Finance Ministry has given a green signal for the Mutual Fund Regulation that is expected to lure small investors and stabilise the secondary market.
"The ministry passed the Mutual Fund Regulation as the separate Mutual Fund Act may take long time to take shape," said Keshav Acharya, advisor of the Finance Minister Surendra Pandey.
"The Act needs to be passed by the parliament that may take long time," he said, adding that the capital market is in urgent need of Mutual Fund for its sustainable development. "Thus the ministry has decided to pass the Regulation under the existing Securities Act to give a alternative way to start the Mutual Fund.
However, the ministry has increased the paid up capital to Rs 1 billion from poposed Rs 100 million in the draft regulation.
Securities Board of Nepal (Sebon) had forwarded draft regulation of Mutual Funds -- after suggestions from to Nepal Rastra Bank (NRB) and Bankers Association (NBA) -- to Finance Ministry to get its final nod.
After the ministry's clearance, Securities Board of Nepal (Sebon) will prepare some guideline and start the process of providing licence any time soon.
Mutual Fund — with a face value of Rs 10 per unit — is the most suitable investment for a common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.
Mutual Funds are expected to fuel capital market as many commercial banks have shown keen interest in it. It will create institutional investors also — something that the capital market lacks at present.
In an absence of the regulation also, NIDC Capital Markets Ltd and Citizen Investment Trust (CIT) had issued NCM Mutual Fund and CIT unit trust. But, the first one had a bitter experience in the absence of transparency and regulation.
The Regulation envisions an Assest Management Company (AMC) that will manage the fund, a Trustee that works like a watchdog, a Custodian and a Depository; all of whom has to get separate licence from the regulatory authority of the capital market.
What is Mutual Fund
KATHMANDU: A Mutual Fund is a trust that pools the savings of many who share a common financial goal. The money thus collected is then invested in capital market instrumentssuch as shares, debentures and other securities. The income earned through these investments and the capital appreciation realised are shared by its unit holders in proportion to the number of units owned by them. It can be traded at the Nepse as well. These funds are convertible and has liquidity also.
Action against Coops
KATHMANDU: Finance Ministry has suggested Department of Cooperatives (DoC) to cancel the registration of cooperatives operating illegally. The ministry was forced to direct the department after 25 big cooperatives operating in Kathmandu Valley, Kavre and Pokhara found operating against the cooperatives law.
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