Appointment process for SEBON Chair to continue despite three candidates’ boycott « Khabarhub
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Appointment process for SEBON Chair to continue despite three candidates’ boycott


19 June 2024  

Time taken to read : 3 Minute


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KATHMANDU: The appointment process for the chairperson of the Nepal Securities Board (SEBON) will continue despite three shortlisted candidates boycotting the interview for the second time.

The Ministry of Law, Justice, and Parliamentary Affairs advised that the process cannot be halted, allowing the recommendation committee to proceed with the appointment.

On Sunday, the recommendation committee had invited five shortlisted candidates for interviews and presentations.

Of the five shortlisted candidates, only Santosh Narayan Shrestha and SEBON Executive Director Mukti Shrestha participated.

Rastriya Beema Samiti’s former Chairman Chiranjibi Chapagain, Nepal Stock Exchange (NEPSE) CEO Krishna Bahadur Karki, and SEBON Executive Director Navaraj Adhikari did not attend the scheduled interview.

The committee called them again for participation at 9 am on Wednesday; however, they did not show up.

Consequently, the committee consulted the Ministry of Law and the Attorney General’s Office to decide on the next steps.

Ministry directs to take selection process ahead

After three out of the five shortlisted candidates failed to attend the interviews twice, the committee sought informal advice from the Ministry of Law.

The ministry stated that the process, as per the law and procedures, cannot be stopped due to the absence of some candidates, and advised the committee to continue.

The ministry suggested that the absent candidates should have their scores reduced accordingly and that the recommendation should proceed.

Attorney General’s Office requested for written response

The committee also sought written advice from the Attorney General’s Office regarding how many names to forward to the cabinet.

With three candidates absent, the committee sought guidance on whether to recommend two, three, or five names.

Members of the committee noted ambiguities in the “Securities Act” and the “Recommendation Procedure for the Appointment of SEBON Chairperson, 2080” regarding the appointment process.

Clause 7.4 of the Securities Act states that the committee shall recommend at least three qualified individuals.

Additionally, the procedure allows the committee to determine its methods, including re-inviting applications if fewer than three candidates apply initially.

The law stipulates seven days for reapplications if fewer than three apply, after which the selection process can proceed regardless of the number of applications.

Publish Date : 19 June 2024 20:29 PM

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