Monzur Sadek Khosnobish passes away leaving behind an enduring legacy

Monzur Sadek Khosnobish, a distinguished capital market expert and the former editor and publisher of the country’s first national daily dedicated to the stock market, Dainik Share Biz Karcha, passed away in Dhaka on June 15. He was 68. He had been battling cancer for some time. Born in Tangail, he was the son of Saidur Rahman Khosnobish and Khaleda Begum. Those of us who were close to him called him “bhai” (brother). He was vibrant and inventive—anyone who met him was instantly charmed.

I had no prior acquaintance with Monzur Sadek Khosnobish Bhai. Around 2008, he took the initiative to publish a daily newspaper focused on the stock market, Dainik Share Biz Karcha. One day, my younger brother-like friend Golam Moinur Ahsan visited my office and shared news about the upcoming publication. He urged me to contribute regular columns to the paper. Eventually, I visited the Segunbagicha office of the paper and met Khosnobish Bhai for the first time. I was impressed immediately. I agreed to write columns regularly. He also asked me to spend some time at the office after my regular working hours, and I happily obliged.

A month later, he appointed me as the Advisory Editor. During this time, I got to know him closely. I found him to be an incredibly generous and sincere individual. Alongside him was Mokaddes Bhai, a banker who was calm, composed, and wise. As I was also a banker, I quickly became close to Mokaddes Bhai. The three of us jointly made many decisions regarding the running of the newspaper. Although Khosnobish Bhai was an expert in the stock market, he wasn’t from a journalism background and would often consult with me on editorial matters. If both Mokaddes Bhai and I agreed on a point, he would accept it without hesitation.

One common tendency among editors is to get journalists to work for as little pay as possible. But Khosnobish Bhai was remarkably generous in this regard. He believed that without fair compensation, quality journalism could not be expected. The salaries at Share Biz Karcha were higher than those of comparable newspapers, and payments were made on time.

I recall an incident where he sent a reporter on assignment and gave him money specifically to take a taxi. I questioned this, saying a rickshaw would’ve sufficed. He replied that while the reporter could take a rickshaw, he would feel much more comfortable in a taxi. He illustrated his point: if a journalist is sent on assignment in the rain, at the very least, we must provide them with an umbrella. If they get soaked and fall ill, they’ll be unable to work for several days—this harms the office. His reasoning revealed just how far-sighted he truly was.

He had spent a long time in the United States, where he was directly involved in stock trading. Unlike many so-called stock market “experts” in Bangladesh, he deeply understood the practical realities of trading. He authored several important books on stock trading, which can be regarded as guidebooks for investors. He would often say that if one follows the proper rules, the risk of loss is minimal. He advised traders to act with careful consideration, avoiding impulsive or emotional decisions.

One of his common strategies was to sell shares gradually when their prices were rising, rather than all at once. Similarly, he recommended buying shares gradually during price declines, and always advised evaluating a company's fundamentals before purchasing its stock. Regardless of the price paid in the secondary market, dividends are calculated based on the face value. For instance, if the face value is Tk 100 but the market price is Tk 400, the dividend (say, 20 percent) would still be Tk 20—not Tk 80.

He was critical of the 1996 market scandal when even non-operational or under-construction companies saw their share prices quadruple due to manipulation.

In developed countries, entrepreneurs rarely approach banks for long-term funding—they prefer the stock market, where capital is raised without the burden of compound interest. In contrast, Bangladeshi banks begin charging full interest after just six months, even though most projects take a year or more to begin operations. By that time, companies are already burdened with significant debt. Had Bangladeshi entrepreneurs relied more on the stock market, the non-performing loan crisis could have been much less severe.

Before Khosnobish Bhai, no one seriously considered launching a national daily focused entirely on the stock market. In this regard, he was a pioneer. Before Share Biz Karcha, stock market journalism was virtually non-existent in Bangladesh. There was no platform, no training, no beat specialisation. Many of today's leading stock market journalists learned a lot under his guidance.

Unfortunately, very few have shown him the gratitude he deserved. Let me share a personal example. I used to write regularly for Dainik Desh Bangla, owned and edited by the late Ferdous Qureshi. An assistant editor there used to handle preliminary edits of my columns. After the paper shut down, many staffers were left jobless. At one point, Khosnobish Bhai asked me to recommend a competent editor. I suggested the assistant editor from Desh Bangla, who was in dire financial straits and hadn’t paid his rent in two months. I personally brought him to Khosnobish Bhai, who not only hired him but paid him two months' salary in advance at my request.

Later, I learned from Sirajul Islam, a relative of Khosnobish Bhai whom I deeply respected, that this same editor had been speaking ill of me to Khosnobish Bhai behind my back. I was stunned. I had gone out of my way to help him in a time of crisis. It showed just how ungrateful some people can be.

At one point, Share Biz Karcha was in such financial distress that we didn’t even have money to print the paper. Mokaddes Bhai and I would visit the press personally to request printing on credit. Due to my long-standing relationship with the press owner, we managed to keep the paper going. Eventually, the office was moved from Segunbagicha to Moghbazar. I continued working there until a misunderstanding with a colleague led me to step away.

Later, Khosnobish Bhai launched a TV channel. I aired several interviews with prominent economists there. Though he wanted me to join full-time, personal reasons prevented me from doing so. He was generous at heart but had a weakness—he was deeply emotional. This often affected his decisions. He would sometimes appoint someone as news editor out of enthusiasm and dismiss them shortly after, only to rehire them again. I often urged him to be more cautious and consistent in his decisions, but he didn’t change.

A few months ago, I met him at a restaurant in Banasree to interview him for a top national daily. During our chat, he revealed that he had cancer but wasn’t disclosing it publicly. He hoped to go to the US for treatment but was worried about the long flight. He spoke passionately about the state of the stock market and promised to give a formal interview once he felt a little better.

As we spoke, the sun was setting in the west, and the golden light was falling on his face. I had a sinking feeling that I might never get to interview him again.

And indeed, I never did.

It is painful to see how someone of his caliber went largely unrecognized in our society. His skills and insight could have greatly benefited the national economy had they been properly utilised. But we are, sadly, a nation that does not value merit.

His passing is truly a great loss. I pray that Almighty Allah grants him a place in Jannah.

MA Khaleque: Former General Manager of Bangladesh Development Bank PLC and a columnist on economic affairs