When Will Heads of NEPSE and SEBON be Reappointed?

Thu, Oct 21, 2021 12:34 PM on Stock Market, National, Latest,

The Nepal Stock Exchange (NEPSE) and Securities Board of Nepal (SEBON) are currently operating without their respective heads.

Bhishma Raj Dhungana, former Chairman of the Securities Board of Nepal was sacked on count of illegal share ownership of Sarbottam Cement. Dhungana was stated guilty by the MoF of illegally buying shares of Sarbottam Cement through the OTC market, publishing a list of 51 companies under the influence of various power centers, acting unethically in the stock market, and taking financial benefits from various parties in the market.

Similarly, Chandra Singh Saud, former Chief Executive Officer of the Nepal Stock Exchange (NEPSE), had also resigned on moral grounds after allegedly being involved in the same case.

Sharesansar called Mr. Murari Parajuli, NEPSE spokesperson, to inquire about the appointment of a new CEO, a position that has since been vacant. Parajuli stated that Mr. Niranjan Phuyal, Assistant Manager at NEPSE has been functioning as the acting head for the exchange. The Ministry of Finance is responsible for the appointment of a new CEO, and the exchange is awaiting the ministry's decision.

Sharesansar then called Ms. Deepa Dahal, SEBON Deputy Executive Director. Dahal informed that Executive Director Mr. Niraj Giri has been taking the lead for SEBON's administrative engagement. SEBON is also awaiting a heads up from the Finance Ministry. Dahal informed us that the ministry shortlists candidates for the vacant post of SEBON's chairman by forming a committee. The right candidate is then chosen. However, Dahal stated that SEBON had recevied no update about the formation of a committee by the MoF for the appointment process. 

Update: Sharesansar received a call from Mr. Ritesh Shakya, spokesperson, Ministry of Finance. Addressing the issue, Shakya informed that the ministry has been carrying out the necessary exercise for the appointment process with due diligence and utmost priority.