Faruq Ahmad Siddiqi

Faruq Ahmad Siddiqi is a retired secretary and former Bangladesh Securities and Exchange Commission chairman.[1][2][3] He is a former tax policy member of the National Board of Revenue.[4]

Siddiqi was an independent director of Mutual Trust Bank.[5]

Early life

Siddiqi did his bachelor's degree and masters in English literature and language, with Economics and History as subsidiary subjects, from the University of Dhaka in 1966 and 1967 respectively.[6] He joined former Pakistan Taxation Service in 1969. He was trained at Finance Academy, Lahore for one year followed by training at Taxation training Centre, Karachi for another year.

Career

From 2001 to 2006, Siddiqi served as secretary of the Ministry of Posts, Telecommunications and Information Technology, Ministry of Education, and Ministry of Commerce.[6] From 2006 to 2009, he was the chairman of Bangladesh Securities and Exchange Commission during the Fakhruddin Ahmed led Caretaker government.[6] He had warned against overevaluation of shares before entering market.[7] He retired in March 2009 and was replaced by acting chairman Mansur Alam.[8]

Siddiqi was an independent director of Summit Power International Limited.[6] He is a member of the Rating Committee of the Credit Rating Agency of Bangladesh Limited.[6][9] He had served as an independent director of Al- Arafah Islamic Bank Limited.[4] He is a former director of Apex Tannery Limited and Runner Motors Limited.[4]

In January 2021, Siddiqi joined Mutual Trust Bank as an independent director.[10] In September 2021 and his term ended in 2024, Siddiqi stated that the Bangladesh Securities and Exchange Commission needs to work closely with Bangladesh Bank but there was no need for alarm over the stock markets.[11] He was critical of the low quality companies offering IPOs.[12]

In 2024, Siddiqi blamed the declining index of Dhaka Stock Exchange on panic created by poor performance of various economic indicators of Bangladesh.[13]He was born in 1947 in the district of Naogaon,

References

  1. ^ "Share market: No respite from free fall, investors protest". Prothomalo. 2024-04-24. Retrieved 2024-09-07.
  2. ^ "'Sophisticated software, tech savvy manpower needed to check share market manipulation'". The Financial Express. Retrieved 2024-09-07.
  3. ^ "Five suggestions of Farooq Ahmed Siddiqui about capital market". Business Mirror. 2020-07-19. Retrieved 2024-09-07.
  4. ^ a b c "MTB appoints Faruq Ahmad as Independent Director - - observerbd.com". The Daily Observer. Retrieved 2024-09-07.
  5. ^ Sakib, Shanaullah (2023-03-22). "Whose interest 'cousin' directors serve at private banks". Prothomalo. Retrieved 2024-09-07.
  6. ^ a b c d e "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". Summit Power International. 2017-11-29. Retrieved 2024-09-07.
  7. ^ "SEC sounds warnings to newcomers on share overvaluation". Bdnews24.com. Retrieved 2024-09-07.
  8. ^ "Ex-SEC chief sees capital market becoming 'emerging market'". Bdnews24.com. 15 March 2009. Retrieved 2024-09-07.
  9. ^ "Rating Committee – Credit Rating Agency of Bangladesh Ltd". Retrieved 2024-09-07.
  10. ^ "Faruq joins MTB as independent director". New Age. 25 January 2021. Retrieved 7 September 2024.
  11. ^ "It's time regulators remain alert about capital market: Ex-BSEC chairman". The Business Standard. 2021-09-07. Retrieved 2024-09-07.
  12. ^ "BSEC grilled for poor IPO quality". The Business Standard. 2022-09-17. Retrieved 2024-09-07.
  13. ^ Habib, Ahsan. "Dhaka Stock Exchange key index shed 1,000 points in 3 months". asianews.network. Retrieved 2024-09-07.