KATHMANDU, July 2: The government has reconstituted a three-member committee to recommend the chairman of the Securities Board of Nepal (SEBON). This move follows the cancellation of the previous process and a disagreement between the ruling parties.
On Monday, Prime Minister Pushpa Kamal Dahal and CPN-UML President KP Sharma Oli agreed to initiate the new process.
During the Council of Ministers meeting on Monday, a committee was formed under the coordination of Min Bahadur Shrestha, the vice-chairman of the National Planning Commission.
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The committee includes Secretary of the Ministry of Finance Madhu Kumar Marasini and Professor Uday Niraula as members, with Shrestha serving as the coordinator.
The tenure of former SEBON Chairman Ramesh Hamal ended on January 5, but a new chairman has not been appointed yet.
According to the procedure for selecting the chairman of the board, the recommendation committee will publicly call for applications for the post of chairman with a notice period of at least 15 days.
Applicants must have at least seven years of experience in securities market management, capital market development and management, or commercial law. The procedure requires candidates to submit their applications along with a professional action plan.
Candidates will be evaluated based on their professional action plans, educational qualifications, experience, training, and presentations.
The recommendation committee will select up to five candidates to submit their professional action plans. After reviewing these plans, the committee will recommend up to three candidates to the government for the final decision.
Previously, 19 people applied during the initial call for applications by the previous recommendation committee. The committee shortlisted five candidates.
Of the five shortlisted candidates, only two—Santosh Narayan Shrestha and Mukti Shrestha—appeared for the interview. The remaining three candidates declined to be interviewed.
