नयाँ स्टक एक्सचेन्जको लागि बाटो खुल्यो, ६ गुणा चुक्ता पुँजी बढाएर नियमावली संशोधन

चुनावको मुखैमा आएर नेपाल धितोपत्र बोर्डले नयाँ स्टक एक्सचेन्ज ल्याउन सहज बनाएको छ । बोर्डको हालै बसेको सञ्चालक समिति बैठकले धितोपत्र बजार सञ्चालन नियमावली, २०६४ संशोधन गर्दै चुक्ता पुँजी तीन अर्बसहित नयाँ स्टक एक्सचेन्ज खोल्ने बाटो खोलेको हो । धितोपत्र बजार सञ्चालन नियमावली, २०६४ को पहिलो संशोधन २०६७ अनुसार धितोपत्र बजार सञ्चालक (स्टक एकचेन्ज)को न्यूनतम चुक्ता पुँजी ५ करोड भए पुग्ने व्यवस्था थियो ।

बोर्ड अध्यक्ष रमेशकुमार हमालले नियमावली संशोधन गरेर अर्थ मन्त्रालय पठाइएको बताउँदै हाल पाँच करोडमात्रै भएको चुक्ता पुँजी ३ अर्ब पु¥याइएको बताए । अर्थ मन्त्रालयबाट केही दिनमै यो प्रस्ताव क्याबिनेट जाने तथा क्याबिनेटबाट स्वीकृत भएर आएपछि नयाँ स्टक एक्सचेन्ज दिने प्रक्रिया अगाडि बढ्ने अर्थ मन्त्रालय स्रोतले जनाएको छ । चुनावअघि नै नयाँ स्टक एक्सचेन्जको लाइसेन्स दिने तयारी भएको अर्थ मन्त्रालय सम्बद्ध स्रोतको दाबी छ । विवादित अर्थमन्त्री जनार्दन शर्मालाई दोहोया¥उनुका कारण विस्तारै खुल्दै जाने पनि स्रोतले बतायो । 

आइतबार एक कार्यक्रममा नेकपा (माओवादी केन्द्र)का अध्यक्ष एवं पूर्वप्रधानमन्त्री पुष्पकमल दाहाल प्रचण्डले चुनाव जित्न पैसा चाहिने र पैसा दलाल पुँजीपतिसँग हुने भाषण गरेका थिए । नयाँ स्टक एक्सचेन्ज खोल्नका लागि विभिन्न व्यवसायी इच्छुक छन् । तर, निजी क्षेत्रको एउटामात्रै कम्पनीले स्टक एक्सचेन्जको लाइसेन्स पाउने भएका कारण चुनावअघि नै हतारमा नियमावली संशोधन गरिएको अर्थ मन्त्रालय स्रोत बताउँछ । नयाँ नियमावली अनुसार स्टक एक्सचेन्जमा यसअघिको १० प्रतिशतलाई बढाएर अधिकतम १५ प्रतिशत होल्डिङ रहनुपर्ने व्यवस्था राखिएको छ । धितोपत्र बोर्डले भने बैंक तथा वित्तीय संस्थाको जस्तै बनाउन प्रावधान संशोधन गरेको जनाएको छ । 

यसैगरी, यसअघि बैंक तथा वित्तीय संस्था, धितोपत्र व्यवसायी र सूचीकृत भएका कम्पनीले मात्रै लगानी गर्न पाउने व्यवस्था भएकोमा संस्थागत लगानीकर्ताले समेत लगानी गर्न पाउने व्यवस्था पनि थप गरिएको छ । तर, व्यक्तिगत लगानीकर्ताले लगानी गर्न पाउँदैनन् । 

हाल बैंक, वित्तीय संस्था, धितोपत्र व्यवसायी तथा सूचीकृत संगठित संस्थाले मात्र धितोपत्र बजार (स्टक एक्सचेञ्ज) को सेयरमा लगानी गर्न सक्ने व्यवस्था छ । तर, संशोधन मस्यौदामा भने यी बाहेकका अन्य संस्थागत लगानीकर्ताले समेत लगानी गर्न सक्ने व्यवस्था गर्न लागिएको बोर्डले जनाएको छ ।

हाल भएको स्टक एक्सचेन्ज निजीकरणको कुरा बिर्सेर सानो बजारमा किन नयाँ स्टक एक्सचेन्ज भन्ने प्रश्नमा निजी क्षेत्र आउँदा बजार विस्तार हुने दाबी बोर्डले गरेको छ । दक्ष र अन्तर्राष्ट्रिय स्तरको टेक्नोलोजी भएको स्टक एक्सचेन्ज आएमा नेप्से प्रतिस्पर्धी हुने दाबीका साथ नयाँ स्टक एक्सचेन्ज ल्याउनका लागि बोर्डले २०७४ सालमा नै निर्णय गरेको थियो । 

तर, नेप्सेको सुधार तथा सरकारको लगानीलाई विनिवेश गरेर निजी क्षेत्र भित्र्याउने योजना पनि बेला बेलामा चर्चामा आइरहने गरेको थियो । 

शुक्रबारको नियमित कारोबार हट्ने

असोजदेखि शुक्रबारको नियमित सेयर कारोबार नहुने भएको छ । आइतबार नेपाल स्टक एक्सचेन्ज (नेप्से)को सञ्चालक समिति बैठकले असोजदेखि शुक्रबारको नियमित सेयर कारोबार बन्द गर्ने निर्णय गरेको हो ।

सरकारले १ जेठदेखि शनिबारसहित आइतबार पनि सार्वजनिक बिदा दिने निर्णय गरेसँगै आइतबार हुने कारोबारलाई पूर्ति गर्नका लागि शुक्रबार पनि नियमित कारोबार सुरु गरिएको थियो । हाल सरकारले आइतबार सार्वजनिक बिदा दिने निर्णय फिर्ता गरिसकेका कारण सातामा ६ दिन नै नियमित कारोबार भइरहेको छ । 

शुक्रबार कारोबार गर्न पनि धितोपत्र बोर्डले मौखिक निर्देशन दिएको थियो । शुक्रबारको कारोबार बन्द गर्नका लागि मौखिक निर्देशन दिएका कारण नेप्सेले शुक्रबार नियमित कारोबार बन्द गर्न लागेको हो । 

नयाँ स्टक एक्सचेन्ज संचालनको अनुमति दिन माग

निजी क्षेत्रले नयाँ स्टक एक्सचेन्ज संचालनको अनुमति दिन धितोपत्र बोर्डसंग माग गरेको छ । 

हाल संचालनमा रहेको स्टक एक्सचेन्जले संचालनको लामो अवधिमा समेत बजारको आवश्यकता बमोजिमको पुर्वाधार व्यवस्था गरि कारोवार प्रणालीलाई समस्यारहित, सहज, सरल, विविध प्रकारका धितोपत्र कारोवार गर्न नसक्दा सम्पूर्ण धितोपत्र बजारको विकासमा प्रतिकुल असर परिरहेकोले यसको निजीकरण तथा सशक्तिकरण गर्नुका साथै व्यापक सहभागिता रहने र अन्र्तराष्ट्रियस्तरका सुशासन मापदण्ड बमोजिम संचालन हुने गरि अर्को एउटा स्टक एक्सचेन्ज संचालनका लागि अनुमति प्रदान गर्न निजी क्षेत्रले माग गरेको हो ।

साथै, दीर्घकालिन रुपमा बैंकिङ्ग क्षेत्रको कुल कर्जामा सुचिकृत धितोपत्रमा दिईने कर्जाको सिमा, धितोपत्रको मूल्यमा कर्जाको सिमा तथा कर्जा प्रयोजनको लागि औशत धितोपत्र मूल्य गणना विधि तथा यस्तो कर्जामा जोखिम भार सम्बन्धमा गहन अध्ययन गरि उपयुक्त हुने तथा कहिल्यै परिवर्तन गर्न नपर्ने नीति अवलम्बन गर्न पनि नेपाल चेम्बर अफ कमर्शले नेपाल राष्ट्र बैंकसंग पनि माग गरेका छ । यसो गरेमा नीतिगत स्थायीत्व रहने तथा नीतिगत अस्थिरताको अवस्थामा नीतिगत तहमा पहुँच हुनेबाट बजारमा हुनसक्ने चलखेलको अन्त्य हुने तथा लगानीकर्तामा समेत नीतिगत स्थायीत्वको कारणले बजार प्रतिको विश्वासमा अभिबृद्धि भृएका कारण आफ्नो लगानी रणनीति तय गर्न सक्ने अवस्था रहने पनि चेम्बरले जनाएको छ ।

धितोपत्रका बिभिन्न औजारहरु कारोबारमा ल्याउँदा सोबाट हुने लाभमा कर लाग्ने व्यवस्था गर्दा लावान्धितबाट लिईने व्यवस्था गरि धितोपत्र औजारको विविधिकरणलाई प्रोत्साहन गर्न सुझाव दिएको छ ।

पुँजी बजारको बिकासका लागि सरोकारवाला सरकारी निकायमा बिभिन्न नीतिगत सुझाव पेश गर्दै नेपाल चेम्बर अफ कमर्सले धितोपत्र बजारबाट पुँजी निर्माणलाई प्रोत्साहन हुने गरि अन्तर्राष्ट्रिय स्तरमा प्रचलनमा रहे बमोजिम बिभिन्न कोषहरु सञ्चालनका लागि कर सम्वन्धमा यथोचित व्यवस्था गर्न चेम्बरले अर्थमन्त्रालयसंग माग गरेको छ  ।

चेम्बरले अर्थमन्त्रालय, नेपाल राष्ट्रबैंक एवं नेपाल धितोपत्र बोर्डलाई छुट्टाछुट्टै नीतिगत सुझाव पेश गर्दै पुँजिबजारको स्थिरता तथा लगानीमैत्री वातावरण सिर्जनाका लागि चेम्बरका तर्फबाट विभिन्न सुझावहरु पेश गरिएको अध्यक्ष राजेन्द्र मल्लले बताए । बिभिन्न कारणले पछिल्लो समय पुँजी बजार धरासायी बन्दै गएको एवं लगानीकर्ताहरु निकै समस्यामा परेकाले समाधानका लागि सरोकारवाला तीन वटै निकायमा छुट्टा छुट्टै सुझाव पेश गरिएको उनको भनाई छ । 

चेम्बरले नेपाल राष्ट्रबैंकलाई पनि छुट्टै तीन वुँदे सुझाव दिएको छ । मौद्रिक नीति सार्वजनिक गर्नुअघि पुँजीबजारलाई सम्वोधन गर्नुपर्ने विषय समावेश गरिएको अध्यक्ष मल्लले बताए । साथै, चेम्बरले धितोपत्र बोर्डलाई छुुट्टै १० वुँदे सुझाव समेत पेश गरेको छ । अन्तराष्ट्रिय प्रचलन बमोजिम धितोपत्र बजारसंग सम्वन्धित सम्पुर्ण नीतिगत, कार्यगत तथा प्रणालीगत सुधार गर्नुपर्ने चेम्बरको सुझावमा उल्लेख छ  ।

धितोपत्र बजारका पुर्वाधारहरुको उचित व्यवस्था गरि अन्तराष्ट्रिय बजारमा प्रयोगमा आएका विभिन्न प्रकारका धितोपत्र औजारहरु जारी गर्न सक्ने व्यवस्था तत्काल गर्न समेत चेम्बरले धितोपत्र बोर्ड समक्ष आग्रह गरेको छ । 

अन्तर्राष्ट्रियस्तरमा प्रचलन रहे बमोजिम धितोपत्र बजारसँग सम्बन्धित सम्पूर्ण नितिगत, कार्यगत तथा प्रणालीगत तथा पुर्वाधार व्यवस्थाका सम्बन्धमा एक स्थायी प्रकृतिको विशेष समिति बनाई गहन अध्ययन गर्ने र उक्त समितिमा बजारसँग सम्बन्धीत विशेषज्ञ तथा बजारका सेवा प्रदायक संस्था र अन्य सरोकारवाला संस्थाको समेत सहभागितामा आवश्यकता बमोजिम विद्यमान नितिगत व्यवस्थामा सुधार गर्ने तथा नर्या नितिगत व्यवस्था गर्ने कार्य तत्काल अगाडि बढाउन पनि चेम्बरले आग्रह गरेको छ । 

विशिष्टिकृत लगानी कोष नियमावली, २०७५ बमोजिम कोष स्थापना तथा संचालनका लागि आवेदन दिएको लामो समय व्यतित भइ सक्दा पनि अनुमति प्रदान हुन नसकेकोले अन्यौलको अवस्था रहेको सन्दर्भमा आवेदनकर्ता संस्थाहरुलाई विना शर्त तत्काल अनुमति दिईनुपर्ने तथा कोष शिघ्र दर्ता हुने व्यवस्था गर्न, जारी भएका नियमावलीका मापदण्ड पुरा गरी धितोपत्र व्यवसाय गर्न आवेदन दिएका संस्थाहरुलाई तत्काल अनुमति प्रदान गरी अन्य संस्थाहरुलाई अनुमति दिने वा नदिने सम्बन्धमा यथोचित अध्ययन गरि नीतिगत व्यवस्था गर्न तथा यस सन्दर्भमा  नियमनकारी निकायको नीतिगत स्पष्टताको अभावको निर्णयमा पुग्न बिलम्व हुने अवस्था सृजना नगर्न पनि चेम्बरले धितोपत्र बोर्डलाइृ सुझाव दिएको छ । 

धितोपत्र बजारमा लाग्दै आएको नियामकीय लगायतका विभिन्न शुल्कहरुको अध्ययन गरि उचित हेरफेर गर्नुपर्ने साथै विभिन्न ब्यवसाय तथा सूचिकृत कम्पनीहरुको वार्षिक नविकरण गर्नुपर्ने झण्झटिलो ब्यवस्था हटाउन पनि चेम्बरको आग्रह छ । 

Listed companies now must deposit cash dividend with a detail to bank accounts

The capital market regulator today directed all the listed companies to deposit cash dividend with a clear detail at the shareholders’ bank accounts.

The Securities Board of Nepal (SEBON) -- issuing a directives -- asked the listed companies to deposit cash dividend at the shareholders account with details, because only the share registrar's name is mentioned in the bank statement currently. But the regulator directed the companies to mention with a details including name of the company, fiscal year and the rate of the dividend.

The shareholders have been repeatedly complaining with the regulator about the lack of clear information while receiving the dividends in the bank account.

"The company must have to clearly include the name, income and amount while paying cash dividend to the shareholder's bank account by itself or through its share registrar," the directives read.

Government calls for application for the top job of Sebon

The government has started the process of selecting new executive chairman of Securities Board of Nepal (Sebon), the capital market regulator.
Issuing a public notice today, Finance Ministry called for applications within 15 days from eligible candidates to fill up the vacancy of the executive chairman through open competition in line with the ministry’s new working procedure.
The post of capital market regulator’s chairman has remained vacant since October 17, after the then chairman Rewat Bahadur Karki completed his four-year tenure.
Though, it is said that the open competitive process for the recommendation of the executive chairman of Sebon indicates an end to a practice of handpicking favorites by the finance minister with political patronage, the practice is yet under question as regulator has not yet got independent status.
The government has formed a three-member committee – led by a member of the National Planning Commission (NPC) including finance secretary and an expert in the field of securities – will recommend three short-listed candidates based on the open competition, the notice reads, adding that the recommendation committee will forward the shortlisted candidates to the Finance Ministry that will present to the cabinet, which pick one of them for the top post.
Earlier today, Finance Ministry introduced the new working procedure for the recommendation of the executive chairman of the Sebon, putting 40 per cent weightage on the action plan presented by the shortlisted candidates.
According to the ‘Working Procedure on the Recommendation of the Chairman of Securities Board of Nepal (Sebon)-2019’ released by the Finance Ministry, the eligible applicants should also submit his/her action plan as the chairman of the Sebon that should include the national and international outlook of the national and international capital and commodities exchange market and business plan for the board. “The action plan carries 40 per cent weightage for the evaluation of the applicants in addition to 20 per cent on the presentation of the plan,” according to the procedure that add,”remaining 10 per cent weightage for the score will be based on the academic qualification and 30 per cent for the interview.”
The candidate must have at least master’s degree and at least seven years of experiences in the field of stock exchange management, capital market development, economics, finance, commerce, management or law to become eligible for the chairman of the Sebon, according to the Securities Act-2007.

Nepse halts trading of 81 listed companies

Nepal Stock Exchange (Nepse) has halted share trading of 81 listed companies today as they have not yet paid the annual securities renewal fees.
According to the rule, the listed companies need to pay the yearly renewal fee to the stock exchange by October 17 every year for continuous trading of their secondary shares.
According to the Nepse – the front line regulator – share trading of those companies will be reopened only after they pay their renewal fees. “Of the 81 companies that have failed to pay the annual renewal fees, Nepse has said that a majority are microfinance companies.”
Some 19 microfinance companies, three companies from trading subgroup, two each from hotel and others sub-indices, 11 firms from manufacturing and processing sectors,  18 development banks, two firms from life insurance sub-index, 11 finance companies and 13 from hydropower subgroup are restricted from trading their shares, though the investors have been hit hard due to the negligence of the listed companies.
The listed banks have, however, paid their yearly renewal fees before the deadline, according to the Nepse that halted the share trading of the 81 companies.

Sebon directs Reliable to launch rights issue before getting acquired

Securities Board of Nepal (Sebon) – the capital market regulator – has asked Reliable Development Bank to launch rights issue before it is acquired by the Global IME Bank.
Reliable's 10th Annual General Meeting (AGM) held on July 1 had approved 1:1 rights shares and 10 per cent bonus share from the net profit earned in the last fiscal year.
Instead of launching rights issue, the development bank, however, had signed a Memorandum of Understanding (MoU) for its acquisition by the Global IME Bank.
"The beginning of acquisition process without distributing rights shares would hurt investors," Sebon said in a statement issued today.
The regulator also directed the national-level development bank registered in Kathmandu to launch rights issue before the acquisition as failure to do so would be against the interest of investors who bought the development bank's shares in anticipation of rights and bonus shares.
"Since the decision was price-sensitive and approved by the AGM, Reliable Development Bank cannot avoid its AGM's decision," the Sebon said in the statement.
Earlier on October 1, Global IME Bank chairman Chandra Dhakal and Reliable chairman Radhe Shyam Agrawal had signed the MoU on behalf of their respective organisations to complete the acquisition process within three months.
The Board is also planning to enforce a regulation that will bar listed companies from taking multiple corporate actions at once to rein in activities that could influence the capital market and hurt the interest of investors.
"If implemented, this regulation will prevent listed companies from reversing some of the crucial decisions made in the past," according to the capital market regulator that is mulling over introducing such a provision after a number of listed companies jumped in to roll out future plans without accomplishing the ongoing task.
According to the Sebon spokesperson Niraj Giri, the move is aimed at safeguarding the investors’ interest. "Sebon is also planning to enforce a code of conduct to discipline companies engaged in insider trading," he added.

Sebon directs Reliable to launch rights issue before getting acquired

Securities Board of Nepal (Sebon) – the capital market regulator – has asked Reliable Development Bank to launch rights issue before it is acquired by the Global IME Bank.
Reliable's 10th Annual General Meeting (AGM) held on July 1 had approved 1:1 rights shares and 10 per cent bonus share from the net profit earned in the last fiscal year.
Instead of launching rights issue, the development bank, however, had signed a Memorandum of Understanding (MoU) for its acquisition by the Global IME Bank.
"The beginning of acquisition process without distributing rights shares would hurt investors," Sebon said in a statement issued today.
The regulator also directed the national-level development bank registered in Kathmandu to launch rights issue before the acquisition as failure to do so would be against the interest of investors who bought the development bank's shares in anticipation of rights and bonus shares.
"Since the decision was price-sensitive and approved by the AGM, Reliable Development Bank cannot avoid its AGM's decision," the Sebon said in the statement.
Earlier on October 1, Global IME Bank chairman Chandra Dhakal and Reliable chairman Radhe Shyam Agrawal had signed the MoU on behalf of their respective organisations to complete the acquisition process within three months.
The Board is also planning to enforce a regulation that will bar listed companies from taking multiple corporate actions at once to rein in activities that could influence the capital market and hurt the interest of investors.
"If implemented, this regulation will prevent listed companies from reversing some of the crucial decisions made in the past," according to the capital market regulator that is mulling over introducing such a provision after a number of listed companies jumped in to roll out future plans without accomplishing the ongoing task.
According to the Sebon spokesperson Niraj Giri, the move is aimed at safeguarding the investors’ interest. "Sebon is also planning to enforce a code of conduct to discipline companies engaged in insider trading," he added.

Nepse suspends share trading

Nepal Stock Exchange (Nepse) suspended share trading for today.
The Nepse decided to suspend share trading – after brokerage firms requested it to – as the share brokers' back office system had some problem to implement the new brokerage commission.
According to Nepse, brokerage firms requested Nepse that they were yet to complete the process for billing transactions according to the reduced commission rate.
Though, the stock market analysts blame lack of coordination among stakeholders for the suspension of share trading, Nepse said that the trading will resume as usual from tomorrow.
The investors were kept in dark all day long citing 'technical glitches' and delay in updating the Broker Back Office System, or the billing system. However, the brokers attributed the suspension of share trading to delay in updating the reduced commission rate in their system. But the company that manages the software – Mandala System – said that the application was ready and there was no reason for halting share trading. "The brokers submitted the billing format only today after carrying out discussions with Sebon and the bourse,” said Mandala’s proprietor Biplav Man Singh. “If the billing format was presented to us on Friday, the trading would be possible today."
Amending the Securities Businessperson (Stock Broker, Securities Dealer and Market Maker) Regulations 2008, Securities Board of Nepal (Sebon) had directed the Nepse on July 20 (Wednesday) to implement the revised broker commission from Sunday.
But Nepse sent the official letter to the brokers asking for immediate implementation of the new regulation only on Friday.
Mandala – upon receiving the direction – had sought a week’s time to update the system. The broker community has asked the software management company to update the system by mobilising additional human resources to facilitate trading from Monday, according to a press release issued by the Stock Brokers’ Association Of Nepal. "The association and its members are committed to facilitating trading from Monday," it said, apologising to all the investors for the inconvenience caused because of technical difficulties.
The brokers today also held separate discussions with officials from Sebon and Nepse before submitting the new billing format to the Mandala. The brokers have also claimed that they have welcomed the move to reduce the commission rate.

Beed invest brings new schemes

beed invest – one of the leading portfolio management companies – has launched various schemes to encourage investors to take advantage from the capital market.

beed has introduced ‘Lagani Briddhi Plus’, ‘Sanchaya Plus’ and ‘Expor Plus’ designed for individual clients, and ‘Paramarsha Plus’ and ‘Salaaha Plus’ for institutional clients.

The products are expected to cater to the investment needs of customers, according to the beed that has claimed that Lagani Briddhi Plus is for customers with a high risk appetite and Sanchaya Plus is for customers with a lower risk appetite. "Expor Plus is for clients, who already have an existing portfolio with beed invest."

The portfolio management company helps investors cash in on the stock market but who do not have any idea. It will purchase and sell stocks on behalf of its clients and manage their investment portfolio.

Securities Board of Nepal (Sebon) has licenced 15 merchant bankers to operate as portfolio managers. The Portfolio Management Directive requires portfolio managers to only take up clients who can invest a minimum of Rs 300,000. They can act as the consultants to clients. However, very few are actively involved with the investors also due to lower clientele base.

Market adds more stocks but trading, transaction less

The secondary market has added some 23,58,156 units of bonus shares of Bank of Kathmandu and 10,12,500 units of rights shares of Life Insurance Corporation this week, though the market witnessed some 3.59 million units of stocks trading worth Rs 1.45 billion compared to 5.37 million units worth Rs 2.27 billion a week ago.

Of the four days transaction at the Nepal Stock Exchange (Nepse) – due to a public holiday on Monday – the market lost three days and gained only one day to close the market at 763.47 points – losing 23.89 points – from the opening of 787.36 points.

Nepal Bangladesh Bank led the market in terms of transaction amount with Rs 132.76 million, and Nabil Balance Fund topped the market with largest unit transaction with 392,542 units, and Mega Bank with 948 trading witnessed the highest number of trading in the week.

ADB stresses on urgent need to address infrastructure deficits

The Asian Development Bank (ADB) has emphasised on the need to urgently address infrastructure deficits — particularly of power, transport, and water — by forming an enabling policy environment, building capacities, and promoting private sector investment.

Nepal’s capital and bond markets have to be developed to attract and promote private investments, said ADB vice president for Finance and Administration Thierry de Longuemar speaking at the end of his five-day visit to Nepal.

Expressing ADB’s commitment to continue supporting Nepal’s development efforts, de Longuemar discussed the ongoing Capital Markets and Infrastructure Capacity Support Project supported by ADB to develop Nepal’s bond market and create an enabling environment for public private partnership in infrastructure development.

He also discussed the opportunity for ADB to issue local currency bonds that will help provide long-term financing for private infrastructure investment and also help develop the country’s bond markets.

During his visit to Nepal, he met finance minister Barshaman Pun, central bank governor Dr Yubaraj Khatiwada, chief secretary Leela Mani Poudyal, finance secretary Shanta Raj Subedi and other senior government officials and discussed about ADB operations in the country.

"Nepal has the potential to achieve stronger economic growth rate, given its natural resource endowments, human capital and strategic geographic location," he said, adding that achieving stronger growth is also imperative for reducing poverty, and establishing lasting peace and stability.

"It will require substantial increase in investments by both the public and private sectors,” de Longuemar added.

The ADB vice president also visited ADB-assisted Kali Gandaki ‘A’ Hydroelectric Plant and observed its latest operation of hydropower generation and mitigation of social and environmental impacts and discussed the prospect for further hydropower development in the country.

Thierry de Longuemar had assumed his position in November 2011 and oversees the operations of the Office of the Secretary, Office of the General Counsel, Budget, Personnel and Management Systems Department, Office of Administrative Services, Controller’s Department and the Treasury Department.

With over 26 years of experience in both multilateral financial institutions and private banking, de Longuemar is responsible for the overall efficiency and effectiveness of ADB’s financial and administrative management.

ADB has worked in partnership with the Nepali government since the country joined ADB as a founding member in 1966. As of 31 September 2012, Nepal has received 158 loans/grants — 122 sovereign Asian Development Fund (ADF) loans ($2,775.88 million), five non-sovereign loans ($58.64 million), and 32 ADF grants ($763.25 million), totalling $3,597.77 million.

NIBL Capital Markets starts business

NIBL Capital Markets — a wholly owned subsidiary of Nepal Investment Bank — formally commenced its business today.

A licensed merchant banker from the Securities Board of Nepal, NIBL Capital aims to provide a comprehensive and a wide range of financial solutions ranging from Issue and Sales Management, Securities Underwriting and Share Registration, to Portfolio Management, it said, adding that as the company embarks on its first year of operation, it is committed to rendering services to a diverse prospective client base from financial institutions and businesses, to individuals with unique needs.

In the near future, NIBL Capital aims to expand its business and venture into Depository Participant functions and the Mutual Fund segment too.

Dedicated to core service and delivery, NIBL Capital is guided by the principle of seeing value in a different way and helping create synergy that will allow its clients to achieve their goals, it added.

With the strength of the parent company, Nepal Investment Bank, coupled with a strong network and experiences, the company hopes to act as the premier and trusted provider of customer-centric and innovation-driven investment banking services in Nepal, it said, adding that NIBL Capital wishes to serve as an agent of change in the development of the Nepali capital market to help achieve the common goal of economic growth and prosperity.