SEBON Expert Member’s 3-Year Tenure Set to Return as Government Moves to Revive 85 Legal Provisions
A bill introduced in the House of Representatives seeks to revive provisions altered by the Public Officials Dismissal Ordinance, potentially restoring the three-year tenure of the expert member of the Securities Board of Nepal (SEBON).
The government has introduced the ‘Some Nepal Acts Revival Bill, 2083’ in Parliament to restore provisions affected by the ordinance issued in Baisakh. The bill, registered on Ashoj 6, seeks to revive provisions from 85 laws that were altered or removed through the ordinance. For the Securities Act, 2063, this could restore the provision under Section 3(4) that sets a three-year tenure for the nominated expert member of the Securities Board of Nepal. The provision had been removed through the Public Officials Dismissal Ordinance, 2083, which has since become inactive. The proposed revival would therefore bring back the earlier legal arrangement for the SEBON expert member’s tenure. The change is relevant to the institutional continuity and structure of Nepal’s capital-market regulator, although it does not directly alter share-price or trading rules.