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Nepal: Master Plan Envisions Capital Market to SAARC Standard |
| Source: |
nepalnews.com |
| Source Date: |
Sunday, January 16, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Nepal |
| Created: |
Jan 18, 2011 |
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The preliminary report of five-year master plan of the country's capital market has been prepared by foreign consultants pertaining to World Bank (WB).
For the purpose of Capital Market Master Plan, the WB has provided Securities Board of Nepal (Sebon) with technical assistance through its Financial Sector Reform and Strengthening (First) Initiative.
Sebon decided to chalk out the master plan after extrapolating that the capital market was lagging far behind in most of the stock markets in the SAARC region due to lack of necessary infrastructures and autonomous regulatory mechanism.
An expert team of the WB is slated to land in Kathmandu on Sunday to prepare a comprehensive report on the master plan, which has been conceptualised to bolster and modernise the sole capital market in the country.
The team will consult with Sebon, Nepal Stock Exchange (Nepse), stock brokers and merchant banks in order to finalise the detail report.
Similarly, the foreign consultants will conduct interaction with Finance Ministry, Industry Minister, Nepal Rastra Bank (NRB), Insurance Board, Federation of Nepalese Chambers of Commerce and Industries (FNCCI) to incorporate their respective prescriptions in its report.
After the report is submitted‚ Sebon will review the report and once again conduct comprehensive consultations with relevant sections to get their feedback on the report. Following this‚ Sebon will decide what programmes and procedures should be taken to ensure improvement in the capital market’s functioning while preparing the Master Plan.
The five-year master plan will incorporate a number of programs with the vision of upgrading our capital market at least to the SAARC standard, says Sebon.
Development of other institutions related to capital market such as Credit Rating Agency and modern securities trading system -- Central Depository System -- will also be included in the master plan.
Implementation of a full-fledged internet based securities trading, attracting foreign investments to domestic share market, and paving the way for setting up new stock markets have also been envisioned in the master plan.
The World Bank a few months ago had agreed to provide a financial support of $152,500 to SEBON -- the stock market regulator -- for the master plan.
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Nepal: Master Plan Envisions Capital Market to SAARC Standard The preliminary report of five-year master plan of the country's capital market has been prepared by foreign consultants pertaining to World Bank WB
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