KATHMANDU: The Supreme Court has issued a short-term interim order preventing the government from cancelling the appointment process for the Chairman of the Securities Board of Nepal (SEBON).

Justice Abdul Aziz Musalman’s bench issued the order on Tuesday during a hearing on a writ petition filed by one of the candidates, Santosh Narayan Shrestha, who opposed the government’s decision to cancel the selection process.

Following the hearing, the bench also issued a show-cause order against the Office of the Prime Minister and Council of Ministers, among others.

This interim order halts the government’s decision to cancel the appointment process for the SEBON Chairman.

The Supreme Court has also decided to summon both parties to provide arguments on whether to uphold or revise the government’s decision to cancel the process.

Last Friday, the recommendation committee, chaired by National Planning Commission Vice Chairman Min Bahadur Shrestha, announced the cancellation of all procedures related to the appointment of SEBON Chair.

However, Shrestha filed the writ petition arguing that the cancellation was not lawful and requested the process to continue in its current state.

According to the Securities Board Act, at least three candidates must be recommended for the Chairman position.

The process was cancelled after only two out of five shortlisted candidates participated in the presentation and interview stages.