Securities Board of Nepal Discloses Five Candidates for Chairman Position
The Securities Board of Nepal (SEBON) chairman selection committee publicly announced the names of five candidates on Sunday.
The candidates include Krishna Bahadur Karki, the CEO of Nepal Stock Exchange (NEPSE), former chairman of the Insurance Board Chiranjibi Chapagain, Dr. Nabaraj Adhikari, Executive Director of the SEBON, Executive Director of SEBON Mukti Nath Shrestha and Santosh Shrestha, who has served in various managerial roles in banking and financial institutions.
Although the position of chairman of the Securities Board is open to competitive selection, it's predominantly a politically appointed role. Given the political nature of the appointment, applicants are often expected to have affiliations or connections with political parties or corporate houses. Even though the selection for the position is theoretically open, the political landscape often influences the final decision-making process.
Currently, the government is led by the Maoist party, and while coalition governments of communist parties hold the majority, the term "Maoist government" doesn't distinctly differentiate the current administration. Nevertheless, the selection of the five candidates leans towards Maoist affiliations, further emphasizing the political nature of the appointment.
Krishna Bahadur Karki and Dr. Nabaraj Adhikari, both associated with the Maoist faction, are contending for the chairman position. Karki's journey is particularly notable as he is leveraging his ties within the party, including familial connections with Prachanda's daughter. However, his background in the Maoist party may pose challenges, considering the strained relationship between him and the Prime Minister.
On the other hand, Karki's competitor, Chiranjibi Chapagain, also represents the Maoist faction. He has significant support within the party and has been instrumental in various initiatives, including the facilitation of a new exchange license. Chapagain's involvement with the IME Group adds weight to his candidacy.
The other contenders, Muktinath Shrestha, and Santosh Narayan Shrestha have strong affiliations with corporate entities. Muktinath Shrestha and Narayan Shrestha's ties with the Deepak Bhatt Group enhance their prospects, particularly regarding their involvement in securing a new exchange license and other strategic agendas.
Chiranjivi Chapagain, formerly associated with the insurance sector, is now vying for the Himalayan Stock Exchange's license issuance agenda.
Considering the intense competition for obtaining the new license, candidates supported by corporate entities may face challenges, as their priorities may not align with pushing forward the new license agenda swiftly. Hence, their likelihood of being shortlisted for the final three positions remains uncertain. The incoming chairman will likely revisit the licensing process during their tenure.
