KATHMANDU, Nov 26: The government has finally appointed Santosh Narayan Shrestha the chairperson of the Securities Board of Nepal (SEBON). A Cabinet meeting on Monday evening appointed Shrestha after 11 months. Shrestha bagged the position leaving behind the SEBON’s Executive Directors Mukti Nath Shrestha and Nabaraj Adhikari who were in the race. Earlier, a committee formed under the Vice-chairperson of the National Planning Commission Shiva Raj Adhikari shortlisted these three candidates for the position.
A businessperson by profession, Shrestha has graduated with his BBA and MBA degrees from Kathmandu University. He holds an experience of working as a board of director in the Nepal Electricity Authority, while he has also led a microfinance institution and a finance company.
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SEBON was left without a chairman after the tenure of its former Chairman Ramesh Hamal ended on January 6, 2024. Although the government formed a number of committees subsequently, the appointment process could not be finalized due to the lack of consensus at the political level.
Last time, three candidates were shortlisted for the appointment in October. However, the interview and presentation of the work plan were stopped at the last minute. With the delay, most of the SEBON activities, including public expulsions, have been adversely affected.
The delay in the appointment of the SEBON’s chief was reported mainly due to lack of consensus at the political parties regarding the decision on whether or not to permit a license to the new stock exchange company. Only after the main ruling political parties Nepali Congress and CPN UML agreed in line, the appointment process reached the conclusion, sources said.
