Pokhara, 25 September | The Nepal Securities Board (SEBON) and Nepal Stock Exchange (NEPSE), the key regulators of the country’s capital market, are currently facing widespread employee protests. The staff at both institutions are demanding better service benefits, institutional autonomy, and leadership changes, causing significant disruptions to market operations.
At SEBON, the employees’ union has been galvanized by a recent directive from the Ministry of Finance. According to Ajay Dhungana, president of the SEBON Employees’ Union, the protest was triggered by a circular issued on October 2, after Rameshwar Khanal took charge of the Finance Ministry following the Gen-Z protests. The circular called for the cancellation of the “Board Employee Protection Fund Procedure” and the immediate recovery of funds already disbursed from it. Dhungana stated that this decision was “unacceptable and inhumane,” as it sought to revoke long-standing employee benefits. He argued that the directive was both illegal and impractical, leaving the employees with no choice but to resort to protest. The protests began on Tuesday with staff blocking the official vehicles of SEBON’s chairman and chief and escalated on Wednesday to a complete shutdown of office operations. Dhungana confirmed that the protest will continue until their demands are met and the board is granted autonomy from the ministry’s “micro-management.”
Meanwhile, NEPSE is also in turmoil, with employees demanding the resignations of Chairman Hemant Basnyat and CEO Chudamani Chapagain. The staff accuse the two leaders of working against the institution’s best interests and engaging in political favoritism. On Tuesday, protesting employees held Basnyat and Chapagain hostage inside the office, prompting a police intervention to rescue them. Navaraj Thapa, president of the NEPSE Employees’ Union, announced that the protests would continue until the chairman and CEO resign. He stated that a decision made during a board meeting on October 3 was “a dagger to the chest of employees” and was made with the intent to “sell the institution.”
Thapa further alleged that the leaders have openly declared their loyalty to political parties and even mentioned amounts to be paid to them, which he cited as a reason for their immediate dismissal. In addition to the demand for leadership change, the employees are also protesting for the implementation of a bonus scheme, which they claim has been held up despite a court order from Bhaktapur’s court.
Both SEBON and NEPSE fall under the jurisdiction of the Ministry of Finance. As of Thursday evening, the ministry had not issued any official statement to address the ongoing protests. This lack of response suggests that the demonstrations may persist, which could have a lasting impact on the stability and operations of Nepal’s capital market.
