He has returned to his original position of a professor at Dhaka University
The tenure of the longest serving chairman of the Bangladesh Securities and Exchange Commission (BSEC) ended on Thursday.
He has returned to his original position of a professor at Dhaka University. He is a professor at the Department of Finance.
After stock market collapse in 2010, Professor M Khairul Hossain was appointed as the BSEC chairman for three years following the quick overhauling at the regulatory body.
Later, the government reappointed him for a further period of four years after the amendment of the Bangladesh Securities and Exchange Commission (Amendment) Act 2012. The extension ended on May 14, 2018. But the government extended his tenure again for another two years flouting the securities law, it was alleged.
Meanwhile, the BSEC have been facing quorum crisis in its commission meeting since May 4.
The commission consists of a chairman and four commissioners. The quorum of the commission meeting requires the presence of the chairman and two commissioners. Currently, BSEC have a commissioner.
Professor Helal Uddin Nizami completed his tenure as a commissioner on May 3. Before, Swapan Kumar Bala completed his four-year tenure as a commissioner on April 15, 2020 and returned to his original position of a professor at Dhaka University.
Professor Helal Uddin Nizami completed his tenure as a commissioner on May 3. Before, Swapan Kumar Bala completed his four-year tenure as a commissioner on April 15, 2020 and returned to his original position of a professor at Dhaka University.
On August in last year, the Anti-Corruption Commission (ACC) has launched an investigation into allegations of embezzlement and money laundering against Khairul Hossain.
According to the allegations, Khairul Hossain embezzled and laundered money through the process of low quality initial public offering (IPO) approval.
During his tenure, about 90 IPOs were approved and around half of them were alleged to be of low quality.
