The government has appointed Santosh Narayan Shrestha as the chairman of the Nepal Securities Board (Sebon). The decision was made during the Cabinet meeting held on Monday evening.

The position had remained vacant since January 6, leaving Sebon without leadership for nearly 11 months. Shrestha, a businessman, was selected from a shortlist of three candidates recommended by a committee led by Shivaraj Adhikari, vice-chairman of the National Planning Commission. The prolonged delay was attributed to political disputes and procedural challenges.

The process of appointing Sebon's chairman faced significant hurdles. On January 17, a three-member recommendation committee was formed under Min Bahadur Shrestha, then vice-chair of the National Planning Commission, with Finance Secretary Madhu Kumar Marasini and Professor Udaya Niraula as members.

The committee invited applications on February 28, receiving submissions from 19 candidates. After initial evaluations, five candidates were shortlisted: Nabaraj Adhikari, Chiranjivi Chapagain, Krishna Bahadur Karki, Mukti Nath Shrestha, and Santosh Narayan Shrestha. However, only Mukti Nath Shrestha and Santosh Narayan Shrestha appeared for interviews, leading to complications as the Sebon Act mandates at least three recommendations for final selection.

Efforts to reconvene the remaining candidates were unsuccessful. The committee then sought legal advice from the Office of the Attorney General, which stated the selection process would be invalid if three names were not recommended. As a result, the process was cancelled on June 28, triggering legal challenges. On July 2, the Supreme Court issued an interim order against the cancellation.

Finally, Shrestha’s appointment resolves the months-long impasse, ensuring Sebon has a leader to oversee Nepal’s securities market.

In the same meeting, the Cabinet approved Foreign Minister Arzu Rana Deuba’s visit to China from November 28 to 30. This visit is part of the preparations for Prime Minister KP Sharma Oli’s official visit to China, scheduled from December 2 to 6.

The Ministry of Foreign Affairs stated that later Minister Rana would accompany the prime minister during his visit and return alongside him.