The government has appointed Chandra Singh Saud, a relatively controversial figure, as the general manager of Nepal Stock Exchange (Nepse), the operator of the only secondary market in the country. The Cabinet on Monday appointed Saud for a four-year term. 

Saud had previously worked as the CEO of Nepal Insurance Company, the first non-life insurer established by Nepal Bank Limited. Following his retirement, Saud has been working as the chairman of Chartered Capital and Investment.  

Saud, who hails from far-western Nepal, is said to have close ties with Prime Minister Sher Bahadur Deuba. But he is one of the controversial figures in the country’s stock market, according to Nepse officials. Saud was previously charged of creating a proxy investor to invest in the stock market while he was the CEO of Nepal Insurance. He was also charged of engaging in insider trading a number of times. 

The government had initiated the process of selecting new chief of Nepse after Sitaram Thapaliya stepped down from the post on July 7.

Earlier, the Ministry of Finance had recommended Saud and two other candidates for the top management post of Nepse. 

Manoj Gyawali, deputy CEO of Jyoti Bikas Bank, and Professor Pramod Sharma were other contenders. Altogether, 13 candidates had submitted applications to become the new general manager of Nepse.