For nearly a month, the Securities Board of Nepal (SEBON) has been in deep trouble. Its staff have been protesting after the Ministry of Finance decided to cancel their welfare and security funds. Because of this, all office work has come to a halt.
Tension builds at SEBON office
On Sunday, Chairman Santosh Narayan Shrestha called a meeting at SEBON’s Khumaltar office to find a solution. But before the meeting could start, a group of investors arrived, demanding an immediate rise in the market and overnight reforms.
At the same time, SEBON employees were fighting to include their union representatives in the meeting. While the chairman was open to it, the ministry’s representative, Joint Secretary Uttarkumar Khatri, strongly opposed. The meeting went on without the union members, and SEBON decided to form a committee to study the employee issue and the possible effects of canceling the funds.
Disagreement turns into chaos
The employees rejected the committee, insisting SEBON should file a legal case against the ministry instead. Officials refused, saying a government body cannot challenge its parent ministry. This sparked heated arguments.
Soon, more investors began gathering at the SEBON office. Some employees even showed them where the directors were meeting. As tensions rose, employees locked the meeting room from outside, trapping several SEBON board members inside.
Interestingly, Khatri managed to slip away quietly before things got worse—raising suspicion that he knew what was about to happen.
A long night of pressure and shouting
As the crowd of investors grew, the situation turned chaotic. Chairman Shrestha tried to calm the crowd and promised to listen to their demands, but they refused to back down. They shouted 11 demands, insisting they be met immediately.
The employees, instead of stopping the chaos, were seen supporting the protesters. Some even wore casual clothes and pretended to be investors. They encouraged the crowd to keep pushing harder, saying, “Don’t stop until our demands are met.”
This unexpected unity between SEBON staff and investors created panic inside. The board officials were unable to leave the office until late at night.
Police rescue the trapped officials
By 10 p.m., the situation had become dangerous. Fearing possible attacks, police surrounded the building. Following the chairman’s request not to use violence, they carefully created a security ring and rescued four officials, including Chairman Shrestha. They were taken to the Satdobato police station for safety before being sent home.
Was it planned?
Police sources later revealed that they had been warned earlier in the day about possible unrest. They had informed the chairman, but he believed it was under control. After observing the night’s events, officers said there were enough signs of a hidden plan between some SEBON employees and a few investors.
According to police, employees showed the protestors where the board meeting was, locked the door from outside, and even guided them on what to demand. Videos also showed employees provoking the investors.
One police officer said, “It looked like some employees were burning their own house just to feel warm. The chairman’s biggest threat may come from inside his own office.”
What investors say
Investors who joined the protest denied any secret agreement. They claimed they went there on their own to raise market-related issues and that their timing with the employee protest was just a coincidence.
The bigger plan
However, sources revealed that one of the protest leaders met several market figures the next morning. He reportedly told them that Sunday’s protest was part of a larger plan to remove Chairman Shrestha and replace him with someone more favorable to both investors and employees.
According to the source, he said, “We have agreed to remove Shrestha and bring our own chairman from within SEBON. We’ll need market support for this campaign.”
This statement has fueled growing suspicion that Sunday’s chaos at SEBON was not a coincidence but a carefully designed move to shift control at the top.
