SEBON gets new chief after two months' void, raising hopes on faster IPO approvals

KATHMANDU: The Securities Board of Nepal (SEBON) has finally appointed a new chairperson after the position remained vacant for more than two months, which led to an uncertainty among stock market investors.

During a ceremony held on Monday, Finance Minister Swarnim Wagle administered the oath of office and secrecy to newly appointed SEBON Chairperson Gopal Prasad Bhatta.

The post had remained vacant since April 17, when former SEBON Chairperson Santosh Narayan Shrestha resigned from office.

On the occasion, Minister Wagle directed the new SEBON leadership to focus on strengthening capital mobilization and supporting the country's economic growth by developing an efficient, transparent, and trustworthy securities market.

The prolonged delay in appointing a new SEBON chief had stalled the approval process for initial public offerings (IPOs) worth more than Rs 69 billion. The pending applications include a significant number of hydropower companies.

According to SEBON data, 104 companies are currently awaiting IPO approval, including 34 hydropower companies. These hydropower firms are seeking approval to issue a total of 171,483,736 units shares worth over Rs 17.5 billion.

The appointment of the new chairperson is expected to accelerate the IPO approval process and provide momentum to Nepal's share market.