Chudamani Chapagain has officially been appointed as the Chief Executive Officer (CEO) of the Nepal Stock Exchange Ltd. (NEPSE), bringing an end to a period of vacancy at the helm of the country’s sole stock market. The formal confirmation of his position came on Tuesday, April 1, when Revenue Secretary Dinesh Kumar Ghimire personally handed him the appointment letter.
The CEO post at NEPSE had remained vacant since February 7, 2025, creating a leadership gap during a crucial time for the Nepalese capital market. The appointment process was competitive, with a pool of 10 applicants vying for the top job. From this initial group, five candidates were shortlisted. Chapagain ultimately emerged as the frontrunner, securing the top position among the shortlisted individuals. The other candidates on the shortlist included Narad Kumar Luitel, Purna Prasad Acharya, Badri Prasad Pyakurel, and Hemant Basyal.
However, the selection process was not without its share of controversy and a lack of transparency. The selection committee notably did not disclose the final three names that were forwarded to the Cabinet for a definitive decision. This lack of public information fueled widespread speculation and uncertainty regarding the eventual appointee.
Adding to the confusion, earlier media reports, citing unnamed ministers, had suggested that the Cabinet meeting on March 24 had decided to appoint Narad Kumar Luitel to the position. These reports led to many individuals extending congratulations to Luitel on social media platforms. Despite these widespread claims, the Ministry of Finance never issued an official confirmation, casting significant doubt on the authenticity of the reported Cabinet decision and leading to public confusion.
The government’s handling of this high-profile appointment has drawn considerable criticism from within its own ranks. Senior officials at the Ministry of Finance have openly expressed their dissatisfaction with the lack of clarity and accountability throughout the process. They have called for a more transparent and responsible approach in filling such a pivotal role, emphasizing the critical importance of public trust and integrity in institutions like NEPSE. Chapagain now steps into this leadership role at a time when the need for robust governance and clear procedures in public appointments is under heightened scrutiny.
