KATHMANDU: The government has formed a three-member committee tasked with selecting the chairman of the Securities Board of Nepal (SEBON), following the cancelation of the last selection procedure due to differences among the ruling parties.
The CPN-UML President KP Sharma Oli and Prime Minister Pushpa Kamal Dahal decided to start a fresh process on Monday for selecting the SEBON chairman. At the Council of Ministers meeting that same day, a committee headed by Vice-Chairman Min Bahadur Shrestha of the National Planning Commission was established.
The members of the committee are Professor Uday Niraula and Madhu Kumar Marasini, the Secretary of the Ministry of Finance; Min Bahadur Shrestha has been designated as the coordinator. The appointment of this committee followed the January 5 expiration of former SEBON Chairman Ramesh Hamal's term, which left the post open.
As per the selection procedure for the SEBON chairman, the recommendation committee will issue a public call for applications, providing a notice period of at least 15 days. Candidates applying for the chairman position are required to possess a minimum of seven years of experience in securities market management, capital market development and management, or commercial law. Applicants must submit their applications along with a professional action plan detailing their vision and strategy for SEBON.
The evaluation of candidates will consider their professional action plans, educational qualifications, work experience, training, and presentations. The recommendation committee will shortlist up to five candidates based on these criteria to present their professional action plans. Following a review of these plans, the committee will recommend up to three candidates to the government for the final decision.
Nineteen people applied in the last batch of applications under the former recommendation committee. Five individuals were selected by the committee from among these applications. Finally, out of the four, only Santosh Narayan Shrestha and Mukti Shrestha showed up for interviews; the other three chose not to take part.
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