The government has started the process of selecting new executive chairman of Securities Board of Nepal (Sebon), the capital market regulator.
Issuing a public notice today, Finance Ministry called for applications within 15 days from eligible candidates to fill up the vacancy of the executive chairman through open competition in line with the ministry’s new working procedure.
The post of capital market regulator’s chairman has remained vacant since October 17, after the then chairman Rewat Bahadur Karki completed his four-year tenure.
Though, it is said that the open competitive process for the recommendation of the executive chairman of Sebon indicates an end to a practice of handpicking favorites by the finance minister with political patronage, the practice is yet under question as regulator has not yet got independent status.
The government has formed a three-member committee – led by a member of the National Planning Commission (NPC) including finance secretary and an expert in the field of securities – will recommend three short-listed candidates based on the open competition, the notice reads, adding that the recommendation committee will forward the shortlisted candidates to the Finance Ministry that will present to the cabinet, which pick one of them for the top post.
Earlier today, Finance Ministry introduced the new working procedure for the recommendation of the executive chairman of the Sebon, putting 40 per cent weightage on the action plan presented by the shortlisted candidates.
According to the ‘Working Procedure on the Recommendation of the Chairman of Securities Board of Nepal (Sebon)-2019’ released by the Finance Ministry, the eligible applicants should also submit his/her action plan as the chairman of the Sebon that should include the national and international outlook of the national and international capital and commodities exchange market and business plan for the board. “The action plan carries 40 per cent weightage for the evaluation of the applicants in addition to 20 per cent on the presentation of the plan,” according to the procedure that add,”remaining 10 per cent weightage for the score will be based on the academic qualification and 30 per cent for the interview.”
The candidate must have at least master’s degree and at least seven years of experiences in the field of stock exchange management, capital market development, economics, finance, commerce, management or law to become eligible for the chairman of the Sebon, according to the Securities Act-2007.
Issuing a public notice today, Finance Ministry called for applications within 15 days from eligible candidates to fill up the vacancy of the executive chairman through open competition in line with the ministry’s new working procedure.
The post of capital market regulator’s chairman has remained vacant since October 17, after the then chairman Rewat Bahadur Karki completed his four-year tenure.
Though, it is said that the open competitive process for the recommendation of the executive chairman of Sebon indicates an end to a practice of handpicking favorites by the finance minister with political patronage, the practice is yet under question as regulator has not yet got independent status.
The government has formed a three-member committee – led by a member of the National Planning Commission (NPC) including finance secretary and an expert in the field of securities – will recommend three short-listed candidates based on the open competition, the notice reads, adding that the recommendation committee will forward the shortlisted candidates to the Finance Ministry that will present to the cabinet, which pick one of them for the top post.
Earlier today, Finance Ministry introduced the new working procedure for the recommendation of the executive chairman of the Sebon, putting 40 per cent weightage on the action plan presented by the shortlisted candidates.
According to the ‘Working Procedure on the Recommendation of the Chairman of Securities Board of Nepal (Sebon)-2019’ released by the Finance Ministry, the eligible applicants should also submit his/her action plan as the chairman of the Sebon that should include the national and international outlook of the national and international capital and commodities exchange market and business plan for the board. “The action plan carries 40 per cent weightage for the evaluation of the applicants in addition to 20 per cent on the presentation of the plan,” according to the procedure that add,”remaining 10 per cent weightage for the score will be based on the academic qualification and 30 per cent for the interview.”
The candidate must have at least master’s degree and at least seven years of experiences in the field of stock exchange management, capital market development, economics, finance, commerce, management or law to become eligible for the chairman of the Sebon, according to the Securities Act-2007.
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