Gopal Bhatta appointed SEBON Chairperson for remaining 2.5-year term

KATHMANDU: The government has appointed former Nepal Rastra Bank Executive Director Dr. Gopal Bhatta as the new chairman of the Securities Board of Nepal (SEBON), ending months of uncertainty over the leadership of the country’s capital market regulator.

A meeting of the Council of Ministers held on Friday decided to appoint Dr. Bhatta as SEBON chairman for the remaining term of approximately two and a half years following the resignation of former chairman Santosh Narayan Shrestha.

The appointment was made based on the recommendation of a selection committee coordinated by Dr. Sanjay Acharya, a member of the National Planning Commission. The committee had recommended three candidates for the post, including Dr. Bhatta, former Nepal Rastra Bank Executive Director Mukunda Kumar Kshatri, and SEBON Executive Director Binay Dev Acharya.

The recommendation committee had shortlisted four candidates from among 47 applicants before conducting interviews and recommending the final three names. The committee comprised Dr. Acharya, former banker Bhuvan Dahal, and Finance Secretary Dr. Ghanshyam Upadhyaya.

Dr. Bhatta retired from Nepal Rastra Bank after nearly three decades of service, reaching the position of Executive Director. He holds a master’s degree and a PhD in management from Tribhuvan University. His doctoral research focused on “Stock Market Efficiency in Nepal.”

During his tenure at the central bank, Dr. Bhatta worked across several key departments, including research, regulation, and bank supervision. He also spent more than 25 years teaching at academic institutions, including Shanker Dev Campus and Nepal Commerce Campus. Until recently, he served as an independent director of Nepal SBI Bank.

His appointment comes at a critical time for Nepal’s capital market. SEBON oversees a market with capitalization approaching NPR 5 trillion and is responsible for regulating securities and commodity markets. However, market participants have long raised concerns about the regulator’s institutional capacity, delays in introducing new investment instruments, and the need for stronger regulatory oversight as investor participation continues to expand.

With extensive experience in monetary policy, financial regulation, banking supervision, capital markets, and economic research, Dr. Bhatta is expected to focus on strengthening SEBON’s regulatory framework and improving institutional effectiveness.

The appointment follows the resignation of former chairman Santosh Narayan Shrestha in April amid investigations related to alleged transactions involving businessman Deepak Bhatt. Under Nepal’s Securities Act, the government is authorized to appoint a chairman for the remainder of the term when the position becomes vacant before completion of the full four-year tenure.

Recent years have seen frequent leadership changes at SEBON. Former chairmen Bhishma Raj Dhungana, Ramesh Kumar Hamal, and Santosh Narayan Shrestha all left office before completing their full four-year terms, highlighting ongoing governance challenges within Nepal’s capital market regulator.