Kathmandu – The government has appointed Santosh Narayan Shrestha as the Chairman of the Securities Board of Nepal (SEBON).
The decision was taken at a meeting of the Council of Ministers held at Singha Durbar on Monday, informed government spokesperson and Minister for Communications and Information Technology Prithvi Subba Gurung.
According to him, the Council of Ministers meeting has chosen Shrestha to head the Securities Board of Nepal.
Shrestha was one of the three final candidates chosen by the recommendation committee out of 11 applicants and was chosen to be the Chairman of the Securities Board.
The selection committee recommended three candidates: Mukti Shrestha, Dr. Nabaraj Adhikari along Shrestha. With the appointment of Shrestha, who have not any intro in the securities market, the interest of everyone related to him has also increased.
‘Young but strong candidate’
Shrestha was the youngest applicant among the 11 applicants who applied for the post of Chairman. He was born in Syangja in 2033 B.S. and raised in Kathmandu and Butwal, where he finished his studies.
Having completed his MBA in Finance from Kathmandu University, he has experience of holding the position of Chairman of Swabhiman Laghubitta Bittiya Sanstha for about 8 years. Similarly, he held the position of Chairman of the then Nepal Express Finance (now merged with Kailash Bikas Bank) for 10 years. Shrestha is the founding Chairman of both these institutions.
Not only in terms of position but also in terms of being the founder and investor of the institution, Shrestha seems to have gained experience in operating a bank through microfinance and finance companies and development banks.
Not only that, Shrestha also has experience of working as a member of the Board of Directors of Nepal Electricity Authority for three years. He has served as a representative of the financial sector on the Board of Directors of the Authority.
In terms of investment, Shrestha has not only been in the leadership of a bank financial institution, but also has experience of working directly in Soap and Chemical, Hydropower and colleges. Currently, Shrestha and his family have more than three hydropower plants under their investment.
Similarly, in terms of tenure, Shrestha is a life member of the Management Association Nepal (MAN) and an executive member of the Rupandehi Chamber of Industries.
Based on all these factors, it is evident that even though young, he is an equally competitive and strong character in terms of experience. According to those who know him closely, these are the reasons behind his appointment for the chairman position.
