SEBON Chairman Appointment Process Canceled

The process of appointing the Chairman of the Securities Board of Nepal (SEBON) has been canceled.

The committee formed to recommend candidates for the Chairman position announced on Friday that the process has been terminated. In a notice issued on Friday, the committee stated that all procedures related to the appointment have been canceled.

Previously, the selection committee had called all five shortlisted candidates for presentations and interviews on June 16. However, only two candidates, Santosh Narayan Shrestha and Mukti Nath Shrestha, Executive Director of SEBON, attended. The remaining three candidates—Krishna Bahadur Karki, Chiranjibi Chapagain, and Dr. Nabaraj Adhikari—were absent. As a result, they were summoned again for a 9 AM session on June 19.

The selection committee is mandated to recommend at least three candidates to the Council of Ministers. According to Sub-section 4 of Section 7 of the Securities Act, "The committee shall recommend the names of at least three individuals who meet the qualifications as per this Act."

Since three of the five shortlisted candidates failed to attend the interview, it's legally untenable to recommend only the two who did attend. Consequently, the entire recommendation process faces cancellation, casting uncertainty over the appointment of the SEBON Chairman.

The tenure of the former Chairman, Ramesh Hamal, ended six months ago on January 6, 2024. Subsequently, the government formed a committee on January 18, 2024, to recommend candidates for the position. The committee called for applications on February 28, 2024, receiving 19 applications by March 13, 2024. On April 7, 2024, the committee shortlisted five candidates from the total applicants.

However, the committee announced the cancellation of the entire appointment process on Friday.