Government’s momentum in Genji’s race, Sebone’s speed in one country: Bonus shares listed and work stalled

२१ जेष्ठ २०८३, बिहीबार १०:५२June 4, 2026

Kathmandu. The pace of the Securities Board is much slower than the way the government formed after the elections of March 4 after the Zenji agitation on September 23 and 24.

And the main reason for this is the government.

The government led by senior RSP leader Balendra Shah has not been able to work at the pace at which other bodies have been able to work.TAG_OPEN_div_63

} As soon as the government formed under the leadership of Shah came to power, the officials appointed earlier were subjected to psychological intimidation and forced to resign, the government which had dismissed more than 1500 people at once through some Nepal Acts, could not send new leadership and the incumbent Mukayam did not do the work that should have been done, the pace of the government was like ‘the pace of the government in the Genji race, the speed of Sebon in one country’ ।

The complaint of those who return to the Securities Board is similar to this tactic. The government, which has been without a leader for a long time by forcing the previous chairman to resign, has not worked. In the absence of leadership, there is not much pressure for the board employees.

The government has come up with a very ambitious plan for capital market reform and expansion through the budget for the coming fiscal year.TAG_OPEN_div_58 However, the government’s dilly-dallying in appointing the chairman has raised doubts that the ambitious plan will be limited to ambition.

The budget for the coming fiscal year has included plans to adopt a zero-tolerance policy on insider trading, restructuring the Nepal Stock Exchange (NEPSE), make it easier for Non-Resident Nepalis (NRNs) to invest in the share market, expand institutional investment and make the financial sector more competitive.TAG_OPEN_div_56

However, the Securities Board of Nepal (SEBON), the main body responsible for implementing these plans taken by the government, effectively regulating the capital market and regulating more than 700 listed companies, has been without leadership for the past one and a half months.TAG_OPEN_div_54

Although the government claims to be prioritizing economic reforms, investment promotion and capital market expansion, the lack of leadership in the regulatory body has hampered important market functions, according to a Sebon official.TAG_OPEN_div_53

According to SEBON officials, the government’s big announcements of capital market development have raised questions about the delay in appointing the chairman.TAG_OPEN_div_51

Of the 47 candidates who have applied for the post of Sebon president, four have reached the final stage.TAG_OPEN_div_49 The recommendation committee will be held on May 5. Nawaraj Adhikari, Binay Dev Acharya, Mukunda Kumar Chhetri and Dr. Gopal Prasad Bhatta was shortlisted. Their interview was also completed on May 8. But since then, the appointment process has not moved forward.

According to an official of the board, the delay in appointing the chairman has affected the day-to-day administrative work and policy decisions.TAG_OPEN_div_47 “Although the acting leadership is conducting regular administrative work, many decisions from the chairman level have been stalled,” the official said, “Many files directly related to the market are awaiting a decision.” ’

According to him, there have been delays in the registration of bonus shares, right share issuance, initial public offering (IPO) approval, merger and acquisition process and mutual fund approval in the absence of the chairman.TAG_OPEN_div_45 Companies and investors have been directly affected by the lack of timely approval of such decisions.

According to capital market experts, the absence of a leader for a long time is not just an administrative issue.TAG_OPEN_div_43 This can undermine investor confidence in the market. They believe that the lack of leadership in the regulatory body is a paradoxical situation, especially when the government is announcing new market reform programs.

‘The budget has given some positive signals for the capital markets. But the expected results are not coming as the implementing body is without a leader. “Investors not only look at the government’s commitments but also their implementation capacity,” he said. ’

The government has announced to restructure NEPSE, make secondary market more competitive, attract institutional investors and expand the scope of investment for Non-Resident Nepalis.TAG_OPEN_div_39 Most of these programs are directly or indirectly linked to SEBON’s policies, directives and approvals.

The delay in appointing the chairman may also affect the implementation process of these plans. The number of companies that SEBON regulates has exceeded 700. Banks and financial institutions, insurance companies, hydropower companies, manufacturing industries, investment companies and various collective investment schemes come under the regulation of the Board. Sources claim that the long absence of leadership in such a large organization has affected the decision-making process.

According to experts in the field, the biggest impact of the absence of the chairman has been on the long-term plan for market reform.TAG_OPEN_div_35 A source in the board said that although the bureaucracy has been conducting its regular work in the absence of leadership, long-term policy decisions have not been taken. According to him, this has created a situation where capital market reform programs will be delayed, new policy formulation will be affected and the pace of market development will be slow.

According to a source, the delay in appointing the chairman will increase the cost of companies awaiting approval and affect the schedule of companies preparing to bring IPOs.TAG_OPEN_div_33 He said that the distribution of bonus and right shares has also been affected.