Santosh Narayan Shrestha Appointed as the Chairman of SEBON
November 26, 2024 | Investopaper
Santosh Narayan Shrestha has been appointed as the Chairman of the Securities Board of Nepal (SEBON), filling a position that had been vacant for nearly 11 months. The decision was made during a Cabinet meeting on Monday, as confirmed by government spokesperson and Communication Minister Prithvi Subba Gurung.
Shrestha was the top recommendation from the selection committee, followed by Muktinarayan Shrestha and Dr. Navaraj Adhikari. He holds a Bachelor’s and Master’s degree in Business Administration from Kathmandu University and has previously served as a director at the Nepal Electricity Authority, along with holding leadership roles in various financial institutions.
The chair position at SEBON has been unoccupied since Poush 20, 2080 BS, causing significant delays in the approval process for public offerings. The government had initiated the appointment process on Magh 2 by forming a recommendation committee.
Despite rumors suggesting that Santosh Narayan would be favored for the position, the selection process faced challenges when three out of five shortlisted candidates failed to attend their interviews. This led to the cancellation of the initial appointment process, which Santosh Narayan contested in court. The Supreme Court ruled in his favor, allowing the process to continue.Ultimately, following further interviews where some previously absent candidates participated, Shrestha’s appointment was finalized
