The employees of Nepal’s main capital market regulator, the Securities Board of Nepal (Sebon), have intensified their protest. They are now demanding the resignation of the board chairman after failing to take the matter to court themselves.
Before the festival of Tihar, some Sebon employees reportedly held the chairman and several board members in a meeting room until late at night. This has caused tension, and the Ministry of Finance’s slow response appears to have encouraged employees to escalate the protest.
Orders from the ministry ignored
The Ministry of Finance had instructed Sebon employees to dissolve certain welfare and protection funds, which had allegedly been misused over the years. The ministry also asked for the recovery of benefits already taken from these funds. However, the employees started their protest immediately instead of following legal procedures.
Although the finance minister warned of strict action, he and the ministry officials have largely remained silent, which has motivated employees to block the chairman and board members from entering the office.
SEBON employees, whose job is to protect the interests of over seven million investors, have disrupted operations for 40 days. Despite this, neither the finance minister nor other ministry officials have actively resolved the issue. According to ministry insiders, their inaction has emboldened the employees, risking further disobedience to both the ministry and anti-corruption directives.
Some employees admit that their leadership is following the agenda of certain interest groups rather than seeking a proper solution. Instead of using legal channels, the union has focused on pressuring the chairman and board members, including trying to remove Chairman Santosh Narayan Shrestha.
One board member said employees even set up meetings under false pretenses to trap the chairman and directors, showing that the union might be influenced by outside interests rather than solving the problem.
Chairman Shrestha described the actions as “misguided.” He said employees are confusing the process by pressuring the board to go to court while refusing to take legal action themselves. He warned that this approach could weaken their valid concerns and called the protest “unfortunate.”
Employees have declared that they will not end their protest or allow Chairman Shrestha into the office until he resigns. The standoff continues, leaving SEBON’s operations and the wider capital market in uncertainty.
