KATHMANDU, May 23: The government has announced plans to restructure the Securities Board of Nepal (SEBON) within a year by appointing the Revenue Secretary from the Ministry of Finance and the Deputy Governor from Nepal Rastra Bank as board members.
As part of an action plan to implement the recommendations of the High-Level Economic Reform Suggestion Commission, the government will remove current representatives from the Ministry of Law and the private sector. It will replace them with expert members.
FNCCI, ICAN representatives to be removed from Sebon board
The action plan states: "Restructure the Securities Board to include the Revenue Secretary and Deputy Governor on the board, add expert members, and remove representatives from the private sector and other ministries or agencies."
Currently, SEBON's board includes a representative from the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) as the private sector member, along with a joint secretary from the Ministry of Law. A joint secretary from the Ministry of Finance and an executive director from Nepal Rastra Bank also serve on the board.
The High-Level Economic Reform Suggestion Commission recommended eliminating private sector representation from SEBON's board. In line with this recommendation, lawmakers are now amending the Securities Act, and the proposed bill includes provisions to restructure board representation accordingly.
