The Finance Ministry is reeling from the ruling Maoist's intervention. The act claimed two victims today. Bowing to the Maoist's pressure, Dr Chiranjivi Nepal, chairman, Securities' Board of Nepal (Sebon) and Devendra Pratap Shah, chairman, Insurance Board (Beema Samiti), put in their papers today.Sources said that both were urged to 'cooperate with the government' by stepping down from their respective posts.
The ruling coalition has sacked political appointees under various ministries since it assumed office around 100 days ago. Now, it has zeroed in on the Finance Ministry with a vengeance.
"At a time when the capital market is going through a critical phase, the Finance Ministry doesn't seem to be serious towards its development. The government apathy has compelled me to resign," explained the chairman of Sebon.
Dr Nepal, an economist, and Shah, the former general manager of Agriculture Development Bank, Nepal, were appointed in August, 2007, by the then Nepali Congress-led government.
Sebon had brought in five regulations to better manage the capital market under the able guidance of Dr Nepal.
Similarly, Shah had ushered in a slew of reforms in the insurance sector. "The World Bank has evinced interest in reforms in our traditional insurance sector. A report on these lines is being prepared. I strongly feel that reforms shouldn't be stalled at any cost," said Shah.
It is learnt that the Finance Ministry would see a lot of churning in the coming days.
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