Nepal | July 06, 2020

SEBON still undecided about reopening share market

Share Now:


The Securities Board of Nepal (SEBON) is still undecided about when to reopen Nepal Stock Exchange (Nepse) — the country’s sole secondary market — which has been closed since the government imposed a nationwide lockdown to stem the spread of the COVID-19 contagion.

On Sunday, the board had formed a committee to conduct a study on when and how to reopen the stock market. The committee was given two days to submit a report but it failed to do so and the deadline has been extended till Friday. “The team was unable to submit a report due to some technical issues and will do so tomorrow,” said Bhishma Raj Dhungana, chairperson of SEBON.

“After the committee submits its report we will determine whether to reopen the market or continue halting the service,” he informed.

The committee comprised of representatives of SEBON, Nepse, investor groups, broker associations and CDSC.

Uttam Aryal, chairperson of Investors Association of Nepal, said due to the irresponsible behaviour of the regulatory board, investors are facing problems at the moment. “We have conducted a series of discussions to reopen the market and the committee of which I too am a member has almost finalised the report,” he informed, adding, “Our suggestion is to reopen the market now but some investor groups are lobbying to postpone the reopening of the market for at least another 15 days.”

We have suggested SEBON to reopen the market by implementing some precautionary measures to save the huge money that has been invested in the share market, Aryal said.

Meanwhile, SEBON Chairperson Dhungana said that the study team will also look into introducing a possible relief package for the secondary market.

Earlier, the board had directed Nepse to fully integrate its system with banks and financial institutions so that real-time transactions can be made.

Chandra Singh Saud, chief executive officer of Nepse, said they are ready to reopen the secondary market. “As soon as the board gives us a direction to that effect we will open the stock exchange,” he stated.

The government had imposed the nationwide lockdown from March 24 and extended it phasewise till June 14 to stop the spread of the coronavirus. However, it eased the lockdown partially from June 15 but the concerned stakeholders are unable to take a decision on when to open the secondary market.

Nepse has been closed since the lockdown began and opened only for a couple of days on May 12.

A version of this article appears in e-paper on June 25, 2020, of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Nepal Tourism Board reveals top five photos from 'Nepal From Your Window' contest

KATHMANDU: Nepal Tourism Board (NTB) on Sunday revealed five photos that made it to the top-five of the 'Nepal From Your Window' photo contest. The five photos will be awarded with cash prize of Rs 10,000 each. Among the 500 approved photos listed in the contest, Samde Sherpa's Kathmandu V Read More...

Barca outclass Villarreal after recent disappointments

VILA-REAL: Barcelona responded to a trying week by producing a scintillating display to thrash Villarreal 4-1 away on Sunday and stay alive in the Liga title race. The Catalans had drawn their last two matches to hand more momentum to league leaders Real Madrid but Sunday's win took them to Read More...

Messi will finish career at Barca says club president

VILA-REAL: Barcelona president Josep Maria Bartomeu has said that captain Lionel Messi will end his career at the Catalan club, dismissing a report saying the Argentine no longer wishes to renew his current contract when it expires next year. "Messi has said he will end his working and footb Read More...

Oli, Dahal’s bid to save party unity continues

KATHMANDU, JULY 5 Co-chairs of the ruling Nepal Communist Party (NCP) Pushpa Kamal Dahal and Prime Minister KP Sharma Oli held talks today but failed to end the current deadlock in the party. NCP is deeply divided with the PM refusing to quit prime minister or party co-chair’s post, and the Read More...

Subas Chandra Nembang meets Nepali Congress President Sher Bahadur Deuba

KATHMANDU: Deputy parliamentary party leader of the NCP Subas Chandra Nembang met Nepali Congress President Sher Bahadur Deuba at the latter’s residence in Budhanilkantha. NC leader Minendra Rijal was also present in the meeting. Nembang told THT that he met Deuba at the behest of Oli ‘to Read More...

Poultry farm

Chicken price up as farmers stop hatching chicks

KATHMANDU, JULY 5 Prices of chicken and eggs in the domestic market has surged after farmers stopped hatching chicks. Chicken cost has shot up to Rs 360 per kg from Rs 250 earlier, while eggs cost Rs 380 per crate of 30 eggs, a hike of Rs 100 in a few days. Krishna Shrestha, a chicken selle Read More...

Govt urged to guarantee citizens’ right to health

Kathmandu, July 5 The National Human Rights Commission has urged the Government of Nepal to guarantee the right to health to every citizen amid the spike in COVID-19 cases and fatalities in the country. Issuing a press release today, the rights body expressed grave concern regarding the findin Read More...

National Examinations Board (NEB) Nepal

Schools may get mandate to conduct Grade XI examination

KATHMANDU, JULY 5 As schools across the country have remained closed for months due to the lockdown, concerned officials are mulling over recommending the government to cancel the national level examination of Grade XI being held by the federal government. The National Curriculum Development a Read More...