M Khairul Hossain

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.

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]

References
  1. "Profile of Dr. M. Khairul Hossain". University of Dhaka. Retrieved 2021-09-16.
  2. Ahmed, Gazi Towhid (2011-05-16). "SEC gets new chief". The Daily Star. Retrieved 2021-09-16.
  3. "Prof M Khairul ends his 9-yr tenure as BSEC chief today". The Financial Express. Dhaka. Retrieved 2021-09-16.
  4. "Unwarranted extension for BSEC chief". The Daily Star. 2018-04-27. Retrieved 2021-09-16.
  5. "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. "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.
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