Gopal Prasad Bhatta appointed Sebon chair

KATHMANDU: Gopal Prasad Bhatta of Kailali has been appointed as the Chairperson of the Securities Board of Nepal (Sebon).

A cabinet meeting held on Friday made the decision.

The position had been lying vacant after Santosh Narayan Shrestha tendered his resignation on April 17. In his resignation, Shrestha, who was appointed by the KP Sharma Oli-led government, had said he was stepping down to cooperate with the new government.

Bhatta spent nearly three decades with the central bank before retiring as an executive director.  He has proven expertise in monetary policy, financial sector regulation, public debt management, capital market development and macroeconomic research, according to the finance ministry.

The cabinet also decided to approve a bill to revive provisions of the Nepal Special Service Act, 1985, and decided to present it before Parliament. It also endorsed a proposal to amend and consolidate laws related to the National Cadet Corps.

Likewise, the cabinet has granted in-principle approval for drafting a bill to amend and unify existing cooperative laws. It also approved a proposal to prepare a separate bill to regulate and supervise savings and credit cooperatives.

The cabinet also decided to register several replacement bills in Parliament. These include amendments to the Cooperative Act, 2017; the Public Procurement Act, 2007; the Asset (Money Laundering) Prevention Act, 2008; and some Nepal acts related to health science academies.