুরেন্স কোম্পানী লিমিটেড, was founded in Bangladesh as a public life insurance company in 2000. Currently the company has 23 Divisional Offices, 103 Service Center Offices, 252 Zonal Offices and 635 Premium collection centers throughout Bangladesh. Sheikh Kabir Hossain is the chairman of the company.

Keya Group is a Bangladeshi diversified conglomerate based in Dhaka.

Sheikh Kabir Hossain is a Bangladeshi businessmen and a member of the Sheikh–Wazed family. He is the President of Bangladesh Insurance Association. He is the President of Association of Private Universities of Bangladesh.

Prashanta Kumar Halder, also known as PK Halder, is a Bangladeshi-Canadian banker, businessman and a finance officer. He is a fugitive and wanted in Bangladesh for embezzlement of more than 102 billion taka, one of the biggest cases in Bangladesh. The Daily Star called him the "Sultan of Swindle". It is inspected that he has laundered more than a billion US dollars out of Bangladesh.

Md Sohorab Hossain is a retired Bangladeshi Civil Servant and currently serving as the Chairperson of the Bangladesh Public Service Commission. He is a former Senior Secretary of the Ministry of Education.

Siddiqur Rahman Choudhury is a former secretary of finance of Bangladesh and Chairperson of Social Marketing Company. He is the former Chairman of Agrani Bank, Sadharan Bima Corporation, and Sonali Bank. He is Independent Director of MIDAS Financing Limited.

Union Bank Limited is a fourth-generation private Islamic bank in Bangladesh. It is listed on the Dhaka Stock Exchange.

People's Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh providing leasing and investment services.

FAS Finance and Investment Limited is a major non-bank financial institution in Bangladesh providing lease financing and investment services.

Uttara Finance and Investments Limited, also known as UFIL, is a major non-bank financial institution in Bangladesh. Major General (retired) Mohammad Maksudur Rahman is the chairman of Uttara Finance and Investments Limited. It is owned by the owners of Uttara Group of Companies.

Uttara Group of Industries is a Bangladeshi diversified conglomerate based in Dhaka. Matiur Rahman, president of the president of Bangladesh Motorcycle Manufacturers and Assemblers Association, is the chairman and managing director of Uttara Group of Industries.

References

  1. 1 2 3 4 5 "Profile of Dr. M. Khairul Hossain". University of Dhaka . Retrieved 2021-09-16.{{cite web}}: CS1 maint: url-status (link)
  2. 1 2 Ahmed, Gazi Towhid (2011-05-16). "SEC gets new chief". The Daily Star. Retrieved 2021-09-16.
  3. 1 2 3 4 5 6 7 "Prof M Khairul ends his 9-yr tenure as BSEC chief today". The Financial Express. Dhaka. Retrieved 2021-09-16.{{cite news}}: CS1 maint: url-status (link)
  4. 1 2 "Unwarranted extension for BSEC chief". The Daily Star. 2018-04-27. Retrieved 2021-09-16.{{cite news}}: CS1 maint: url-status (link)
  5. 1 2 "ACC to probe allegations of graft against BSEC Chairman Khairul Hossain". bdnews24.com. 2019-08-22. Retrieved 2021-09-16.
  6. ↑ "Share market scam: ACC opens inquiry against BSEC chairman". Bangla Tribune. Retrieved 2021-09-16.
  7. 1 2 "ACC opens money laundering probe against BSEC chairman". Prothom Alo. 2019-08-22. Retrieved 2021-09-16.
  8. ↑ "Prof Khairul leaves BSEC". The Business Standard. 2020-05-14. Retrieved 2021-09-16.
  9. ↑ "Shibli Rubayat made BSEC chairman". jagonews24.com. Retrieved 2021-09-16.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.