Finance minister-NPC vice-chairperson rift delays SEBON chairperson appointment

Kathmandu, December 26

A rift between Finance Minister Janardan Sharma and National Planning Commission Vice-chairperson Biswo Poudel has delayed the appointment of the new chairperson of the Securities Board of Nepal (SEBON), the stock market regulator of the country.

A source in the Ministry of Finance says the process has stalled as Finance Minister Sharma wants to appoint someone close to his CPN-Maoist Centre party whereas Poudel wants a person loyal to Prime Minister Sher Bahadur Deuba’s Nepali Congress party.

The position is vacant since early October as the government sacked incumbent Bhishma Raj Dhungana after he was found involved in insider trading of shares of various companies despite his regulatory role.

Following that, the government had formed a three-member team to select the official under the leadership of Poudel. Poudel’s panel collected applications from 12 candidates, but it could not submit a shortlist of three top candidates to the ministry as required.

In the meantime, the cabinet formed another selection committee, requesting the commission to send a member to join the team. But, Poudel has not sent the commission’s representative yet.

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