Kathmandu. Investors had hoped that the stock market would gain momentum after the formation of a single government of the Rastriya Swatantra Party (RSP). However, it did not turn out as expected. <\/p>\n
After the formation of the Balen Shah-led government, the market seems to be running on the sideways. Investors are not convinced by the government’s lack of clarity on the stock market. That’s why big investors are reluctant to enter the market. <\/p>\n
On the other hand, the post of chairman and CEO of market regulators Securities Board of Nepal (SEBON), Nepal Stock Exchange (NEPSE) and CDSC is lying vacant. As a result, the important work to be done by these agencies has been left in limbo. In the absence of a decision-maker, policy issues are stuck in all the 3 agencies and the day-to-day administrative work is also going on. <\/p>\n
The post of chairman of Sebon has been lying vacant after Santosh Narayan Shrestha resigned from the post of chairman of the company. Although the government has forwarded the process to appoint the chairperson, it has not been finalized yet. In Monday’s cabinet meeting, there was talk that Sebon could appoint a chairman. The Ministry of Finance had also submitted the names of three candidates recommended by the recommendation committee to the Council of Ministers. However, after the controversial activities of the recommended people started being discussed in the market, Prime Minister Shah refused to appoint anyone and directed to re-study the case of 47 people who had submitted their personal details. <\/p>\n
The committee had recommended the names of former executive directors of Nepal Rastra Bank, Gopal Bhatta and Mukunda Bahadur Chhetri, former executive director of SEBON Nawaraj Adhikari and incumbent executive director Binay Dev Acharya. According to sources, Finance Minister Swarnim Wagle has recommended Bhatta or Chhetri for the post of SEBON chairman in the cabinet. However, sources say that Prime Minister Shah has backed down after seeing that the government would get embroiled in controversy due to past controversial activities and conflict of interest in the stock market. <\/p>\n
In the absence of a chairman, the day-to-day administrative work in Sebon is also slowing down, according to a Sebon official. “There are issues to be decided. Ordinary shares (IPO, right issue, FPO, etc.) have also been stopped,” the official said. However, now that the Prime Minister has again directed to study the applications of all the candidates and recommend them, the process of appointing the chairman seems to be prolonged. \u2019<\/p>\n
On the other hand, the situation is similar in NEPSE. Policy issues have not moved forward as the government has not been able to appoint the chairman. The post of chairman of NEPSE has been lying vacant since the resignation of Hemanta Basyal on April 28. “Many issues related to the market have been forwarded,” said a NEPSE source, “However, the board of directors meeting has not been held in absence of the chairman.” Since the board of directors did not meet, there was no question of presenting these issues for decision. \u2019<\/p>\n
Before resigning, Basyal had removed Praveen Pandak from the post of executive chief of CDSC and called him back to NEPSE. At the same time, the post of executive chief of CDSC is vacant. The post of Chief Executive Officer (CEO) of CDSC was lying vacant after Purna Prasad Acharya’s term ended on August 23 last year. Pandak was given the responsibility of CEO and sent to CDSC until a new CEO was appointed. <\/p>\n
The process of appointing a CEO in CDSC has not moved forward. As a result, there is no activity other than daily administrative work.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Investors had hoped that the stock market would gain momentum after the formation of a single government of the Rastriya Swatantra Party (RSP). However, it did not turn out as expected. After the formation of the Balen Shah-led government, the market seems to be running on the sideways. Investors are not convinced by the […]<\/p>\n","protected":false},"author":16,"featured_media":301178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45180],"tags":[],"class_list":["post-301199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-stockmarket-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=301199"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301199\/revisions"}],"predecessor-version":[{"id":301200,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301199\/revisions\/301200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/301178"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=301199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=301199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=301199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}