The Ministry of Finance is preparing to seek an official explanation from Santosh Narayan Shrestha, the Chairman of the Securities Board of Nepal (SEBON).
Long strike leads to action
According to senior ministry officials, SEBON’s work has been largely halted for over 40 days due to an employee strike. The Ministry believes Chairman Shrestha failed to take effective steps to resolve the crisis and lead the institution during this crucial period.
A source said, “Around 70 lakh investors have been affected because of SEBON’s inaction. We plan to ask for a written clarification within one or two days, and further decisions will depend on his response.”
Plan to remove him from position
Since the formation of the interim government, Shrestha has been under increasing pressure. Finance Minister Rameshwor Khanal reportedly wants him removed from office. Earlier attempts to do so were delayed because of a lack of solid legal grounds.
Now, officials are preparing to demand clarification, possibly form an investigation committee, and even dismiss him if necessary. “We’re making sure any removal is legally strong enough to avoid a court reinstating him,” a senior official said.
Communication gap widens
Sources claim Minister Khanal has not been meeting Shrestha lately despite repeated requests. The ongoing employee protest at SEBON, demanding cancellation of certain ministry directives, has added more tension. Shrestha reportedly tried several times to meet the minister to discuss the issue, but was denied appointments.
Legal and financial issues
Earlier, on Asoj 2, the Finance Ministry ordered SEBON to dissolve its Employee Welfare and Protection Funds, calling them illegal. The directive, based on an instruction from the Commission for the Investigation of Abuse of Authority (CIAA), also asked for recovery of benefits previously given to employees under those funds.
Although SEBON was given 30 days to act, it did not implement the order, which has now become another reason for the Ministry to question Shrestha.
Attempts at resolution failed
Despite efforts by Chairman Shrestha to hold meetings and convince employees to end the strike, the workers have remained firm in their demand for his resignation.
