Disruption in Appointment of Chairman of Securities Board

The selection process for the chairman of Nepal's Securities Board has been stalled. Three candidates who were scheduled for presentation and interview on Wednesday are again absent. According to sources, they were absent during the interview scheduled at 9 AM.

The recommendation committee formed for the appointment of the chairman had previously listed five candidates. Only two candidates participated in the scheduled presentation and interview on Sunday, while the remaining three—Executive Director of the Board Navaraj Adhikari, CEO of Nepal Stock Exchange Krishna Bahadur Karki, and former chairman of the Insurance Committee Chiranjivi Chapagain—were absent. They were scheduled to be interviewed again on Wednesday at 9 AM.

According to Clause 7 of Sub-Clause 4 of the Securities Act, the committee must recommend at least three names to the Cabinet. If among the five candidates, at least three are not present during the interview, only the names of the two present candidates will be recommended. Therefore, there is a possibility that the recommendation process might be canceled legally.

Background

The appointment process for the chairman of the Securities Board of Nepal has been disrupted due to the absence of three candidates during the scheduled interview. On Wednesday morning at 9 AM, the committee organized a meeting in Singhadurbar. Discussions were held with legal and law enforcement officers according to sources.

Legal Implications

The provisions of Clause 7 of Sub-Clause 4 of the Securities Act, which requires the committee to recommend at least three names for the position of chairman, might now be in jeopardy. If at least three of the candidates are absent from the interview, the legal procedure for recommending the names might be canceled. The legal framework for finding a solution has been discussed by the committee.

Possible Outcomes

1. Initiate a New Process: The committee will need to restart the selection process by selecting new candidates.

2. Opportunities and Consequences: The committee may assess and assess the valuation of two candidates present, or look for additional candidates by re-inviting old candidates.