Kathmandu: The process to appoint a new chairman for the Securities Board of Nepal (SEBON) has hit yet another delay, as the three shortlisted candidates were called for interviews and presentations on Friday but were not able to proceed. The interviews, scheduled at Singha Durbar, were deferred when Dr. Shivaraj Adhikari, Vice-Chairman of the National Planning Commission and coordinator of the selection committee, was unable to attend, along with the candidates.

The shortlisted candidates—Nawaraj Adhikari (SEBON Executive Director), Chiranjivi Chapagain (former Chairman of the Insurance Board), and Krishna Bahadur Karki (CEO of NEPSE)—had been summoned to present their plans and undergo interviews for the position.

The Securities Board has remained without an executive chairman since Poush 20. In the interim, Mahesh Baral, a representative from the Ministry of Finance, has been overseeing the role, though board activities, including public offerings, have faced setbacks.

Following the initial failure to recommend a candidate, the government established a new selection committee with the same members to restart the appointment process. However, this move faced a legal challenge from Santosh Narayan, a candidate who argued that there was no provision for restarting the process. In response, the Supreme Court ordered a halt to the new selection process, setting a hearing for Magh 30.

With the court’s order blocking the new process, the selection committee returned to the original procedure, summoning the three candidates again for interviews and presentations. The delays have prolonged the Securities Board’s leadership vacuum, causing significant disruption to its operations and regulatory functions.