The government has appointed Santosh Narayan Shrestha as the new chairperson of the Securities Board of Nepal (SEBON). His appointment, which came after a delay of 11 months, was confirmed during a Cabinet meeting on Monday evening.
Shrestha secured the position over SEBON’s Executive Directors, Mukti Nath Shrestha and Nabaraj Adhikari, who were also contenders. A selection committee, headed by Vice-chairperson of the National Planning Commission Shiva Raj Adhikari, had earlier shortlisted these three candidates for the role.
Shrestha, a business professional, holds both BBA and MBA degrees from Kathmandu University. He has previously served as a board member of the Nepal Electricity Authority and has also led a microfinance institution and a finance company.
SEBON had been without a chairperson since January 6, 2024, when the term of its former chairman, Ramesh Hamal, ended. Despite several committees being formed to address the vacancy, the appointment process was delayed due to political disagreements.
In October, three candidates were shortlisted for the position, but the process was abruptly halted before interviews and presentations could take place. This delay has negatively impacted SEBON’s operations, including public expulsions.
Sources suggest that the appointment was stalled primarily because of a lack of consensus within political parties, particularly regarding the licensing of a new stock exchange company. The appointment process was only finalized once the ruling parties, Nepali Congress and CPN-UML, reached an agreement.
