KATHMANDU: The government has appointed Gopal Prasad Bhatta as the new Chairman of the Securities Board of Nepal (SEBON).

The decision was made during a cabinet meeting on Friday, according to Minister for Communication and Information Technology Bikram Timilsina.

Bhatta permanently hails from Kailali.

Alongside the appointment, the cabinet approved a series of legal reforms and amendments targeting the financial, cooperative, and national security sectors.

To address ongoing issues in the cooperative sector, the cabinet gave the green light to draft a new bill that will amend and combine existing cooperative laws.

Minister Timilsina stated that the government also approved the drafting of a separate bill focused strictly on the regulation and supervision of savings and credit cooperatives.

Additionally, the cabinet approved a replacement bill to amend the Prevention of Money Laundering Act, 2008 and another to update the Public Procurement Act, 2007.

The meeting also focused on state security and institutional updates.

The cabinet decided to send a bill to the Federal Parliament to restore previous provisions of the Nepal Special Service Act, 1985.

A bill to amend and integrate laws regarding the National Service Corps was also approved for parliamentary tabling.

Finally, the government approved a replacement bill to amend the Nepal Act relating to the Academy of Health Sciences.