Kathmandu, August 31:

Nepal Stock Exchange (Nepse) recorded more than Rs 203 billion market capitalisation on Thursday at the close of trading this week. Despite this, the sole secondary market is yet to do a lot to emerge as a vibrant player.

Role of an independent director is one of the pertaining issues among them, said participants at an interaction ‘Appointment and Role of Independent Director and Listing of Shares’, organised by Nepal Institute of Company Secretary (NICS) in the valley today.

“The Company Act has clearly mentioned that one independent director should be appointed in every public limited company having Rs 10 million paid up capital,” said Binaya Regmi, presenting a working paper on ‘Role of an Independent Director’.

The Company Act-2063 states that every public limited company having seven directors in its board should have at least one independent director and every public limited company having more than seven directors in its board should have at least two independent directors.

Similarly, Rewat Bahadur Karki, managing director of the Nepse commented on a working paper ‘Securities Listing’. At present, more than 130 companies are listed with Nepse. Nepse has delisted around the three dozen companies so far.

Justice Anup Raj Sharma inaugurate the programme and Gyan Darsan Udas, company registrar; Keshav Acharya, director of Nepal Rastra Bank, and Bhism Raj Chalise, executive director of NICS spoke on the occasion.