11th February 2025, Kathmandu
Krishna Bahadur Karki has officially left his role as the Chief Executive Officer (CEO) of the Nepal Stock Exchange (NEPSE). His tenure, which began on 3 February 2022 ended on 7 February 2025 after completing his term.
NEPSE CEO Shift Karki Leaves
Karki took over as CEO after the resignation of former CEO Chandra Singh Saud, who stepped down following allegations related to the share purchase scandal of Sarbottam Cement. Karki’s three-year term included overseeing major operations at NEPSE, during which he earned over NPR 10 million in salary and benefits.
Acting CEO Appointment
With Karki’s departure, the NEPSE board appointed Niranjan Phuyal, who was serving as a manager, as the Acting CEO. Phuyal assumed the responsibilities of the Acting CEO starting on 7 February 2025. He will continue in this position until the government appoints a permanent replacement for Karki.
The board decided to assign Phuyal the acting role during their meeting on 7 February 2025. As the new Acting CEO, Fuyal will manage the day-to-day operations of the stock exchange.
Karki’s Salary and Benefits
During his time as CEO, Karki was compensated generously. His salary records show that he earned substantial amounts in the form of allowances and benefits over the years. In the Fiscal Year 2021/22, he received a total of NPR 3,142,808, which included short-term employee benefits, long-term allowances, and meeting allowances. He was also paid a substantial amount for attending board meetings.
In the Fiscal Year 2022/23, Karki’s total salary and benefits amounted to NPR 3,110,125, which included a significant portion of short-term benefits and meeting allowances. Additionally, in the Fiscal Year 2023/24, Karki earned NPR 3,306,899, with a considerable portion being allocated to short-term employee benefits, long-term allowances, and meeting participation.
Karki’s total compensation during his tenure exceeded NPR 10 million, making his earnings a topic of discussion. However, these payments were in line with his role and responsibilities as the CEO of the country’s major stock exchange.
Next Steps for NEPSE
As Fuyal takes on the responsibilities of the Acting CEO, NEPSE will continue its operations without a permanent CEO until the government makes a formal appointment. The interim appointment of Fuyal is seen as a crucial step in maintaining stability at the exchange. His leadership will ensure the smooth running of the stock exchange while the search for a permanent CEO continues.
For more: NEPSE CEO Shift Karki Leaves