SEBON News & Activities (Last updated on July 16, 2010)

Enforcement of Approved Amendments

The Board Meeting dated 2 July 2010 has approved amendment in schedules of Securities Registration and Issue Regulations, 2008 and has enforced the same effecting from 17 July 2010.

For the complete document click here

Delegates from SEC Cambodia visit SEBON

Delegates lead by Mr. Kao Thach of Securities and Exchange Commission of Cambodia visited Chairman Dr. Surbir Paudyal, Director Mr. Paristha Nath Poudyal and Deputy Director Mr. Mukti Nath Shrestha to discuss about the development of Nepalese Securities Market on July 7, 2010.

First Amendment in Stock Exchange Operation Regulations, 2064 (2008)

The Board has enforced new amendment on Stock Exchange Operation Regulation, 2064 (2008) effecting from July 02, 2010. In the amended Regulations, Regulation 23a has been added which facilitates the Government of Nepal for purchasing the securities from outside the stock exchange in the case if the Government of Nepal have to purchase securities pursuant to the Agreement concluded in between Government of Nepal and International or multinational Organization. However, the transaction such made are required to be recorded in the Stock Market and then after the clearing and settlement shall be carried out.

New Bonus Share Directives, 2067 enforced

SEBON has enforced Bonus Share Directives, 2067 replacing the Bonus Share Directives, 2058 from 03 Ashad 2067 (29 June 2010).

For the complete document click here

SAFE and NEPSE officials visit SEBON

Two members from South Asian Federation of Exchanges (SAFE) and Mr. Shanker Man Singh, General Manager, NEPSE visited SEBON on June 17, 2010 and discussed about upgrading and strengthening the Nepalese Capital Market.

ADB officials visit SEBON

A team from Asian Development Bank (ADB) visited SEBON on June 10, 2010 and discussed about the Nepalese Bond Market.

SEBON's 18th Anniversary

Securities Board of Nepal (SEBON) organized a program on the auspicious occasion of its 18th Anniversary on June 8, 2010 in hotel Del' Annapurna, Kathmandu. Speaking as the president of the program, Dr Surbir Paudyal, chairman of SEBON stated the activities and progress of SEBON during the year. On the occasion, Dr Paudyal welcomed the distinguished guests and stressed how SEBON is working for the protection of the interests of general investors. By developing the mutual relationship between the stakeholders, Nepalese stock market can move ahead.

Speaker Mr Dambar Prasad Dhungel, former chairman of SEBON was pleased with the achievement of SEBON till date and remembered the early establishing scenario of SEBON and fluctuations thereafter. Representatives from Government authorities, NRB, NEPSE, media and SEBON personals participated on the celebration.

Training & Interaction on First Phase Implementation of SDMSN

Training and interaction programme on the first phase implementation of Securities Database Management System of Nepal (SDMSN) were held at Securities Board of Nepal (SEBON) on 30 May, 1 June, 3 June and 4 June, 2010 for commercial banks, development banks and finance companies. Dr Surbir Paudyal, Chairman of SEBON, pointed out the need and urgency of online reporting system to SEBON, market participants and other regulators of the financial market. Dr Nabaraj Adhikari,Deputy Director and the then Project Manager of SDMSN welcomed the participants and elaborated on the history of the project and its scope and impact on the overall financial market of Nepal. Mr Matrika Babu Pokhrel,consultant of online reporting system, provided training on the procedures of online report submission involved in the Financials Module and Issuer Database Module of SDMSN. Queries raised by the participants were answered by Dr Nabaraj Adhikari and Mr Matrika Babu Pokhrel. In the programme, valuable suggestions were provided by the participants for enhancing the modules.

The list of participants can be found here.

First Amendment in Securities Registration and Issue Regulation, 2065

The Board has enforced new amendment on Securities Registration and Issue Regulation, 2065 effecting from May 24, 2010. According to the amended Regulation, the corporate body using local natural resources and materials as its raw materials shall be required to set aside at least fifteen percent of its issued capital to the public and ten percent of its issued capital for the people residing in the area affected by the industry. Although the upper limit for issuance of public shares of such company is not restricted, the promoters' share holding is made compulsory to be at least fifty one percent of total share holding. The amended Regulation has also encouraged the emerging hydropower industries by allowing public issuance of its shares if it has concluded Power Purchase Agreement and has called tender for construction of Powerhouse and other infrastructure.

For the complete document incorporating the amendment click here.

Interaction on first amendment of Securities Registration and Issue Regulation, 2065

An interaction program on the first amendment of Securities Registration and Issue Regulation, 2065 was held at Securities Board of Nepal (SEBON) on May 24, 2010. Economic and financial journalists from different media were present at the program. At the program, Mr Niraj Giri, Director of SEBON pointed out the various amendments made in Securities Registration and Issue Regulation, 2065. Queries raised by the journalists were answered by Dr. Surbir Paudyal, Chairman of SEBON, and Mr Niraj Giri.

Team of Experts from SEBI in Kathmandu

A team, headed by Mr. Santosh Sukla, legal consultant of Securities and Exchange Board of India (SEBI) has started the task plan for the institutional strengthening and empowerment of Securities Board of Nepal (SEBON) from April 25, 2010 in Kathmandu. The team comprised of Mr. Santosh Sukla with Mr. Sashi Kumar, Ms. Asha Sethi and Ms. Balaji Harini from SEBI has visited Dr Surbir Paudyal, Chairman of SEBON and officials of respective department of SEBON. The team is going to meet with government officials of Ministry of Finance including Governor of Nepal Rastra Bank and officials of Nepal Stock Exchange Ltd, stoke brokers and issue managers. The team will submit their report to SEBON as per the need and requirement of capital market and for the institutional strengthening and empowerment of SEBON.

Discussion Program on Mutual Fund Regulation (Draft)

Securities Board of Nepal conducted a half day discussion program on "Mutual Fund Regulation (Draft)" on April 11, 2010 at Hotel Del' Annapurna, Kathmandu. Representatives from government authorities, stock exchange, merchant bankers, stockbrokers, commercial banks and journalists participated in the discussion program. Mr Paristha Nath Paudyal, Director of SEBON presented a paper on 'The Concept of Mutual Fund and Practices' and Mr Mukti Nath Shrestha, Deputy Director of SEBON presented a paper on the drafted provisions in Mutual Fund Regulation as well. Mr Deepak Raj Kafle, former chairman of SEBON, Mr Shanker Man Singh, General Manager of NEPSE and Dr. Ramesh Bhandari commented on the presented papers and its general practices as panelists.

Training on CDS to SEBON staffs

A brief training about Central Depository System (CDS) was given to SEBON staffs from personnels of Central Depository Service (India) Limited (CDSL) at SEBON premises on April 07,2010.

Discussion held

A discussion was held in the presence of departmental chiefs of SEBON on Central Depository System (CDS) regulations with personnels from Central Depository Service Limited (CDSL) India at SEBON premises on April 06,2010.

Interaction Program held

Securities Board of Nepal (SEBON) and Nepal Stock Exchange Ltd. (NEPSE) jointly organized a half day interaction program on "Capital Market: Current Situation and its Solutions" on April 4, 2010 at Hotel Del' Annapurna, Kathmandu. Various investor forums, merchant bankers, stockbrokers and representatives from bankers association, development bank association, and finance company association participated in the interaction program. Mr Tanka Prasad Paneru, Chairman of NEPSE, Mr Deepak Raj Kafle, former president of SEBON and Dr Surbir Paudyal, Chairman of SEBON were the key speakers of the program. Mr Dipesh Vaidya presented the paper "Capital Market of Nepal, Current Situation - Problems and Solutions" on that program.

New Board Members

Mr. Bodh Raj Niraula, Joint Secretary, Ministry of Finance, has represented as a board member from March 30, 2010. Also, Mr. Surendra Man Pradhan has been appointed as the expert member in the board from April 5, 2010.

Chairman Dr Paudyal Inspected the Broker Office

Dr Surbir Paudyal, chairman of SEBON visited brokers' office at Pokhara on March 7, 2010. Dr Paudyal held the visit of broker office after the commencement of stock broking outside the Kathmandu valley. Likewise, Chairman Dr Paudyal participated in an interaction program jointly organized by SEBON and Pokhara Chamber of Commerce and Industries on March 8, 2010.

Grievance Box Installed

To accept and review the grievances, queries and suggestions from the general public, SEBON has put a box in its premises from March 15, 2010 which will be helpful to address the various problems faced by the public.

Exposure Visit by Bal Kumari College

Students studying in Postgraduate level at Bal Kumari College, Narayangarh, Chitwan affiliated to Tribhuvan University (TU) visited SEBON and attended the interaction programme with SEBON officers on March 4, 2010. Mr Nabaraj Adhikari, Deputy Director of SEBON welcomed the students. Mr Gopal Krishna Acharya from training and education section, Mr Vijay Dhakal and Mr Narayan Prasad Sharma from surveillance section of SEBON instructed on the role and responsibilities of SEBON and its monitoring and surveillance of securities market. Mr Lok Raj Joshi from SDMS of SEBON highlighted on the central securities data bank and its use to the students and investors. Altogether 35 students of MBS and one finance lecturer were participated the interaction programme.

ADB officials visit SEBON

A team from Asian Development Bank (ADB) visited SEBON on 4th March, 2010 and discussed about the Nepalese Bond Market and on the establishment of infrastructure development bank.

IMF officials visit SEBON

Mr. Kiatipong Ariyapruchya (Economist), Asia-Pacific and Western Hemisphere division, and Mrs. Laura Papi, Division Chief, from International Monetary Fund (IMF) visited SEBON on 24th February, 2010 and discussed about the Nepalese Securities Market.

International Participation

Deputy Director, Mr. Mukti Nath Shrestha participated in the program "Getting Finance 2010" from 18th to 19th February, 2010 in Phillipines, Manila organized by The World Bank.

World Bank official visits SEBON

Mr. Valeria Salomao Garcia, Senior Financial Sector Specialist of Financial Systems Department from The World Bank visited SEBON on 17th February, 2010 and discussed about the Nepalese Securities Market.

Project Implementation Completion Report Workshop

Mr Nabaraj Adhikari, Deputy Director, Planning and Development Department and Project Manager of SDMS Project attended the Project Implementation Completion Report Workshop organized by World Bank in partnership with Economic Advisory Services Unit of National Planning Commission. The workshop was held at Hotel Yak & Yeti, Durbar Marg, Kathmandu on Wednesday 27 January, 2010. The objective of the workshop was to discuss lessons learnt from the project and the sub-project counterparts. Mr Nabaraj Adhikari, Project Manager of SDMS Project made a presentation on Preparation, Design & Quality at Entry on the behalf of Challenge Fund Sub-project Group and also presented the lessons learnt from the implementation of the project, SDMS sustainability and the Scope of SDMS Expansion. The other group participated in the Workshop was Pre-identified Sub-projects Group. The total number of sub-projects selected for the grants assistance of International Development Agency was 31, 20 pre-identified and 11 challenge fund. Out of 11 challenge fund sub-projects only seven were satisfactorily completed. The discussion regarding Economic Reform and Technical Assistance modality led to summarize its strengths as: innovative, participatory, competitive procurement, initiative from the bottom so easier in implementation, promote inter agency cooperation, cost effective implementation; its weaknesses as: insufficient stakeholders cooperation, inconsistency in public procurement Act and Regulation with World Bank Guidelines, low level of awareness on the use of IT, inadequate resource especially on the recurrent expenditure; its recommendation include the review of procurement Act and Regulation to bring consistency with the need of the project relating to governance reform, simplify and expedite the authorization procedure by coordinating with concerned agencies, the role and responsibility of project manager should be made clear, monitoring and evaluation processes should be strengthened in order to take timely corrective action and learn lessons and considering in incentive aspect.

Workshop for Stockbrokers

Securities Board of Nepal conducted a half day workshop program for licensed stockbrokers on ‘An Overview on Record Keeping and Reporting Requirements & Practices of Stockbrokers’ on 22 January, 2010 at Hotel De l’ Annapurna, Kathmandu. Deputy Director of SEBON, Mr Mekh Bahadur Thapa and Consultant of Central Securities Data Bank, Mr Josheph Adhikari presented papers on the workshop. Twenty eights representatives from the stockbrokers participated in the program. The general manager of NEPSE, Mr Shanker Man Singh and Training Expert of SEBON, Mr Deepak Raj Kafle were also present in the workshop. Welcome speech was delivered by Mr Nabaraj Adhikari, Head of Planning and Development Department, SEBON. The program was chaired by Dr Surbir Poudyal, executive chairman of SEBON.

Condolence

Securities Board of Nepal (SEBON) wishes to express heartfelt condolence for the untimely demise of Mr. Prem Kajee Shrestha on 9 January, 2010. who had been working at the board for more than ten years as the chief librarian. The whole SEBON family missed a true friend and devoted employee whose contribution would be remembered forever in the area of Nepalese securities market. May his soul rest in eternal peace. Our sympathy is with the bereaved family on this sad occasion.

SDMS Interaction and Inaugural Programme with stakeholders

Establishment of Securities Data Management System in SEBON (SDMS) Project organized two different interaction programmes at Hotel de L' Annapurna on 14th and 15th December. The interaction programme organized on 14th December was with the market participants and the other interaction programme was with the authorities. The honorable finance minister Mr Surendra Pandey inaugurated the SDMS on 15th December, 2009 and in his inaugural speech Mr Pandey Stated that SDMS will help to address the existing anomalies of the capital market and avail data and information to the investors for informed decisions. A total of 180 participants from the listed companies, securities businesspersons, Nepal Stock Exchange Ltd, SEBON and media were participated in interaction programme held on 14th December and a total of 140 participants from authorities such as MOF, NPC, NRB, NITC, CRO, ICAN, World Bank, and Tribhuwan University were present on 15th December interaction programme.Mr Nabaraj Adhikari, Project manager of SDMS project delivered welcome speech and presented project implementation overview and consultant, Mr Matrika Babu Pokhrel presented on system development and the other consultant, Mr Joseph Adhikari presented on Central Securities Data Bank in both interaction programmes. The programmes were chaired by Dr Surbir Poudyal, executive chairman of SEBON.

Certificate Distribution Ceremony

Chairman Dr Surbir Poudyal distributed certificates to the participants of training program conducted by New Horizons Computer Learning Centers, Jawalakhel and organized by SDMS project on December 9, 2009. Of the total 18 participants, 2 received the certificates for Oracle 10g program, 4 on Advanced Computer Graphics and Web Designing and 12 on Advanced MS Excel and SQL Fundamentals. In the Ceremony the SDMS Project Manager Mr Nabaraj Adhikari stated the objective of the training and Chairman, Dr Surbir Poudyal stated the relevance and significance of the training on effective and efficient operation of newly developed Securities Data Management System (SDMS) in SEBON. He also highlited that it is actually a need based training useful to build regulatory effecincy of SEBON.

Officials Visit to SEBI

A team comprising Mr Veshraj Sharma, Joint-secretary of MOF, Mr Janakraj Pant, Under secretary MOF, Mr Kailash Prasad Subedi, Under-secretary, Ministry of Justice, and Mr P.N. Poudyal, director, SEBON have left Kathmandu for Mumbai in order to participate in the program related to Mutual Fund and Center Depository System (CDS) organized by NISM, Securities and Exchange Board Of India from 24 October, 2009 to 31 October, 2009.

SEBON reopens

SEBON has resumed its operations after the Tihar vacation from Wednesday, October 17, 2009.

SEBON closes for Tihar

SEBON will be closed during the Tihar festival from October 17,2009 to October 19, 2009.

Sealed Bid Opening

Sealed Bid Documents for Supply & Delivery of Information Technology Equipments and Accessories, and Related Services: Branded Desktop Computers, Network Printers, Server, Network Attached Storage, Rack Console KVM Switch with LCD Monitor, UPS with Batteries, Metal Battery Racks, and Annual Maintenance Service has been opened on October 16, 2009 at 1:00 PM in SEBON premises.

SDMS Training

SDMS training program was being held at the meeting hall of SEBON from personnels appointed by the consultant. This session also pointed out the shortcomings and errors present in the current modules and new features that should be incorporated to fulfill the requirements of SEBON.

Observation visit

Board Members, Mr Baburam Regmi, Joint Secretary, Ministry of Law, Justice and Constituent Assembly and Mr Lal Mani Joshi, Joint Secretary, Ministry of Finance along with Mr Niraj Giri, Director-SEBON, have left for observation visit to Securities Exchange Commission of Malaysia for three days on October 4. 2009.

SEBON reopens

SEBON has resumed its operations after the Dashain vacation from Friday, October 2, 2009.

New member from ICAN

Mr Sunir Kumar Dhungel, Vice President, Institute of chartered Accountants of Nepal, has represented as a board member from August 25, 2009.

Interaction Program on Securities Markets

An interaction program on Securities Market of Nepal was organized jointly by National Judicial Academy (NJA) and Securities Board of Nepal (SEBON) on September 18, 2009. Hon'ble, Justice Mr Top Bahadur Singh, Executive Director of the NJA, chaired the program. The participants were Justices of district and appellate court, representatives from the office of the Attorney General of Nepal, corporate lawyers and the representatives from the financial regulators. In the program Mr Paristha Nath Poudyal, Director of SEBON and Mr Dhruba Timilsina, Deputy Director of SEBON presented their paper on "Regulatory Structure of Nepalese Securities Market" and "Securities Transaction Mechanism in Nepal" respectively.

Dr. Surbir Paudyal, Chairman of SEBON, delivered a speech in the program highlighting the importance of Securities Market Related Laws and trading mechanism among the legal practitioners while performing their task in the area.

Approval of Regulation

Ministry of finance has approved "SEBON Procurement Regulation, 2066" and "SEBON Financial Administration Regulation, 2066" on September 16, 2009.

Interaction with Experts and Developers

SEBON organized a program entitled "IPO for Real Sector" on 15th September, 2009 at its premises. In the program, the Chairman of SEBON, Dr. Surbir Poudyal presented a paper on it. The program was attended by the officials from Ministry of Finance, hydro power companies, banks, legal experts, hydropower experts and SEBON officials.

Training for Journalists Concluded

The Chairman of SEBON, Dr. Surbir Poudyal distributed certificate to the participants of training program on "Introductory Training on Economic and Financial Reporting for Journalists" jointly organized by SEBON and SEJON, on 15th September, 2009. The program was conducted from 6th August, 2009 for two weeks. In the program, the paper was presented by Mr Keshav Prasad Acharya, Senior Economic Advisor, Ministry of Finance, Mr Deepak Raj Kafle, former chairman, SEBON, Dr. Rudra Suwal, Director, Central Bureau of Statistics, Mr Pramod Bhattarai, Deputy General Manager, NEPSE, Mr Jagdish Agrwal, Senior Chartered Accountant, Mr Niraj Giri, Director, SEBON, Mr Paristha Poudyal, Director, SEBON, Mr Mekh Bahadur Thapa, Deputy Director, SEBON, Mr Binod Bhattarai, Senior journalist and Mr Prem Khanal, Journalist.

Guest Lecturers on Securities Market of Nepal

Golden Gate College, Battisputali, Kathmandu organized 3 day program on Securities Market of Nepal dated 22-24 Bhadra, 2066 ( September 7-9 ) for their BBS and MBS students. At the program, Mr Dhruba Timilsina, Deputy Director of SEBON and Mr Mekh B. Thapa, Deputy Director of SEBON provided guest lectures on various legal, procedural and financial aspects of Securities Market of Nepal.

Regulations sent to Ministry of Finance for approval

SEBON has sent "SEBON Procurement Regulation, 2066" and "SEBON Financial Administration Regulation, 2066" to Ministry of Finance on August 21, 2009 for approval.

Drafts of Regulations prepared

SEBON has prepared drafts of Mutual Fund Regulation 2066, Central Depository of Securities Regulation 2066 and Portfolio Management Guidelines 2066. SEBON has put the drafts in its website for the comments of the Stakeholders.

Training for Journalists

SEBON has started a training program for economic and financial journalist from 6th August, 2009, on "Introductory Training on Economic and Financial Reporting for Journalists" for two weeks.

Guest Lecture at CITE

Deputy Director Mr Nabaraj Adhikari of Securities Board of Nepal (SEBON), has provided a guest lecture on "Basics of Nepalese Securities Market" for BBA level students of 'College of Information Technology and Engineering (CITE)', Suvidanagar, Tinkune, Kathmandu as per the request of the college.

Education program on Basics of Nepalese Securities Market

Education program on stock market was conducted jointly by SEBON and Free Student Union (FSU) of Nepal Commerce Campus.The program was organised for six days from August 25 to August 30 by providing basic knowelege regarding the different aspects of Nepalese securities markets to the students of Bachelor and Master level of the campus including some other participants. The total number of participants was 300.The experts involved for providing education were all from SEBON.

Training for Economic Journalist

Securities Board of Nepal (SEBON) has announced the notice for economic and financial journalists to participate in the ten days training on Introductory Training on Economic and Financial Reporting for Journalists, is going to conduct soon. The training would be conducted in its office premise at Vijay Chowk, Gaushala from 10.30 to 12.00 noon. Graduated in any stream and have proven experience in the field of economic journalism can participate in the training.

Publication of EOI

Expression of Interest has been developed to identify companies that have the capacity to provide consultation and/or services of data entry to SDMS Project which was published on national daily newspaper on 27 August, 2009.

NCB Documents Submission

PIU submitted Standard Bidding Documents (SBD) to EASU for necessary consent, for the procurement of Computer and its Accessories through National Competitive Bidding (NCB) on 18 August, 2009.

Documents sent to MoF for approval

SEBON Procurement Regulation, 2066 and SEBON Financial Administration Regulation, 2006 has been sent to Ministry of Finance for approval.

Provision for Merchant Banker

As per the notice published by Ministry of Finance in the gazette dated 17 August, 2009, banks and financial institutions working as a merchant banker now have to open a subsidiary company to continue with their merchant banking business. As per the notice, the holding company should have a minimum of 51% share in a subsidiary company and minimum of 30% shares must be set aside to the general public.

Grant From Indian Embassy

The Indian Embassy has shown a positive indication to provide petty grant of INR 50 million for the construction of SEBON'S building. The approval of Ministry of Finance has yet to be finalized..

Congratulations to SEJON

The Chairman of SEBON, Dr Surbir Paudyal congratulated the members of SEJON on August 14, 2009 in Office premise and discuss on how the SEBON and SEJON jointly moves forwards for the development of capital market. The executive committee of SEJON was elected by their general meeting few days ago.

MoU between SDMS Project and EASU

Memorandum of Understanding (MoU) between Securities Data Management System SDMS) project - Securities Board of Nepal (SEBON) and Economic Advisory Services Unit (EASU) - National Planning Commission has been signed on August 9, 2009 by Nabaraj Adhikari, Project Manager - Project Implementation Unit and Mukunda Raj 'Prakash' Ghimire, Program Coordinator - Economic Advisory Services Unit. The main activities of the project are as follows;

The total budget approved for the project is Rs 1,11, 50,000.

Workshop on Fundamental Financial Analysis

Securities Board of Nepal (SEBON) has announced the workshop notice to the investors who have attended the Investor Education Training conducted by Board or having the general knowledge in Account or Finance after graduation in any stream. The workshop would be conducted on Fundamental Financial Analysis in its office premise at Vijay Chowk, Gaushala. Board will inform the date of workshop to participants later the registration as well. Investors who are interested to participate in the workshop can contact SEBON for further information.

Trial Hosting of www.sebon.gov.np

Securities Board of Nepal (SEBON) has started Web Hosting Trial of its new Website; www.sebon.gov.np from 4th August 2009.

Investors' Education Program: Certificate distributed to 4rd group

SEBON chairman Dr Surbir Paudyal distributed the certificate to the participants and urged them to make the practical use of the knowledge gained through the program. The program was conducted from July 19 to July 23, 2009 and there were altogether 19 participants.

SEBON granted permission to 63 companies to raise their capital worth NPR 14,87,51,22,300 for the fiscal year 65|66. Out of this, 13 companies got the permisson to raise capital through public issue and 50 companies through right issue.

Investors' Education Program: Certificate distributed to 3rd group

Former SEBON chairman Deepak Raj Kafle distributed the certificate to the participants requesting them to disseminate the knowledge between friends and relatives. The program was conducted from June 28 to July 2, 2009. A total of 29 investors participated in the program.

Investors' Education Program: Certificate distributed to 2nd group

SEBON chairman Dr Surbir Paudyal distributed the certificate to the participants and urged them to make the practical use of the knowledge gained through the program. The program was conducted from June 14 to 18, 2009 and there were altogether 34 participants.

Investors' Education Program: Certificate distributed to 1st group

Former chairman Deepak Raj Kafle distributed the certificate to the participants of the 'Investors' Education Program: Primary Level' conducted by SEBON in its office premises at Bijaya Chowk, Gaushala. A total of 26 investors participated in the program. The program was conducted from June 7 to 11, 2009, 3.30 to 5 pm.

SEBON with the co-organizer of ANNISU-R, a free student union of Baneshwor Unit, organized a securities market education program in Baneshwor Campus, Kathmandu. The program was jointly inaugurated by UCPN-Maoist Leader and former Tourism Minister, Hisila Yami and Deputy Director of SEBON, Mr Nabaraj Adhikari. Mr Adhikari provided basic knowledge relating to securities market to the participants. A total of 109 students of Baneshwor Campus had participated in the program. The program was held for two days, 21st and 22nd June 2009.

SEBON Chairman Dr Surbir Paudyal attended a discussion program as a panelist on ‘Good Governance means Good Business’ jointly organized by international Finance Corporation (IFC)-World Bank and Nepal Stock Exchange Ltd. (NEPSE) on 19th June 2009.

SEBON Chairman Dr Surbir Paudyal attended a program organized by FNCCI regarding the suggestions for Government Budget of Fiscal Year 2066/67 at Hotel Annapurna on 16th June 2009.

SEBON Chairman Dr Surbir Paudyal attended a program organized by Nepal Investors’ Forum in hotel Yak and Yeti, Durbar Marg on 12th June 2009. Dr Paudyal chaired the 2nd session of the program in which Prof. Dr Bijaya KC had presented his working paper on ‘Stock Market Development in Nepal; Issues and Challenges for reform’. Two employees, Mr Nabin Pandit-Deputy Director and Mrs Sarita Gautam-Officer had also participated in the program as representatives from SEBON. The program was inaugurated by Finance Minister, Surendra Pandey.

INVESTORS’ EDUCATION AND TRAINING PROGRAM (2ND PHASE)

SEBON has started Investors’ Education Program from 7th June 2009 through which it provides training and education to general investors. Classes are conducted in its office premise at Bijaya Chowk Gaushala by mobilizing internal experts and experts from NEPSE. Investors who are interested in taking classes can contact SEBON for further information. The class starts every Sunday through Thursday from 3.30 to 5pm.

SEBON presented Securities Market Development Program and estimated budget to the Ministry of Finance for the fiscal years; 2009/10, 2010/11 and 2011/12.

SEBON Chairman Dr Surbir Paudyal recently participated in a program entitled ‘Transformation of Nepal’s Economy, Agenda for Growth and Social Equity’. Mr Rameshwor Prasad Khanal, Secretary-Ministry of Finance, presented the working paper in the program.

SEBON has forwarded draft of Mutual Fund Act to Ministry of Finance for its approval.

Procurement of land from Ministry of Finance for constructing SEBON building is in the process of discussion in the cabinet meeting.

FORMATION OF SYLLABUS DEVELOPMENT COMMITTEE

Securities Board of Nepal (SEBON) has formed a four member Syllabus Development Expert Committee to recruit Officers (Third Class) through open competition. The members of the committee are Dr Sri Ram Paudyal, Professor, Tribhuvan University, Dr Radhe shyam Pradhan, Professor, Tribhuvan University, Prof. Dr Phatta Bahadur K.C., Chairman, Beema Samiti and Mr Nabaraj Adhikari, Deputy Director, SEBON.

SECURITIES BOARD OF NEPAL (SEBON) CELEBRATED ITS 17th ANNIVERSARY

Securities Board of Nepal (SEBON) organized a program on the auspicious occasion of its 17th Anniversary on 7 june '09 in its office premise at Bijayachowk, Gaushala. Speaking as a president of the program, Dr Surbir Paudyal, chairman of SEBON said that the Board is making its effort for enhancing the regulating efficiency of the Board for the development of securities market. Dr Paudyal pointed out the fact that the Board is not operationally independent due to the absence of law and said that the Board is making every effort for the establishment of CDS (Central Depository System) for the development of securities market. He also informed that the Board is stepping ahead by drafting the Mutual Fund Act for the better investment avenues to the small investors. Realizing the necessity of capable human resource for building supervision, investigation and enforcement capabilities of Board, it has started appointing the new employees and rewarding the existing ones for their devotion, commitment and efficient performance.

On the occasion, Dr Phatta Bahadur KC, Chairman of Beema Samiti said that the Board should play an important role for the protection of interest of small investors. He was of the opinion that not only investors, but economy as a whole would be affected if the Board failed in performing its responsibilities. Dr Narayan Poudel, Chairman of Nepal Stock Exchange stressed that the malpractices prevalent in share transaction should be mitigated and the trading option should be decentralized so that it can reach every nook and corner of the country. He said that it is impossible to imagine the development of capital market without conscious investors.

Board member and Joint Secretary of the Government of Nepal, Ministry of Law, Justice and Parliamentary Affairs, Mr Baburam Regmi said that there should be the coordination between government and SEBON for the required legal provisions for the development of capital market. On the occasion, Niraj Giri, Director of SEBON, presenting his working paper, said that the Board has given approval for the issue of ordinary shares amounting to Rs 2509.7 million and right shares amounting to Rs. 10530 million till Jestha 25 from the beginning of the current fiscal year. Similarly, Director Paristha Poudel presented the fact of increasing challenges for the qualitative development of capital market due to its rapid quantitative development.

Navaraj Pandit, Secretary of Employees Union of SEBON, opined that it is imperative to study and analyze the Indian Market for the development of our market. On the occasion, Dr Paudyal, Chairman of SEBON had honored two employees with the ‘Letter of Appreciation’ and a token cash amount of Rs 25000 each for their continuous devotion and excellent performance throughout the year.

EMPLOYEES FELICITATED

On the auspicious occasion of 17th Annual Day of Securities Board of Nepal (SEBON), Dr Surbir Paudyal, Chairman of SEBON honored Mr Nabaraj Adhikari, Deputy Director and head of Planning and Development Department and Management Department and Mr Suraj Pradhananga, Senior Assistant of Finance Section with the ‘Letter of Appreciation’ and a token cash amount of Rs 25000 each for their continuous devotion and excellent performance throughout the year.

KAFLE APPOINTED AS A TRAINING EXPERT

Securities Board of Nepal (SEBON) has appointed Mr Deepak Raj Kafle as a training expert. He was appointed for designing concept, modules and syllabus of training program and taking training classes on securities market to general investors, securities businesspersons, and other stakeholders. He was the former executive chairman of SEBON.

He holds Graduate degree in Economics from Tribhuwan University, Post Graduate Diploma in Advance Financial Management from Mastrich School of Management-Netherlands, and MBA from University of Kochin-India. He was an executive chairman of SEBON from 2004 till 2007. Before 2004, he had served as Director of SEBON and Manager of Nepal Stock Exchange Ltd. (the then Securities Exchange Centre) for nine years.

Kafle who has participated in various national and international seminars and workshops regarding capital market, economics etc has also conducted more than 25 research works. Kafle has visited 16 countries of the world and his articles have also been published in Indian Journals.

Kafle, who has the experience of more than three decades, is actively involved in the task of drafting various acts and laws related to securities market. He is also involved in various organizations as management and legal adviser.

VISIT BY A TEAM FROM WORLD BANK

A team from World Bank visited SEBON on 18th June 2009 to discuss on ‘Clearing settlement in Capital Market’. Senior officials including chairman participated in the discussion program.

A team from World Bank visited SEBON on ‘Financial Sector Reform and Strengthening Initiative’ program to enquire the need of financial assistance on institutional and legal capacity building of SEBON- the securities market regulator on 7th April, 2009.

INTERNATIONAL VISITS

  1. Director Paristha Nath Paudyal and Deputy Director Binaya Dev Acharya paid official visit to Mumbai-India from 16th to 27th February 2009 to take training provided by National Institute of Securities Market (NISM) in the program named ‘Training of Trainers’.
  2. Mr Niraj Giri, Director and Mrs Manju Upadhya, Officer visited Tokyo-Japan from 24th February to 4th March 2009 to participate in the ‘11th Tokyo Seminar on Securities Markets Regulation’ organized by Financial Supervisory Agency (FSA), Japan.
  3. Chairman’s observation tour to India and Sri lanka
    A team, led by Chairman Dr. Surbir Paudyal visited India and Sri Lanka from 15 March to 29 March 2009 to acquire information about securities market. The team comprised Chairman Dr Paudyal, Deputy Director Mr Nabaraj Adhikari and another Deputy Director Mr Mekh Bahadur Thapa. The tour was intended to acquire information about establishment, ownership and operational provision of Depository and Mutual Fund which are the important infrastructures of capital market. Similarly, it was intended to understand the vision of other capital market regulators of SAARC countries as well as legal and other provisions adopted by them.
  4. Mr Anuj Kumar Rimal and Mr Krishna Prasad Ghimire, Officers, flew to Shenzen-China from 31st March to 3rd April 2009 to participate in the program ‘APEC FRTI Regional Seminar on Inspection of Market Intermediaries’ organized by ADB, APEC.
  5. Deputy Director Dhruba Timilsina took part in ‘Annual International Institute for Securities Market Development Program 2009’ organized by United States Securities and Exchange Commission, USA from 20th to 30th April 2009.
  6. Deputy Director Mukti Nath Shrestha visited Bangkok-Thailand from 24th to 30th August to take part in Regional Seminar on Investigation and Enforcement’ organized by ADB, APEC.