While media reports indicate that the Cabinet meeting on March 24 appointed Narad Kumar Luitel as the Chief Executive Officer (CEO) of Nepal Stock Exchange Limited (NEPSE), doubts have emerged regarding the legitimacy of this decision.

The media reports, citing ministers who were present at the Cabinet meeting, confirmed Luitel’s appointment. Despite receiving congratulatory messages on social media, Luitel has stated that he has not yet received an official letter from the Ministry of Finance.

Luitel shared that when he visited the Ministry of Finance after the Council of Ministers' decision, senior officials there congratulated him and wished him. However, he did not receive an official appointment letter.

"I have been in touch with the Ministry of Finance, but I have not received an official letter of appointment," Luitel said. Additionally, the details of the Cabinet's decision released by the Ministry of Information Technology and Communications do not mention his appointment as NEPSE’s CEO.

Shyam Prasad Bhandari, Joint Secretary and Spokesperson for the Ministry of Finance, clarified that the decision to appoint the NEPSE CEO has not been verified and has not yet been sent to the ministry. He emphasized that any decision made by the Council of Ministers must be verified before it can be implemented. Furthermore, Chief Secretary Ek Narayan Aryal recently stated in a program that the Council of Ministers did not make a decision regarding the NEPSE CEO appointment during its meeting last Monday.

The position of NEPSE CEO has been vacant since February 7. Among the 10 applicants for the role, five candidates, including Luitel, were shortlisted. Luitel ranked second on the shortlist, with Chudamani Chapagain at the top, followed by Purna Prasad Acharya in third place, Badri Prasad Pyakurel in fourth, and Hemant Basyal in fifth.

One of the shortlisted applicants criticized the government's selection process, claiming that it arbitrarily chose three names from the five shortlisted candidates and forwarded them to the Cabinet for appointment. The applicant urged the government to clarify the situation by disclosing the names of the three recommended candidates and appointing the most qualified individual from the group.

To qualify for the position of NEPSE CEO, a candidate must hold at least a master's degree or be a chartered accountant from a recognized institution in fields such as economics, commerce, finance, management, information technology, or law. The candidate must also have at least 15 years of work experience, including at least 7 years in senior managerial roles in the capital market, financial sector, or related management positions. However, concerns have been raised about whether Luitel meets the required work experience criteria.