KATHMANDU: Newly-appointed Finance Minister Bishnu Paudel has appointed Mahesh Baral as the chairman of the Securities Board of Nepal (SEBON), succeeding Narendra Kumar Rana. Rana, who was previously appointed by former Finance Minister Barshaman Pun, has been replaced by Baral, a joint secretary in the government.
Baral took the oath of office and secrecy from Minister Paudel on Thursday and became the new chairman of SEBON. Up until a permanent appointment is made, a joint secretary from the Ministry of Finance will serve as the temporary chairman. This appointment maintains the practice. Baral was nominated to SEBON on Wednesday. Baral was the Chief Customs Administrator at Tribhuvan International Airport before that.
According to the Securities Act, 2063 BS, when the office of SEBON chairman becomes empty, an interim chairman is appointed by a member of the Ministry of Finance. Baral's new function as chairman is consistent with these provisions and historical custom.
