SEBON gets new leadership after two and a half months as Gopal Bhatt assumes office; Launches AML awareness decision

KATHMANDU: Nepal’s capital market regulator has formally received new leadership after more than two and a half months, with Dr. Gopal Prasad Bhatt assuming office as the new Chairman of the Nepal Securities Board (SEBON) on Monday.

Dr. Bhatt took the oath of office and secrecy before Finance Minister Dr. Swarnim Waglé at the Ministry of Finance following his appointment by the Cabinet on June 19 (Asar 5).

The appointment fills a leadership vacuum at the securities regulator after former SEBON Chairman Santosh Narayan Shrestha resigned on April 17 (Baisakh 4).

First decision focuses on anti-money laundering awareness

Soon after assuming office, Chairman Bhatt announced his first official decision, approving an awareness programme on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

According to SEBON, the programme aims to strengthen awareness among capital market stakeholders regarding regulatory compliance, financial transparency and measures to prevent illicit financial transactions within Nepal’s securities market.

The decision comes as Nepal continues to strengthen its financial regulatory framework in line with international standards on anti-money laundering and combating terrorist financing.

Finance Minister directs chairman to safeguard investors

During the oath-taking ceremony, Finance Minister Dr. Swarnim Waglé instructed the newly appointed chairman to prioritize the protection of investors’ interests while carrying out his regulatory responsibilities with integrity and independence.

The minister urged Bhatt to remain free from any form of influence or inducement while discharging his duties.

“Protect the investments of capital market investors without being influenced by any temptation or external pressure,” Finance Minister Waglé said. “The government will fully support your efforts. Create an environment where capital mobilisation contributes to accelerating Nepal’s economic growth.”

He emphasized that a strong, transparent and credible capital market is essential for mobilising domestic investment and supporting long-term economic development.

Time-bound reform roadmap sought

Highlighting the need for faster reforms, the finance minister instructed the new chairman to prepare a clear implementation roadmap outlining priorities for every day, week, month, six months and one year.

According to the minister, the reform agenda should include measurable targets and defined timelines to improve market governance, regulatory efficiency and investor confidence.

He also stressed that SEBON should focus on delivering tangible results rather than making public commitments.

“Implement capital market reforms with specific timelines. Strengthen confidence in the market while effectively carrying out the regulator’s role,” Waglé said.

The finance minister further stated that the Ministry of Finance would not interfere in the board’s regulatory functions but expects regular updates on market developments.

“I want a weekly briefing on the market,” he added.

Tackling rumours and protecting small investors

Expressing concern over speculation in the stock market, Finance Minister Waglé said rumours and misinformation have unnecessarily created panic among retail investors.

He directed the new chairman to take appropriate regulatory measures to counter misinformation and maintain market confidence.

According to the minister, ensuring fair, transparent and predictable regulation will help protect small investors and improve trust in Nepal’s capital market.

Chairman pledges honest implementation of reforms

Speaking after assuming office, Chairman Bhatt pledged to work honestly and professionally in line with the government’s vision for capital market development.

He said he would utilise his knowledge, experience and professional expertise to strengthen investor protection and contribute to the government’s broader economic growth objectives.

Bhatt also committed to implementing recommendations made by various committees and studies conducted in recent years to modernise Nepal’s capital market.

“The experience, knowledge and skills I have gained will be fully utilised for the benefit of investors and to support the government’s economic growth agenda,” he said.

He added that SEBON would continue implementing long-discussed reforms aimed at improving market governance, strengthening regulatory oversight and enhancing investor confidence.

Leadership change comes at a crucial time

Bhatt’s appointment comes at a significant time for Nepal’s capital market, which is undergoing regulatory reforms amid growing investor participation and increasing expectations for improved governance, transparency and market development.

Market participants have long called for quicker approval of public offerings, modernisation of securities regulations, stronger enforcement against market manipulation and reforms to attract institutional and foreign investment.

With a new chairman now in office, investors and stakeholders will closely watch how quickly SEBON advances pending regulatory reforms, strengthens market supervision and restores confidence in Nepal’s evolving capital market.