New Sebon boss vows to fully modernize share trading
Mon, Oct 19, 2015 11:43 AM on External Media,
Newly appointed Chairman of Securities Board of Nepal (Sebon) Rewat Bahadur Karki has said that he will allow new stock exchange company to operate in the country.
Stating that the government has already paved the way privatization and demutualization of Nepal Stock Exchange (Nepse) - the only bourse in the country, he said that licensing of new stock exchange company will increase competition in the securities market.
Organizing a press meet at Sebon on Sunday after assuming the office, Sebon Chairman Karki also vowed to fully modernize the trading system during his four-year tenure.
"Only trading in share market has been automated so far. Though Central Depository System and Clearing Company Ltd has been established, it is yet to fully implement the CDS system. Settlement and ownership transfer of the shares is yet to be automated," he said. "So my focus would be on making shares trading fully automated."
Karki also said he would work toward expanding the working areas of merchant banks so that they can provide services like loan syndication, venture capital, and merger and acquisition advisory, among others. He said his focus would also be on bringing the investment of Non-Resident Nepalis (NRNs) in the secondary market in a 'Sri Lankan model'.
"There will be zero tolerance to insider trading," he said, hinting that Sebon will intensify the crack down on insider trading.
Source : Republica
