Retaining the options of select list after reopening of editor

In my custom node editor I am fetching a list of files from FTP server and using typedInput select tag for displaying the same.

Once I select a value and then close the editor and then reopen it then I don't get the same list as before but now it is just as a string.

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I am not sure where I am going wrong. Is it because I am fetching the values in oneditprepare?

Probably, but is impossible to say without more detail & without seeing code.

Do you get an error in browser console?

Try adding debugger statements in your oneditprepare function (at appropriate points) and debug-step the code to see what is happening.

Or simply use console.log and open the browser dev tools.

There are no errors shown in the browser console

There won't be an error, it is doing what you've told it too. Its just that isn't what you want it to do. console.log variables so that you can see what is happening.