KATHMANDU: Five persons have been shortlisted in the first round of selection for the post of chairman of the Securities Board of Nepal (SEBON).

A recommendation committee formed to select competent chair selected the best five candidates in the first phase among 15 applicants on Monday.

The shortlisted five are Niraj Giri, Gopal Prasad Bhatt, Khagendra Katuwal, Ramesh Kumar Hamal and Krishna Raj Pokhrel.

The committee now will recommend three names among the five selected today after which the government will pick one of them as SEBON chair.

A Ministerial decision had directed for the formation of recommendation committee under the coordination of National Planning Commission Vice Chair Bishwo Poudel for appointment of SEBON chair. The committee had invited applications for the post. Finance Secretary Madhu Kumar Marasini and Jibanath Dhital are members of the recommendation committee.

The application process was opened two times for SEBON chair. As many as 12 persons had applied during the first time whereas there were 15 applicants during second time.

There were allegations that the recommendation committee formation process itself was not in accordance with the law after the deadline had expired during the first time. The committee had been made legitimate through Ministerial decision.