KATHMANDU, June 19: The Nepal Securities Board (SEBON), which had remained without a chief for an extended period, has finally got a new chairman. The government on Friday appointed former Executive Director of Nepal Rastra Bank, Dr Gopal Prasad Bhatt, to lead the securities market regulator.
A Cabinet meeting held on Friday approved Bhatt’s appointment, ending nearly two months of leadership vacuum at SEBON following the resignation of former chairman Santosh Narayan Shrestha.
Dr Bhatt, a retired Executive Director of Nepal Rastra Bank, brings extensive experience in the financial and regulatory sectors. The government is understood to have selected him in view of his long-standing expertise in financial governance and market regulation.
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The process of appointing a new SEBON chairman had been controversial from the outset. The initial recommendation committee formed by the government was headed by Gunakar Bhatta, Vice-Chairman of the National Planning Commission. However, concerns over a potential conflict of interest emerged after it was revealed that one of the applicants, Dr Gopal Bhatt, is his brother. Following the controversy, Gunakar Bhatta resigned as coordinator of the committee.
The government subsequently reconstituted the recommendation committee under the leadership of Sanjay Acharya, a member of the National Planning Commission. The committee shortlisted four candidates for the final selection.
Besides Dr Bhatt, the shortlist included former SEBON Executive Director Dr Navaraj Adhikari, current Executive Director Binay Dev Acharya, and former Nepal Rastra Bank Executive Director Mukunda Kshetri.
The government took considerable time to make a final decision despite receiving the committee’s recommendations, prompting growing calls from investors, market participants, and the broader financial sector to expedite the appointment.
As chairman, Dr Bhatt is expected to spearhead capital market reforms, strengthen regulatory credibility, boost investor confidence, and address the key challenges facing Nepal’s securities market.
Market stakeholders have expressed optimism that the appointment of a new SEBON chief will provide fresh direction and momentum to Nepal’s capital market in the days ahead.
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