Nepal's Securities Board Faces Leadership Vacuum Amidst Ongoing Regulatory Turmoil
Summary
Nepal's Securities Board (SEBON) faces a leadership vacuum after Chairman Santosh Narayan Shrestha resigned, amid ongoing regulatory turmoil and controversies in the capital market. A new chairman appointment process has begun with a recommendation committee formed by the government.
Key Points
- Santosh Narayan Shrestha resigned as chairman of Nepal's Securities Board, leaving the position vacant again after 17 months.
- The board has had unstable leadership with three chairmen replaced in the last six years amidst controversies including insider trading and conflicts of interest.
- A government-formed recommendation committee is tasked with selecting new chairman candidates to restore stability and reform in SEBON.
- Former chairman Rewat Bahadur Karki emphasized the need for structural change, technological improvements, commodities market start, and further financial liberalization under new leadership.
