Nepse gains 64.26 points as turnover hits record high of Rs 21.91 billion

Nepal Stock Exchange (Nepse) index gained 64.26 points to close the day's trading at 2,760.91 points on Wednesday, the fourth day of the week.

However, the share market recorded an all-time high turnover of Rs 21.91 billion today.

Earlier, on August 15, 2021, the share market had witnessed the turnover of Rs 21.64 billion. Today. the bullish market hits the yet another high turnover as the investors confidence returned two weeks ago. 

Share prices of some 191 companies advanced during the day's session, while some 44 declined and seven remained unchanged, according to the Nepse. 

Likewise, prices of 10 companies hit the positive circuit of 10 per cent on the day. Himalayan Reinsurance Ltd (HRL) logged the highest turnover with shares worth Rs 844.99 million traded during the day's trading. Mountain Energy Nepal Ltd (MEN) and Shivam Cement (SHIVM), with turnovers of Rs 410.93 million and Rs 402.63 million, respectively followed the HRL.

All the sub-indices posted gains in the day's trading. The biggest gain came from the Finance sub-index which was up by 8.08 per cent, followed by Investment and Others sub-indices with gains of 6.89 per cent and 3.99 per cent, respectively, according to the Nepse.

A total of 50.96 million units of shares were traded during the day's trading today, through 238,272 transactions. The Market capitalisation also reached Rs 4.38 trillion today.

Will 'Bishnu Bull' sustain?

The 'Bishnu Bull' is in rage as the Nepal Stock Exchange (Nepse) index posted gains of 59.68 points on the last trading day of the week

Not only the index, but the transaction amount has also seen surge to Rs 15.54 billion in a day's trading, today.

The share market has been looking upwards, since the appointment of new finance minister Bishnu Prasad Poudel, on Monday.

As in the past, Bishnu Prasad Poudel has been a lucky finance minister for the share market this time too. The traders have, thus, named the surge in the market as the 'Bishnu Bull'.

However, the question is, 'will this Bishnu Bull sustain?'

May be, may not be.

But today the Nepse gained, as banking stocks surged significantly, closing trading at 2,424,32 points today.

The market has gained on Sunday, the first day of the trading in a week, but dipped on Monday, the second day.

But from Tuesday, the remaining three days, the market witnessed a surge of a total of 183.90 points, and closed at 2424.32 points, some 2.52 per cent higher from the opening.

Share prices of 143 companies advanced on the day, while 95 declined and five remained unchanged, according to the Nepse data. 

Share prices of five companies hit the positive circuit of 10 per cent whereas share prices of all 19 commercial banks increased on the day, with Nepal Investment Mega Bank (NIMB) hitting the positive circuit of 10 per cent.

Likewise, Nepal Finance logged the highest turnover of the session with Rs 424.68 million worth of shares traded. 

Upper Tamakoshi Hydropower and Ngadi Group Power followed Nepal Finance with turnovers of Rs 389.10 million and Rs 303.26 million, respectively.

The Finance and Hydropower sub-indices posted losses, while remaining 11 sub-indices closed the day in the green.

The biggest gain came from the Banking sub-index, which was up by a massive 6.28 per cent, though the balance sheets of the banks are not expected to show any significant gain.

Microfinance and Others sub-indices, with gains of 2.77 per cent and 203 per cent, respectively, followed the Banking sub-index. 

"Today, shares worth Rs 15.54 billion were traded on the bourse through 184,712 transactions," according to the Nepse.

Nepse plunges below 1,900 points

As the political parties are trying to form a new government, the share market has been losing its steam. The Nepal Stock Exchange (Nepse) index today plunged by 31.97 points and closed at closed at 1,885.31 points from the morning’s opening 1,917.28 points. 

The market witnessed a fall throughout the trading period as the investors failed to gain confidence.

on one hand the private sector is protesting against the high interest rates and on the other, there is only four days remained to end the second quarter. On top of that the squeeze in demand has hit the economy hard pulling the investors confidence down.

Thus, the daily turnover at the share market came down to Rs 1.103 billion, which was some Rs 1.65 billion on Wednesday, the last trading day of the last week, due to public holiday on Thursday.

A total of 180 companies lost in their share market value while 25 companies gained in the intraday-trading. 

The sensitive index – key measure of the performance of blue chips shares – also fell by 6.28 points today as almost all the 13 sub-indices declined, with non-life insurance sub index losing the most, by 98.40 points, today.  

Likewise, Shivam Cement posted the largest transaction of its shares worth Rs 109.36 million, whereas Nadep Laghubitta was the top loser and CYC Nepal Laghubitta gained the highest, today.

The looming political instability, lack of government seriousness in tackling economy, and loanable fund crunch in the banks and financial institutions also hit the share market hard. 

Share transactions to be suspended only for 15 days

After the investors’ pressure, the regulatory authority of the capital market has decided to shorten the duration of suspension of share transactions of companies in the process of merger and acquisition (M&A) to only 15 days.

The Securities Board of Nepal (Sebon) today issued a directive clearly mentioning that the share transactions will be suspended for a maximum of 15 working days for the completion of the M&A process that include re-registration of securities, dematerialisation and listing of securities.

The directives has formed a unified policy for all companies listed in the secondary market with the new directives, though there was a policy for trading suspension only for banks and financial institutions (BFIs) earlier.

Enforcing the directive from today, Sebon has maintained that the share transaction will be suspended for a maximum of 15 working days after the unified entity starts joint business transaction.

Investors have been suffering as they had to wait for a longer period of time for buying and selling of shares – especially the BFIs shares – that are in M&A process. As the Sebon scrapped the provision to hold share transactions of the companies, which enter the process for M&A, the new rule will give some respite to the investors, who were unable to purchase and sell their stakes for a long time until the unification process completed.

The regulator has given 15 days also for re-registration, reconciliation, dematerialisation and listing of the shares for post unification.

Earlier, the central bank has authorised Sebon to decide on the suspension of share trading of BFIs opting for M&A. Amending the Regulation for Merger and Acquisition of Banks and Financial Institutions 2073 last month – according to the announcement in the Monetary Policy for the current fiscal year – the central bank has given the right to decide on the suspension of share trading to Sebon. 

The central bank has become flexible after increasing complaints that the suspension of share trading in the secondary market for a long time during M&A adversely affected the investors.

नयाँ स्टक एक्सचेन्ज थप्ने प्रक्रिया स्थगित

नेपाल धितोपत्र बोर्डले सर्वोच्च अदालतको अल्पकालिन अन्तरिम आदेशपछि सुरु गरेको ब्रोकर र स्टक थप गर्ने प्रक्रिया तत्कालका लागि स्थगित गरेको छ । सर्वोच्चको आदेशअनुसार बोर्डले तत्कालका लागि लाइसेन्स प्रक्रिया स्थागित गरेको जनाएको छ । 

बोर्डले आवेदन माग गरेको मंगलबार अन्तिम दिनमा प्रक्रिया स्थगित गरेको हो । बोर्डले धितोपत्र ब्रोकरका लागि ३० दिन र स्टक एकस्चेन्जका लागि ४५ दिन समय दिएको थियो । बोर्डले ब्रोकरका लागि दिएको ३० दिनको समय असोज ३१ गतेभित्र ४५ नयाँ कम्पनीले धितोपत्र दलाल कम्पनीको लाइसेन्सका लागि बोर्डमा आवेदन दिएका थिए ।

सर्वोच्च अदालतले ४ कात्तिकमा न्यायाधिश तिलप्रसाद श्रेष्ठको एकल इजलासले नयाँ स्टक एक्सचेन्ज र ब्रोकर थप गर्ने प्रक्रियाविरुद्ध परेको रिटमा सुनुवाइ गर्दै तत्काल प्रक्रिया रोक्ने र दुवै पक्षको छलफलपछि मात्र उपयुक्त निर्णय लिने गरी अल्पकालिन अन्तरिम आदेश दिएको थियो । 

चुनावअगाडि आर्थिक चलखेल गर्न बोर्डले नियमावली संशोधन गरेर लाइसेन्स दिन सुरु गरेको आरोपमा अधिवक्ता दीपकविक्रम मिश्रले रिट दायर गरेका थिए । संशोधित नियमावलीको कार्यान्वयन तत्काल रोकिनुपर्ने भन्दै अदालत पुगेका मिश्रले प्रधानमन्त्री तथा मन्त्रीपरिषद्को कार्यालय, अर्थ मन्त्रालय, नेपाल धितोपत्र बोर्ड, नेपाल स्टक एक्सचेन्ज लिमिटेडलाई प्रतिवादी बनाउँदै १ कात्तिकमा सर्वोच्चमा रिट दायर गरेका थिए ।

बोर्डले सोही आदेशको पालना गर्दै मंगलबार लाइसेन्स प्रक्रिया रोकेको जनाएको छ । धितोपत्र बोर्डले धितोपत्र बजार सञ्चालन नियमावली २०६४ र धितोपत्र व्यवसायी नियमावली २०६४ संशोधन गरी नयाँ लाइसेन्स दिने प्रक्रिया सुरु गरेको थियो । त्यसका लागि धितोपत्र बोर्डले गत असोज २ गते आवेदन मागेको थियो ।

१५५ कम्पनी सूचीबाट हटे

नेपाल स्टक एक्सचेन्ज (नेप्से) मा सूचीकृत १ सय ५५ कम्पनी सूचीबाट हटेका छन् । नेप्सेले मर्जर तथा प्राप्तिमा गएका तथा सूचीकरण शुल्क नबुझाई लामो समय कारोबारमा नआएका कम्पनीहरुलाई सूचीकरणबाट हटाएको (डिलिस्ट गरेको) हो ।

‘डिलिस्टिङ’ भएका १ सय ५५ कम्पनीहरुमा ६ वटा वाणिज्य बैंक, ८० वटा विकास बैंक, ५५ वटा फाइनान्स कम्पनी, ७ वटा लघुवित्त, ३ वटा उत्पादन तथा प्रशोधन समूहतर्फका कम्पनी, एउटा निर्जीवन बिमा कम्पनी, एउटा हाइड्रोपावर कम्पनी, एउटा व्यापार कम्पनी र एउटा अन्य समूहका कम्पनी छन् । सूचीकरणबाट हटेका अधिकांश मर्जर तथा प्राप्ति भएर अस्तित्वमा नरहेका बैंक तथा वित्तीय संस्थाहरु छन् भने त्यसबाहेक लामो समयदेखि सञ्चालनमा नरहेका, राज्यलाई कर नबुझाउने र नेप्सेमा समेत कुनै अपडेट नगराउने उत्पादन तथा प्रशोधन समूह, व्यापार समूह र अन्य समूहका कम्पनीहरु पनि सूचीकरणबाट हटाइएको छ ।

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 । 

Sebon mulls over licensing a new stock exchange

The government is planning to give licence to a new stock exchange before the election.

The Securities Board of Nepal (Sebon) has approved the amendment to the Securities Market Operation Regulations 2007 last week and sent it to the Finance Ministry for ‘further processes’. The ministry will then present it to the cabinet for final approval. The government is in haste to give licence to a new stock exchange as the election is nearing, and many smell huge money behind it.

The amendment to the Securities Markets Regulations 2007 has increased the paid-up capital by 6 times to Rs 3 billion from the existing Rs 50 million, the board confirmed, adding that other institutional investors, except the banks and financial institutions (BFIs), can also invest in the new exchange. At present, only banks, financial institutions, securities traders and listed organisations can invest in shares of the stock exchange. “Any private and public limited company can invest in the new stock exchange company that will be a complete private entity,” the amendment reads.

Likewise, the investor can hold up to 15 per cent of the shares in the new stock exchange, unlike the current rule of 10 per cent, according to the amendment. Investors can hold up to 15 per cent stakes in banks and financial institutions, and also insurance company. “Thus, the board has followed the banking and insurance regulator,” justified the board. However, an individual investor cannot invest.

There are two schools of thought on necessity new stock exchange; for a small market like Nepal. One claims that there is no need of another stock exchange, and the other claims that private stock exchange can make the current Nepal Stock Exchange (Nepse) more competitive.

Some business groups are lobbying for a new stock exchange, whereas the government has long been planning, without success, to divest its stakes in Nepse and make it a complete private entity. And providing licence for a new stock exchange before election also raises eye brows. Today, addressing a programme in Kathmandu, CPN Maoist (Centre) chair Puspa Kamal Dahal ‘Prachanda’ said that his party needs money to win election, and the capitalists has money.

“That’s why the controversial Janardan Sharma has been reappointed as finance minister for the second time, giving a clearance from the parliamentary probe committee after the CCTV scam on the night of budget,” informed a source at the Finance Ministry. “The purpose of giving clearance to Sharma and reappointment as finance minister will be seen in the days to come,” the source added.

The board, however, cites an expanding volume of the stock trading recently, and stakeholders demand to give license to a new stock exchange.

Currently, there is only one stock exchange, Nepal Stock Exchange (Nepse), where securities like stocks and bonds are traded. The Nepal Stock Exchange (Nepse) – also the front line regulator of securities trading in the country – has 58.66 per cent stake of the government, 14.60 er cent stake of Nepal Rastra Bank (NRB), 10 per cent stake of Employees Provident Fund (EPF), and 6.14 per cent of Rastriya Banijya Bank (RBB).

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 । 

आर्थिक वर्ष २०७८-०७९ : एकै वर्ष सेयर बजारमा धेरै उतारचढाव

आर्थिक वर्ष २०७८-०७९ को अन्तिम कारोबार दिन नेप्से परिसूचक ७.९३ अंकले बढेर २००९.४७ बिन्दुमा पुगेर बन्द भएको छ । 

अघिल्लो आर्थिक वर्ष २०७७-०७८ मा २८८३.३८ विन्दुमा अन्तिम कारोबार गरेको सेयर बजार आर्थिक वर्ष २०७८-०७९ मा ३०.३१ प्रतिशतले घटेर २००९.४६ मा बन्द भएको छ । २०७८ भदौमा ऐतिहासिक उच्च बिन्दुमा पुगेको सेयर बजार परिसूचक बैंक तथा वित्तीय संस्थाहरुमा लगानीयोग्य तरलताको दबाब परेसंगै घट्न थालेका हुन् । 

लगानीर्ताहरु भने मौद्कि नीतिका कारण सेयर बजार घटेको बताउँछन् । मौद्कि नीतिले ४, १२ को नीति लिनु, सीसीडि रेसियोलाई सीडि रेसियोमा परिवर्तन गर्नु तथा रिस्क वेटेज उभरेज पनि १०० बाट १५० बनाउनुका कारण सेयर बजार घटेको लगानीकर्ता छोटेलाल रौनियार बताउँछन् । सीसीडि रेसियोलाई सीडि रेसियोमा परिवर्तन गर्दा बैक तथा वित्तीइ संस्थाहरुसंग लगानीयोग्य तरलता सुकेका कारण पनि बजारमा सिचाइ हुन नसकेको उनको भनाइ छ । साथै, रिस्क वेटेज बढाएर १०० बाट १५० बनाउका कारण पनि सेयर बजारमा लगानीकर्ता हतोत्साहि बनेको उनको भनाइ छ । सेयर भनेको जग्गाजस्तो होइन, सहजै बेच्न सक्छ, त्यसैले हाम्रो बजारमा सेयरको रिस्क वेटेज बढाउन आवश्यक नभएको उनको तर्क छ ।

२०७८ भदौ २ गते ३१९८.६० विन्दुमा पुगेर उच्चतम ऐतिहासिक किर्तीमान राखेको नेप्से परिसूचक २०७९ असार ९ गते १८४८.२८ मा झरेको थियो ।

त्यसैले सेयर बजारको नियामक निकाय धितोपत्र बोर्डको कमजोरीका कारण पनि बजारमा उतार चढाव आएको लगानीकर्ताहरुको गुनासो छ । छरिएर बसेको पुँजीलाई संकलन गरेर उत्पादनशील क्षेत्रमा लगानी गर्ने साधनको रुपमा सेयर बजारलाई प्रोत्साहन गर्नु पर्नेमा नीतिगत अस्थिरता तथा संस्थागत अस्थिरताका कारण पनि सेयर बजारले गहिराई लिन नसकेको लगानीकर्ताहरुको गुनासो छ । 

एक वर्षमा थप १ खर्ब हाराहारीका सेयर सुचीकरणका बावजुद पुजीकरण ४०.११ खर्ब रूपैयाँबाट २८.४७ प्रतिहतले घटेर २८.६९ खर्बमा झरेको छ । 

आर्थिक वर्ष २०७८-०७९ को आन्तिम कारोबार दिन शुक्रवार नेप्सेमा २ घण्टामा २३१ कम्पनीको ४० लाख ५१ हजार कित्ता सेयर १ अर्ब ४५ करोड ६२ लाख ५९ हजारमा खरिदबिक्री भएको थियो । तर, बिहीवारको तुलनामा शुक्रवार कारोबार रकम भने घटेको थियो । किनकि बिहीवार  २ अर्ब ४१ करोड १८ लाख ३४ हजार रुपैयाँ बराबरको सेयर खरिदबिक्री भएको थियो । तर, चालु आर्थिक वर्षको कुल २३२ दिन सेयर कारोबारमा २०७८ साउन ३१ गते सबैभन्दा धेरै २१ अर्ब ६४ करोड ७६ लाख बराबरको ऐतिहसिक सेयर कारोबार भएको थियो ।

नेप्सेका अनुसार आर्थिक वर्ष २०७८-०७९ भरीमा कूल ११ खर्ब ७९ अर्ब २६ करोड ८८ लाख ५९ हजार ९९ रुपैयाँको सेयर कारोबार भएको थियो । 

Nepse drops to close below 1,900 points at an 18-month low

The share market has come down to 18 months low below 1900 points, due to selling pressure.

Nepal Stock Exchange (Nepse) today witnessed a fall of 49.31 points to close it below 1,900 points, an 18 months low mark.

In the two days of trading this week, the market has dropped by over 86 points, according to the Nepse.  The market that opened at 1,934.11 points today went to free fall and closed at 1,884.81 points at the closing of the trading. All the sub-indices – the entire 13 groups – witnessed loss in the day’s trading.

The sensitive index that measures the performance of blue chips shares also went down by 7.66 points,  the Nepse said, adding that today witnessed a turnover of Rs Rs 1.75 billion, an increase from Rs 1.13 billion of yesterday. 

Prabhu Bank promoter share bagged the largest transaction of Rs 118.32 million among individual companies, whereas Terhathum Power Company lost the highest per cent in its share value, and Andhikhola Laghubitta Bittiya Sanstha become the highest gainer of the day.

Insurance Board sets two-term limit for board members of insurers

The regulatory authority of the insurance sector barred the board members of insurance companies from assuming the position for more than two terms.

Revising a directive on the ‘institutional corporate governance’ of the insurers, the Insurance Board (IB) has enforced the new provision.

A single term of a board member has been fixed at four years, which means a board member cannot assume his position more than 8 years.

Likewise, individual board members cannot purchase shares and debentures issued by the insurance companies, where he or she is a board member, the new amendment reads, adding that they cannot even be involved in the transaction of the company’s shares and debentures for up to one year after the termination of their contracts.

Insurers will have to assess the effectiveness of their annual plans and policies on a quarterly basis,  it reads, adding that the companies will also have to conduct the due diligence audit every five years and report the regulator within a fixed time period.

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.

Probe committee recommends action against Sebon chair

The probe committee has recommend government to take action against chair of the Securities Board of Nepal (Sebon) Bhisma Raj Dhungana. The committee reported that Sebon chair misused his position to take undue advantage.

Submitting its report to the government today former High Court Judge Ananta Raj Dumre, who led the committee, said that the government will do needful as his team has completed its duty. The committee handed the investigation report to finance minister Janardan Sharma at a programme organised at the Finance Ministry.

The cabinet had formed the committee on September 1 to investigate the allegations against Sebon chair Dhungana.  It was asked to submit its report within 15 days.

Receiving the report, finance minister Sharma said that the government will take necessary decision after studying it. He also vowed to protect interests of all investors in the capital market.

The Sebon chair Dhungana and Nepal Stock Exchange (Nepse) chief executive officer (CEO) Chandra Singh Saud have been blamed for taking golden shares of the Sarbottam Cement -- that is preparing to issue public share through book-building process -- in the name of daughter and wife.

The Public Accounts Committee (PAC), under the parliament had summoned the both and directed the government to take action against both of them on the allegation. Likewise, Earlier On August 20, the Finance Committee also had decided to take action against Sebon chair and Nepse CEO Saud for taking unfair advantage of their position while purchasing the shares.

The Finance Ministry had also sought clarification from both of them.
On August 24, Saud has resigned claiming that he has not misused his position, while buying Sarbottam Cement share in the name of his wife.

Tight liquidity pulls Nepse downs by 114.02 points

The Nepal Stock Exchange (Nepse) index today plunged by 114. 02 points -- some 4.05 per cent fall -- to close at 2,698.25 points due to tighten liquidity.

With a fall of three digit, Nepse has gone below 2,700 points in five months. On April 22, Nepse crossed the benchmark.

The first trading day of the week also witnessed sensitive index and float index also drop as the sensitive index closed at 506.27 points and float index closed at 188.70 points.

The entire 13 sub-groups landed on red, though four scrips advanced while all the other scrips declined in today's trading, according to the Nepse. Sunday also witnessed a total of 17,330,538 units of shares of some 225 companies being traded at Rs 8.49 billion. 

The share market has seen volatility in the past few weeks after central bank tightened noose on loan against shares. With tightening of the lonable fund and interest hikes the share market is expected to drop even more.

Government suspends Sebon chief, forms probe panel

The government has suspended Securities Board of Nepal (Sebon) chair Bhisma Raj Dhungana, and formed an investigation committee led by a former judge.

The cabinet today suspended Sebon chair Dhungana, to investigate his alleged involvement in 'the golden share' case in the Sarbottam Cement, and formed a three-member probe committee led by former judge of High Court Ananta Raj Dumre, confirmed the law and justice minister Gyanendra Bahadur Karki.

"The three-member committee has Naraya Prasad Poudel as an expert member, and joint secretary of Nepal Law Commission Arjun Kumar Khadka, apart from Dumre," Karki said, adding that the probe committee has been formed under the Sebon Act 2063, Article 7 (7). "The government has release Sebon chair, if he is found guilty by the probe committee."

Sebon chair Bhisma Raj Dhungana has been accused of being involved in 'golden share' case as his daughter, who lives abroad, has been found purchasing some 11,992 units of shares of Sarbottam Cement that is in the process to issue primary shares to the public through book building process.

Though, the face value of a unit share is Rs 100, Sarbottam Cement share will be floated in Rs 750 per unit through the book building process. But Dhungana's daughter and Saud's wife both bought the share in Rs 250 per unit.

Sarbottam Cement is waiting for final approval from the Sebon to issue its 6 million units of primary shares to the public. But, Sebon chair Dhungana has been accused of purchasing the shares before the company goes public. Apart from Dhungana, Nepal Stock Exchange (Nepse) chief executive office (CEO) Chandra Singh Saud has also been found purchasing shares in his wife's name.

Finance Ministry has sought clarification from the Sebon and Nepse, both after it was found that their kins have bought the share of Sarbottam Cement before it goes to public.

On August 20, the Finance Committee -- under the House of Representatives -- has also directed the government to take action against Sebon chair Dhungana and Nepse CEO Saud for taking unfair advantage of their position, while purchasing the shares.

The Finance Committee had also summoned both of them for discussion, where they were grilled by the parliamentarians.

During the meeting, Dhungana claimed that his married daughter is free to do any trading on her own, and a father is not liable for married daughter's trading. Likewise, Saud also claimed that he has not donea anything agsinst law. But the parliamentarians demanded resignation of both Dhungana and Saud for their alleged involvement in golden share case.

The Finance Committee also formed a probe committee led by finance secretary Madhu Kumar Marasini with joint secretary Dirgha Raj Mainali and three experts.

The Employees Union of the Sebon has also urged the government to carry out an investigation into the controversial case of Sebon chair’s alleged involvement.

After pressure from the public, Nepse CEO Saud resigned but Sebon chair has still been claiming that he has not taken any advanteg.

Sebon, is the regulatory authority of the capital market that has around 3.8 million investors.

Earlier, the Commission for the Investigation of Abuse of Authority (CIAA) has also asked the Sebon to provide necessary documents to investigate Sebon chair Dhungana’s alleged involvement in Sarbottam golden share scam.

Nepse closes below psychological 3,000 points

The share market closed below psychological points of 3000 today due to selling pressure.

Nepal Stock Exchange (Nepse) index dropped by 69.05 points to close at 2,975.84 points.

After the central bank's directives to restrict on margin type lending to upto Rs 120 million -- from overall financial system -- for an individual, the share investors are forced to sell their holdings to comply with it.

Though, the share market witnessed drop in Nepse index, some Rs 13.26 billion worth of stakes changing hands as all the sectors led by development bank, hydropower, finance and ‘others’ sub-groups fell more than 3 per cent each.

Arun Valley Hydropower Development Company Ltd and Himalayan Distillery Ltd were the most actively traded scrips today, as they witnessed a turnover of over Rs 1 billion and almost Rs 500 million, respectively. Api Power, Nepal Bank and Goodwill Finance followed suit with turnovers of around Rs 30 million, each, according to the Nepse.

Nepse up slightly after three days of freefall

The share market freefall stopped today as it gained 17.60 points to close the market.

The Nepal Stock Exchange (Nepse) index climbed above 3,100 mark again to close the market at 3,094.05 points, up by 17.60 points from the morning's opening.

Earlier, on Monday, Tuesday and Wednesday, the market witnessed a sharp decline of more than 120 points. Hydropower, development bank and finance stocks helped the index recoup the recent losses partially. With the market gain, some Rs 13 billion worth of equities changed hands today, the last trading day of the week.

Hydropower stocks rose by 5.08 per cent, followed by development bank and finance companies groups, which shot up by 4.17 per cent and 3.82 per cent. Likewise, microfinance and hotels and tourism sectors also gained, but life insurance sector lost around 1 per cent today.

Of the traded companies today, Arun Valley Hydropower's stake was traded the most with a turnover of almost Rs 1 billion, whereas Arun Kabeli Power and Ridi Hydropower with Rs 450 million and Rs 345 million today.

Some 8 companies including Narayani Development Bank, Shree Investment Finance, Guheshwori Merchant Bank and Finance, Arun Valley Hydropower, Corporate Development Bank, Ankhu Khola Jalvidhyut Company, Ghalemdi Hydro and Jeevan Bikas Laghubitta Bittiya Sanstha witnessed upper circuit limit of 10 per cent.

But Life Insurance Company Nepal dropped by 3.33 per cent followed by Shivam Cements, which fell by 2.30 per cent.

Finance Committee directs government to take action against Sebon and Nepse officials

 Concluding that the officials of Nepal Securities Board (Sebon) and Nepal Stock Exchange (Nepse) misused their posts and took unfair advantage, the Finance Committee -- under the Federal Parliament -- today directed the government to investigate into their alleged involvement in the 'golden share' case of Sarbottam Cement, and  take action against them.

The parliamentary committee also directed the ministry to take action regarding the case and furnish details.

Asking the ministry to prepare a draft of share market policy, legal, structural, managerial, and technical aspects reform, the committee also suggested promotion of transparency, morale, good conduct, responsibility and accountability in the share market.

Answering the parliamentarians questions, finance minister Janardan Sharma informed them of formation of committee to investigate into the case. "The ministry’s attention has been seriously drawn in the transaction of shares of Sarbottam Cement," he said, adding that the committee will recommend legal action, if any ill-intention was found.

The share market has become an alternative to the investors as economic activities have been halted due to Covid-19. The share market has attracted around 3.5 million investors as an alternative investment avenue.

The committee’s chair Krishna Prasad Dahal also asked the ministry to ensure the healthy, fair and transparent transactions in the share market. "The government should remain alert to the possibility of irregularities in the share market," he added.

The parliamentarians were of the view that the connection of Sebon and Nepse officials in share transactions is a moral issue, though the law has not barred the relatives of the officials to trade in the share market.

On the occasion, former finance minister Surendra Prasad Pandey said that the share market is yet to gain public trust. Likewise, lawmaker Ram Kumari Jhankri insisted on investigation of alleged involvement of higher officials of Sebon and Nepse in share trading.

Sebon is the regulatory body of the share market and Nepse is the frontline regulator. But the chair of Sebon Bhishma Dhungana was reportedly found involved in influencing the share market as his daughter purchased 10,000 units of Sarbottam Cement's share, whereas Nepse chief executive officer Chandra Singh Saud had also bought shares of Sarbottam Cement in the name of his wife. The Sarbottam Cement is issuing the public share through book-building.

The finance ministry had sought clarification from the Sebon and Nepse on July 28. The Financial Sector Management and Corporation Coordination Division of the finance ministry had asked Dhungana and Saud to send their clarification within three days. They have also submitted the clarification within three days.

Nepse hits yet another record

 The Nepal Stock Exchange (Nepse) index today reached yet another all time high to 2,820 points as it gained by 32.81 points today from last Thursday's closing.

Likewise, the sensitive index increased by 8.23 points to close at 507.20 points, according to the Nepse. "The volume of total transactions stood at Rs 11.60 billion as over 25 million units of shares of the total 220 companies were traded on the first trading day of the week. This is second only to the highest turnover of Rs 11.96 billion created last week.

Likewise, Nepal Reinsurance Company has the highest individual scrip turnover of a little over Rs 418.60 million, when over a dozen scrips have technically closed at the upper limit of 10 per cent gain today. Ru Ru Jalvidut Pariyojana Limited (RURU), however, lost the most of 3.73 per cent. 

The development banks sub index gained an impressive 7.54 per cent while finance sub index gained an equally magnificent 6.76 per cent but microfinance sub index lost the most 0.37%.

The share price of Sangrila Development Bank increased by 9.93 points while United IDI Mardi Hydropower 9.93 points, Kalika Power Company 9.86 points, Best Finance Company 9.85 points, Goodwill Finance 9.85 points, Saptakoshi Development Bank 9.84 points and Barun Hydropower 9.84 points.