Kathmandu, Sept. 16
The Securities Board of Nepal (SEBON) has said that the
preparations for bringing a policy related to margin trading has reached the
final stage.
Speaking at an interaction programme organised by the
Nepal Association of Financial Journalists (NAFIJ), Chairman of the Board
Ramesh Kumar Hamal said that a policy on margin trading will be announced in a
few weeks. "The SEBON is set to announce a new policy on margin trading in
a few weeks, the policy regarding margin trading that will flow through the
broker will be implemented."
He also said that the Board will set separate
qualifications for independent directors in hydropower and real sector
companies.
Chairman Hamal said that the roster of independent
directors will be prepared by the SEBON. "We are determining the
qualifications of independent directors in hydropower and real sector
companies, we are making a roster. We are making arrangement for the
independent directors to submit the report to the independent auditor," he
stated. He also said that the matter has been discussed with the Independent
Power Producers Association of Nepal (IPPAN) as well.
He informed that 'intra-day trading' will also be implemented
at the Nepal Stock Exchange (NEPSE). According to him, SEBON team has the
courage and expertise to reform the securities market. Since the economic
indicators are in course of improving, the investors should be confident to
make investment, he said.
He also made it clear that he will not decide to reduce
the commission of the brokers without adding more service to their business.
"If brokers' commission is slashed, fee for SEBON would be reduced first. We
are not in favour of reducing the commission so that the broker is not
sustainable," said Hamal. He also maintained that the policy of
distributing 10-unit shares to all possible applicants of the initial public
offerings would be revised.
Likewise, Executive Director of the SEBON, Muktinath
Shrestha, pointed out that NEPSE index and market capitalisation should be made
scientific in a timely manner. He also asked the brokers to submit the
proposals for commission and required facilities.
Chairman of Stock Brokers Association of Nepal Dharma Raj
Sapkota said that policy support is needed for the recovery in margin trading.
Similarly, he said that stability should be maintained in the market by
bringing tools like auction market and settlement guarantee fund.
According to him, supply pressure will increase as soon
as the lock-in period ends in real sector companies, including Hydropower.
Krishna Giri, Secretary General of Securities Brokers
Association, said that the lock-in data of listed companies should be available
at the NEPSE. He said that the instruments like treasury bills of the monetary
market should be available in the securities market.
Likewise, Ambika Prasad Poudel, executive member of the Federation
of Nepalese Chambers of Commerce and Industry and share investor, said that due
to the 10-unit share policy of the IPO, number of investors has reached 2.7
million and those who want to go for book building system are now moving towards
the premium share price.
Poudel said that the limit of Rs. 120 million is enough for
the margin nature of share mortgage loan, but this ceiling is not appropriate
for companies that have come to invest in the stock market.
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