Government sources indicate that the likelihood of appointment of a new chairman of the Securities Board of Nepal (SEBON) before Dashain is unlikely to happen.

The delay stems from the hospitalization of Shivraj Adhikari, the coordinator of the recommendation committee for the appointment of the SEBON chairman and vice-chairman of the National Planning Commission, due to dengue. The interview scheduled for October 4 has been postponed until further notice, as per a notice issued by the Ministry of Finance.

Finance Ministry insiders have stated that a fresh notice will be issued after Dashain to resume the interview process. The chairman’s appointment process, which had been suspended since June 28, has now been delayed again.

Previously, the appointment process was embroiled in controversy, with allegations surfacing that the SEBON chairman was to be appointed based on the influence of business houses. During the last interview phase, only two of the five shortlisted candidates—Santosh Shrestha and Mukti Shrestha—attended the interview, while Dr. Navraj Adhikari, Krishna Bahadur Karki, and Chiranjeevi Chapagain were absent despite multiple invitations. Consequently, the recommendation committee canceled the process on June 28.

After the Supreme Court’s interim order questioning the cancellation and the Attorney General's opinion supporting the continuation of the previous process, the government restarted the appointment process.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel had intended to complete the appointment before Dashain. On October 4, Dr. Navraj Adhikari and Krishna Bahadur Karki attended the interview, but Chiranjeevi Chapagain did not show up once again.

The post of SEBON chairman has been vacant since January 5. Between February 28 and March 13, a total of 19 applications were submitted for the post. Out of these, five candidates were shortlisted for the final selection round. The recommendation committee is expected to select three names, from which the cabinet will appoint one as the new SEBON chairman.

In the absence of a chairman, a representative from the Ministry of Finance has been overseeing SEBON’s operations. This has caused delays in approving share issuances and other essential functions of the board, affecting the capital market.