Interview for Securities Board Chairmanship on Sunday: A Test of Leadership and Integrity

The process to appoint the Executive Chairperson of Nepal Securities Board (SEBON), the apex regulatory body for Nepal's capital markets, has resumed after prolonged delays. The Ministry of Finance has called three shortlisted candidates for interviews and business plan presentations on December 24, 2024.

Three Candidates in the Race

The candidates—Krishna Bahadur Karki, Chiranjivi Chapagain, and Dr. Navaraj Adhikari—are set to present their plans. However, concerns about the fairness of the process remain, as past selection attempts have been marred by political interference and the influence of intermediaries.

The State of Capital Markets

The prolonged absence of leadership has paralyzed SEBON’s critical functions. The primary market is nearly at a standstill, while the secondary market is sluggish. Proposals for IPOs, rights shares, and FPOs have been gathering dust due to the board’s inability to function effectively. A strong and competent leadership is essential to revitalize Nepal's capital markets and address systemic issues.

Chairmanship and the Second Stock Exchange Controversy

This selection process is further complicated by the pending approval of a license for a second stock exchange. Three companies have applied for the license, backed by influential business groups. The potential for commercial conflicts of interest has raised questions about whether the chairperson will act in the market’s best interest or serve the agendas of powerful stakeholders.

Sunday’s interview is a pivotal moment for Nepal's capital markets. The outcome will determine whether SEBON gets the leadership it desperately needs or remains entangled in controversy. For now, the nation’s investors are closely watching, hoping for a fair and decisive conclusion.