KATHMANDU, April 27: Executive Director of the Securities Board of Nepal (SEBON), Dr Nabaraj Adhikari, has retired after reaching the mandatory retirement age of 58. He formally retired from service last Thursday after nearly 27 years of contribution in regulation, policy formulation, market supervision, and institutional development within the capital market regulator.
Dr Adhikari joined SEBON in 2056 BS and has since built a reputation as an experienced regulator and capital market expert. From June 2022 to April 2026, he served as Executive Director (Special Category), leading the Policy, Research and Training Department as well as the Supervision Department. Earlier, he also held key roles including Board Secretary, Head of the Supervision Department, and spokesperson. He additionally served as Acting Chairperson from January to April 2024.
Contribution to market reforms and governance
During his tenure at SEBON, Dr Adhikari led several initiatives including the establishment of the Investor Protection Fund, policy reforms, study and research committees, and various market improvement measures. His contribution to feasibility studies for provincial office expansion, investor education programs, market structure reforms, and policy reports is considered significant.
He is also known for conducting Nepal’s first official insider trading investigation, particularly related to the Ridi Hydropower case, which resulted in court convictions, imprisonment, and fines—seen as a milestone in improving market transparency.
He managed the Securities Data Management System (SDMS) project, which was recognized as an outstanding initiative under government financial reform programs.
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Following the 2015 earthquake, he led a committee on stock market stability and prepared a rapid report within three days, contributing to the swift resumption of market operations.
Academic and international engagement
Dr. Adhikari has been teaching financial systems, corporate finance, and capital markets at the MPhil level under Tribhuvan University. He has also served as a guest lecturer in more than 110 colleges and universities.
Internationally, he represented Nepal in collaboration with the Toronto Centre, Canada, in financial supervision and investor education programs. He is also credited with contributing to SEBON’s associate membership in IOSCO in 2016.
He has published more than 40 research articles and has received several national and international honors, including the Nepal Vidyabhushan (Ka), Best Performance Award, and Krishna Chandra Regmi Best Research Paper Award.
Process begins to appoint new SEBON chairperson
Meanwhile, the process to appoint a new SEBON chairperson has begun after the resignation of Chairperson Santoshnarayan Shrestha.
A three-member recommendation committee has been formed under the coordination of National Planning Commission Vice Chairperson Gunakar Bhatt. The committee includes Finance Secretary Ghanshyam Upadhyay and former banker Bhuwan Kumar Dahal as members.
Shrestha was appointed chairperson on November 25, 2024, with a tenure until November 24, 2028. However, he resigned in April 2026, leaving the position vacant midway. The new chairperson will serve the remaining term of about two and a half years.
In recent years, SEBON leadership has often faced controversy and criticism, leading to growing calls for experienced, institutional, and credible leadership.
Eligibility for SEBON chairperson
As per the Securities Act, 2063 BS, the SEBON chairperson serves as the executive head responsible for daily operations. The candidate must hold at least a master’s degree and have at least seven years of experience in securities market management, capital market development, economics, finance, commerce, management, or law. The tenure of the chairperson is four years.
