Finance ministry calls for applications to fill vacant post of executive head at the securities market regulatory body

KATHMANDU, Nov 23: The government has begun the process of selecting the new executive chairman of the Securities Board of Nepal (Sebon).

Issuing a public notice on Friday, the Ministry of Finance (MoF) called for applications from eligible candidates as part of its process to fill up the vacancy of the executive chairman at the Sebon through open competition in line with the ministry’s new working procedure. The ministry has provided a 15-day deadline to apply for the post.

The post of Sebon Chairman has remained vacant since October 17 after the then chairman Rewat Bahadur Karki’s four-year tenure came to an end.

The open competitive process started by the ministry for the recommendation of the executive chairman of Sebon also indicates an end to a practice of handpicking favorites by the Minister for Finance and appointment by the government through political patronage.

The three-member committee led by a member of the National Planning Commission will recommend three short-listed candidates based on the open competition in line with the new working procedure. Finance secretary and an 

expert in the field of securities will be the other members of the recommendation committee that will forward the shortlisted candidates to the MoF. 

The cabinet meeting will choose the new chairman from among three short-listed candidates.

By calling applications from eligible candidates based on the new working procedure on the recommendation process, the government has tried to send a message that the selection will be based on merit, say experts.

Earlier on Friday, the ministry introduced the new working procedure for the recommendation of the executive chairman of the Sebon, putting 40% weightage on the action plan presented by the shortlisted candidates for the evaluation for the selection of the executive head of the apex regulatory body of securities markets in the country.

According to the ‘Working Procedure on the Recommendation of the Chairman of Securities Board of Nepal (Sebon), 2019’ released by the MoF on Friday, the eligible applicants should also submit his/her action plan as the chairman of the Sebon that should include the national and international outlook of the national and international capital and commodities exchange market and business plan for the board, among others.

Such action plan will have 40% weightage for the evaluation of the applicants in addition to 20% on the presentation of such plan. Remaining 10% weightage for the score will be based on the academic qualification and 30% for the interview, according to the new working procedure.

The candidate must have at least master’s degree and at least seven years of experiences in the field of stock exchange management, capital market development, economics, finance, commerce, management or law to become eligible for the chairman of the Sebon, according to the Securities Act, 2007.

Among others, the working procedure has made it mandatory for applicants to make self-declaration that he/she is not a member of any political party, is not working or have bagged any contract of the Sebon along with other public organizations, and has no involvement, either their own or any family member’s, in securities and commodities exchange markets.

 
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