SEBON Chairman Santosh Narayan Shrestha to Resign

Kathmandu. Santosh Narayan Shrestha, Chairman of the Securities Board of Nepal (SEBON), is set to resign. He informed the board members of his decision during a meeting held on Friday.

The board meeting took place at 5:30 PM today. A board member told Ratopati that Shrestha expressed his intention to resign soon and thanked the directors for their support during his tenure.

He had previously faced repeated pressure from the government to step down. Former Finance Minister Rameshwor Khanal had increased pressure by directing him to revoke employee benefits in accordance with the board's staff regulations, though he did not resign at that time.

Even after the formation of the new government under Balen Shah, ministry officials had informally suggested he resign on several occasions. Shrestha, who arrived at the board office at 12:00 PM today, had informed his close associates of his plan to resign, a sentiment he reiterated during the board meeting.

The Securities Act mandates that the board chairman must submit their resignation to the Government of Nepal. The position becomes vacant once the resignation is submitted to the Finance Minister and subsequently approved by the Council of Ministers.

However, his resignation has not yet been submitted to the ministry.