FM directs SEBON for its restructuring

 Kathmandu, Aug 6

Minister for Finance Dr. Yuba Raj Khatiwada has directed the Securities Board of Nepal (SEBON) to implement the restructuring of the board, Nepal Stock Exchange Limited (NEPSE) and CDS and Clearing Limited.

In a meeting of the High Level Committee on Financial Sector Coordination at the Ministry on Thursday, he directed the Nepal Rastra Bank to expedite the works to operate the national payment gateway at the earliest.

He directed all the agencies concerned to the payment gateway to come up with the progress they made so far in the next meeting.

He also asked the regulator to make early progress on integrated procedure on concessional loan for the private sector enterprise and amendment of the hedging bylaws.

According to the Ministry of Finance, the meeting was called to review the progress made by the various agencies under the MoF in the last fiscal year 2019/20.

The meeting discussed the implementation of the provisions announced by the budget of the current fiscal year. It deliberated upon the issues like payment of salary and wages in the cottage, small and medium enterprises and tourism businesses affected by the coronavirus pandemic, fund to be created to operate the business, management of refinancing fund at the NRB, and corona insurance.

Chairman of Insurance Board Chiranjibi Chapagain said that the minister listened to the progress and presentations of the agencies on the concerned issues. He said that the board was conducting a study about the impact of COVID-19 pandemic on insurance business.

The meeting was also attended by Governor of NRB Maha Prasad Adhikari, Revenue Secretary Ram Sharan Pudasaini, Chairman of SEBON Bhima Raj Dhungana, President of Nepal Bankers Association Bhuvan Kumar Dahal, Registrar of the Department of Cooperatives Dr. Tok Raj Pandey and Registrar of the Office of the Company Registrar Pradip Raj Adhikari.

Published in The Rising Nepal daily on 6 August 2020.