Prof M Khairul Hossain

The government has appointed Prof M Khairul Hossain as chairman of the Securities and Exchange Commission on recommendations of the committee that probed the recent stockmarket debacle.
Finance Minister AMA Muhith on April 30 pledged to implement the recommendations of the government-formed committee after publication of the full probe report on the market crash.
The government announced the appointment in a circular yesterday as part of its move to recast the SEC following harsh criticism from the probe committee led by Khondkar Ibrahim Khaled.
Khairul replaces Ziaul Haque Khondker, who took charge of the SEC on May 3, 2009.
The new SEC chairman had been serving as chairman of state-run Investment Corporation of Bangladesh (ICB) from September 15, 2009.
The establishment ministry yesterday sent a letter to Ziaul saying he has been attached to the ministry.
Khairul, also former teacher of finance department at Dhaka University (DU), went to his new office at 4:00pm on receipt of release orders from the ICB and the DU.
“We will work to restore investors' confidence and establish a transparent, vibrant and investor friendly capital market,” said the new chief of the regulatory body that has drawn flack for its failure to oversee the market.
He said the SEC will recommend that the government make investor friendly securities rules and ensure accountability at the bourses.
“We will take steps to save the investors from deception and regulate the stockmarket according to the market fundamentals.”
Akter H Sannamat, a market analyst, said, “It is a good sign that the government has appointed a new SEC chairman.”
Sannamat, former managing director of Prime Finance and Investment Ltd, said, “The chairman should work free of influence and hold meetings with the central bank, bourses, merchant banks and other market stakeholders to find out the problems and take measures for a better coordination among them."
He said the government should fill the vacant posts of three SEC members as soon as possible to boost the investors' confidence.
Dhaka Stock Exchange gained 175 points yesterday for the first time since the probe report on market debacle was published on April 30.
SEC members Mohammad Anisuzzaman resigned on May 8 and Muhammad Yasin Ali the next day, claiming that they were forced to quit.
Chittagong University teacher Helal Uddin Nizami was appointed SEC member on May 7 while the three other posts of SEC member remain vacant.
Wishing anonymity, a finance ministry official said another SEC member might be appointed today.