NEPSE Staff End Protest After Agreement; SEBON Employees’ Agitation Continues

Employees of the Nepal Stock Exchange (NEPSE) have called off their protest launched on  September 23, while the agitation at the Securities Board of Nepal (SEBON) remains ongoing.

NEPSE employees had begun their protest demanding the resignation of Chief Executive Officer Chudamani Chapagain and newly appointed Chairperson Hemanta Basyal after the management refused to distribute a 5 percent bonus share to staff.

According to NEPSE Spokesperson Murahari Parajuli, the protest was withdrawn following a positive discussion between the NEPSE Employees’ Union and the management on Wednesday, October 29.

CEO Chapagain, who had not attended office since the protest began, reported to work on Wednesday. He reached a verbal agreement with the union to present a concrete plan addressing the employees’ demands and additional benefits within a week.

The prolonged protest had disrupted NEPSE’s operations, particularly the listing of securities. Spokesperson Parajuli said that with the CEO’s return, the halted work resumed from Wednesday. He added that the listing of shares of seven companies—already distributed to the public—had been delayed because of the protest, preventing investors from trading those shares. Many companies that recently issued and allotted rights shares were also awaiting listing, which would have been further delayed if the protest had continued.

The dispute over bonus shares had reached the Supreme Court after the management refused to implement a Labor Court directive to allocate a 5 percent bonus share to employees. NEPSE management filed a writ petition at the Supreme Court on October 14, seeking a legal interpretation of the Labor Court’s ruling. The Supreme Court has issued a show-cause order and summoned both parties for a hearing on November 9.

Meanwhile, the employees’ protest at the Securities Board of Nepal (SEBON), which also began on September 23, continues. SEBON staff began their protest after the Ministry of Finance directed the implementation of a decision that, they said, undermined their benefits and the board’s autonomy.

Ajay Dhungana, chairperson of the SEBON Employees’ Union, said the protest by two unions began jointly after the decision made at a secretary-level meeting of the Ministry of Finance’s Revenue Division on October 17. The meeting decided to recover amounts previously paid from SEBON’s employee welfare and protection funds, terming them contrary to prevailing laws.

Dhungana said the ministry’s directive interfered with SEBON’s independence as guaranteed under the Securities Act, 2063; the Legislative Act, 2081; and related regulations. He warned that the protest would continue until the “illegal” directive is revoked.

The ministry’s decision has affected not only current employees but also former staff who had already received benefits, prompting the unions to demand immediate correction of the decision.