Delays in NEPSE 30 Implementation: Uncertainty Surrounds Meeting Schedule
Tue, Nov 28, 2023 4:34 PM on Latest, Stock Market, National,
In a development that has kept stakeholders on edge, the proposal to determine the implementation date for the NEPSE 30 index, submitted a month and a half ago in the board of directors (BoD) of the Nepal Stock Exchange (NEPSE), is facing unexpected delays. Despite the completion of all requisite procedures, the absence of the crucial Board of Directors meeting has hindered the finalization of the NEPSE 30 implementation date.
The Board of Directors is expected to play a decisive role in setting the NEPSE 30 implementation date, yet uncertainty looms over when the next meeting will take place. NEPSE sources reveal that Chairman Bhupal Baral, has not communicated information regarding the meeting schedule. The meeting's delay is attributed to Baral's tight schedule, hindering his availability for the NEPSE Board of Directors meeting. Despite this setback, NEPSE has announced that the forthcoming Board of Directors meeting will determine the fate of the NEPSE 30 implementation.
Earlier, the BoD established the Index Operation and Management Committee, led by director Anuj Dahal, to oversee the process. This committee, in accordance with the 'Index Development, Operation and Management Internal Procedures, 2080', comprises the Chief Executive Officer of NEPSE, Head of Administration and Finance Department of NEPSE, and Head of Market Operations Department, with the Head of the Research Branch serving as the Member Secretary. The committee is authorized to invite a maximum of two experts as needed. Functioning in line with its mandate, the committee addresses issues such as regular management of existing indices, development of new indices, and the creation of trading tools in the market through the index.
Following a thorough study and examination, the committee has proposed to the NEPSE Board of Directors to set a date for the NEPSE 30 implementation. Once the Board of Directors grants permission, NEPSE will promptly open the way for the immediate implementation of NEPSE 30. Currently, internal testing of the NEPSE 30 index is underway.
Stakeholders await further updates on the meeting schedule and the subsequent decisions from the NEPSE Board of Directors, hoping for a resolution to the lingering uncertainties surrounding the NEPSE 30 implementation.
