The appointment of a new Chairperson for the Securities Board of Nepal (SEBON) remains uncertain, even though the selection process has entered its final phase.

The recommendation committee formed to select the next SEBON chief has already submitted the names of three candidates: SEBON Executive Director Binay Dev Acharya, former Nepal Rastra Bank Executive Director Dr. Gopal Prasad Bhatta, and Mukunda Kumar Kshetri.

However, despite the shortlist being forwarded to the Cabinet, the government has not reached a final decision on the appointment.

The Cabinet, chaired by Prime Minister Balendra Shah (Balen), has convened four times—on Jestha 11, Jestha 15, Jestha 19, and Jestha 26—but the issue of appointing a new SEBON Chairperson remains unresolved.

SEBON has been without a permanent leader since former Chairperson Santosh Narayan Shrestha resigned on Baisakh 4 following his involvement in a money laundering-related investigation.

Although considerable time has passed since the recommendation committee submitted its final list, the Cabinet has yet to approve one of the candidates for the top regulatory position.

The prolonged leadership vacuum at SEBON has raised concerns among investors and market participants, as several policy, regulatory, and market development decisions have been delayed.

Stakeholders believe that appointing a new chairperson is crucial for improving regulatory efficiency, accelerating capital market reforms, strengthening investor confidence, and ensuring timely decision-making within Nepal’s securities market.

With the appointment process still pending, uncertainty continues to surround the future leadership of the country's capital market regulator.