Kathmandu, December 11 The Securities Board of Nepal (SEBON) has approved the proposal of Credit Analysis and Research Ltd, Mumbai, India, to establish a credit rating institution in Nepal. The company has proposed to set up a new credit rating firm in Nepal with total paid-up capital worth Rs 50 million. It plans to own 51 per cent stake in the company. The company has proposed to provide 49 per cent stake to Nepali joint venture firms. The Credit Rating Regulation, 2011, has provisioned that paid-up capital of a credit rating company must be Rs 20 million and it needs to take approval from SEBON. SEBON has been promoting credit rating agencies in Nepal to create competition among credit rating agencies to improve the quality of service in credit worthiness rating of companies involved in various sectors, according to SEBON. “Companies that want to be listed at the Nepal Stock Exchange must get their firms rated mandatorily by a credit rating agency.”