14 June 2024, Kathmandu
The Ministry of Finance has initiated the process to appoint a new chairman for the Nepal Securities Board (SEBON).
According to sources within the Ministry, a task force has been formed to oversee the selection process.
The task force is set to interview five shortlisted candidates this Sunday or Monday.
Nepal Securities Board Chairman Appointment Process Commences
The candidates under consideration are Dr. Nabaraj Adhikari, Chiranjeevi Chapagai, Krishna Bahadur Karki, Mukti Shrestha, and Santosh Narayan Shrestha.
Following the interviews, the task force will recommend three names to the Council of Ministers for the final decision.
It is expected that Dr. Nabaraj Adhikari, Santosh Narayan Shrestha, and Chiranjeevi Chapagai will be among the three names forwarded for consideration.
The Council of Ministers will make the final appointment during their regular meeting scheduled for the following Monday or Thursday.
The new chairman’s appointment is seen as a critical step in ensuring the effective governance and oversight of Nepal’s securities market.
Establishment and Purpose of SEBON
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Founded: June 7, 1993, by the Government of Nepal.
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Role: Apex regulator of Nepal’s securities markets.
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Legislation: Operates under the Securities Act, 2006.
Governing Board:
- Composition: Seven members.
- Chairman: Full-time, appointed by the Government for a four-year term
- Other Members: Include joint secretaries from the Ministry of Finance and Ministry of Law, Justice and Parliamentary Affairs, representatives from Nepal Rastra Bank, Institute of Chartered Accountants of Nepal, Federation of Nepalese Chambers of Commerce and Industries, and one expert in securities market management, capital market development, or financial/economic sector appointed by the Government.
Departments and Divisions:
Departments:
- Regulation Department
- Supervision Department
- Commodity Market and Research Department
- Management & Legal Department
Divisions (8 total):
- Securities Market and Listed Companies Division
- Stock Broker Dealer Division
- Regulation Division
- Legal Division
- Policy, Research & Planning Division
- Commodities Exchange and Business Person Division
- Securities Businesspersons Supervision Division
- Management and Finance Division
Sections: 20 in total under the divisions.
Financial Sources:
Primary: Government grant, transaction fees from the stock exchange, and registration fees for corporate securities.
Secondary: fees from the registration and renewal of stock exchanges and market intermediaries; income from the mobilization of its revolving fund.