9 Manseer, Kathmandu. Preparations have been made to cancel the appointment process of Nepal Securities Board, the regulatory body of the capital markets sector. The finance ministry is preparing to scrap the existing process of appointing the chairman through a new process.
There is a provision to constitute a committee under the coordination of the member in charge of the related matters of the National Planning Commission for the appointment of the Chairman of the Board. The member-in-charge of the commission was Ram Kumar Funyal. But the Vice-Chairman of the Commission himself became the representative of the Commission to become the Coordinator.
There was controversy from the start when Vice President Poudel became the coordinator, with the responsibility of looking after the capital markets where the members should be sent. According to a source in the Finance Ministry, the committee constituted under the chairmanship of Vice Chairman Paudel is preparing to scrap the existing process of forming a new committee as there is a dispute over its recommendation.
Although there is an explicit provision in sub-section 3 of Section 7 of the Nepal Securities Board Act, 2063 that a member should be appointed as a coordinator, many complained that Vice President Xu was sitting on his own, the source said. . made up. Earlier a committee was constituted at the ministry level. A source in the ministry said that now a new selection committee will be formed from the cabinet meeting.