Chapagain takes the helm as NEPSE CEO

KATHMANDU, APRIL 2: Chudamani Chapagain has been appointed as the Chief Executive Officer (CEO) of the Nepal Stock Exchange (NEPSE) for a three-year term. The decision was approved during the Cabinet meeting yesterday.

His appointment comes amid controversy, as the selection process has faced setbacks. The government ultimately chose Chapagain, former Deputy General Manager of Sanima Reliance Life Insurance, citing his extensive experience in the banking and financial sector. Originally from Jhapa, he has also worked at Sanima Bank for a significant period.

Before joining NEPSE, Chapagain spent five and a half years at the insurance company before recently resigning. His career includes roles at other financial institutes like Pathibhara Development Bank, Sunrise Bank,  and Union Life Insurance.

The selection process involved a committee formed by Finance Minister Bishnu Paudel, which shortlisted five candidates. On March 19, the candidates underwent interviews and presented their work plans. Three names were recommended, but an initial decision to appoint Narad Luitel was later revoked when it was found that he did not meet the required qualifications.

Among the ten applicants, the shortlisted candidates included former CDS & Clearing CEO Purna Prasad Acharya, as well as Badri Prasad Pyakurel from Nuwakot and Hemant Basyal, alongside Chapagain and Luitel.

The NEPSE CEO position had been vacant since February 8 following the completion of Krishna Bahadur Karki’s tenure.