Biratnagar, Dec. 26
The Ministry of Economic Affairs and
Planning of Province 1 and Securities Board of Nepal (SEBON) have expressed
their readiness to appoint a 'capital market focal person' at the provincial
ministry.
Secretary of the Ministry, Suman Dahal, at
province-level 'Capital Market Awareness Programme' proposed the agenda and
said that there should be a close coordination between the SEBON and provincial
government in expanding and strengthening capital market and share market in
the province.
In response, Executive Director of SEBON,
Niraj Giri, maintained that the presence of the capital market regulator could
be initiated with the focal person.
"The SEBON was planning to create
provincial offices across the country but shied away because there is not
enough business to handle for the provincial office. While we were waiting for
some time, the proposal made by the provincial Economic Affairs Ministry is
pragmatic one," he said.
According to him, stock brokers' companies
would be brought to the provinces in coordination with the federal and
provincial governments.
The Capital Market Awareness Programme was
jointly organised by the Nepalese Association of Financial Journalists (NAFIJ)
and Merchant Bankers Association of Nepal (MBAN) in Biratnagar the other day.
Share market investors and representatives
of the private sector association in the province have demanded for the
presence of SEBON here.
CM pledges support to capital market
Addressing the programme, Chief Minister of
the province, Rajendra Kumar Rai, said that since the capital market supports
in collecting money scattered in the society and supplies funds to business and
economic development, the government is not against it.
"However, we should not forget that
capital market has not yet gained people's confidence. There is a need of
extensive awareness and education programmes," he said.
CM Rai pledged his support in the
development and expansion of capital market in Province 1. "We want to see
the development of capital market here. If there is a need of a new law, we
will create it, and coordinate with the federal government as well," he
said.
President of Confederation of Nepalese
Industries, Province 1, Bhim Ghimire, said that a large number of people have
not been able to reap the benefits of share market due to the lack of awareness
and education. According to him, all stakeholders including investors and
government bodies in Mofusil are inactive in this regard.
President of Nepal Chamber of Commerce,
Province 1, Suresh Man Shrestha, demanded for a clear and concise policy for
the development of capital market out of the Kathmandu Valley. He pointed to
the need of effective cooperation among the regulators and governments at all
levels.
Likewise, Advisor of the Federation of
Nepalese Chambers of Commerce and Industry, Province 1, Avinash Bohra, said
that there is no absence of capital market in the province but it lacks the
required infrastructure for the same.
President of the MBAN, Mekh Bahadur Thapa,
said that other investment instruments should be introduced in the share market
and they should be expanded to the provinces.
Published in The Rising Nepal daily on 27 December 2021.
No comments:
Post a Comment