Securities Board Chairman Selection Dispute, Votes Divided in the Recommendation Committee

A second meeting was held in the evening after three members disagreed in the first meeting. In that meeting also, Meen Bahadur Shrestha, Chairman of Board Chairman Selection Recommendation Committee and Uday Niraula, expert member, expressed the opinion that let's recommend the five shortlisted people, and the government will appoint whoever they appoint. However, after Finance Secretary and member of the recommendation committee, Madhukumar Marasini, after including the shortlisted candidates in the action plan presentation and interview according to the Securities Act and the chairman selection procedure, the committee members argued that the names of five people should not be sent as it is mentioned that three people should be recommended.

Committee's coordinator Shrestha and expert member Niraula have given a verbal opinion that the names of the five shortlisted people can be recommended from the attorney general's office. Therefore, he said let's recommend the names of all five people,' said the source, 'but Finance Secretary Marasini said that if the Attorney General's office gives that opinion in writing, otherwise it will be against the rules of the Securities Act and the President Selection Procedure.' The source said that if you decide to recommend, I will write a note of dissent. "After two meetings could not reach a consensus, after consulting with the Prime Minister and Finance Minister, a meeting will be held tomorrow or the day after today, and today's meeting ended without a conclusion," said the source.

In Subsection 4 of Section 7 of the Securities Act 2063, there is a provision that the recommendation committee must recommend the names of at least three persons from among the qualified candidates. Although there is no clear provision in the Act regarding the evaluation process of candidates, there is a provision that the recommendation committee shall determine its own procedure and recommend three candidates accordingly.

"When recommending a name, the committee will recommend the names of at least three persons who have qualified according to this act," it is said in the Securities Act, "The committee will determine its own procedure when recommending the name of the chairman." According to the provisions of the act, the recommendation committee has also created a procedure. 48 points have been omitted in the presentation of the action plan and interview in the procedure named as 'Procedure for recommendation for appointment to the post of Chairman of Nepal Securities Board, 080'. There are 52 marks in Professional Action Plan and Educational Qualification. According to sources, Finance Secretary Marasini has taken a stand on how to recommend people who are absent in the action plan presentation and interview, where almost half of the total marks have been allotted.

'After determining the sum of the marks obtained for the educational qualifications of the applicants and the marks obtained for the professional action plan submitted, a short list of five candidates will be prepared and selected for the presentation of the professional action plan and the interview. And the names of the three candidates who have obtained the highest marks will be recommended in alphabetical order by determining the scores of the candidates present for the interview based on their academic qualifications, scores on the submitted professional action plan, the average score of the presentation of the professional action plan and the average score of the interview.'

Even though it is not clear in the law, there is a clear provision in the procedure to recommend three people from those included in the presentation of the action plan and the interview, so the source said that it is difficult for the committee to proceed with the process in the current situation. The Attorney General's office has given the opinion that three persons should be recommended for the chairman of the board according to the law. The attorney general's office has given the opinion that only two people should not be recommended for the board chairman as there is a provision in the law that three people should be recommended out of the

ing applications. Last Sunday, the recommendation committee for the selection of the last president gave three options and asked for a legal opinion. Responding to that, on Tuesday, the Attorney General's Office suggested that three people be sent and if that is not possible, the process should be cancelled.

"In the Attorney General's letter, the recommendation committee has given an opinion that the recommendation committee can decide whether to recommend three of the five people on the 'short list' or to cancel the entire process and start anew," the source said, "but out of the five, The attorney general's office is silent on how to recommend the absentees in the presentation and interview.

The board has been without a leader for the last 6 months. The government has not yet been able to appoint a chairman to the post, which became vacant after the term of the outgoing chairman Ramesh Kumar Hamal ended on December 20. Due to the absence of a chairman, the permission process for primary issue (IPO), additional issue process (FPO), bonds, rights and other securities has been stopped since last January.