Nepal | September 28, 2020

SEBON still undecided about reopening share market

HIMALAYAN NEWS SERVICE
Share Now:

KATHMANDU, JUNE 25

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:

Traffic police expedite monitoring of public vehicles

KATHMANDU, SEPTEMBER 26 Traffic police have expedited inspection and monitoring of public vehicles in Kathmandu valley to ensure that they follow health guidelines and other requirements specified by the government to prevent and control COVID-19. Senior Superintendent of Police Bhim Prasad Dh Read More...

Food, medicines provided to returnees from India

DHANGADI, SEPTEMBER 26 Dhangadi sub-metropolis has been providing free food and health facilities for Nepalis returning from India at border entry point, in Dhangadi. Deputy Mayor Sushila Mishra Bhatta of the sub-metropolis said food and water were being offered to the returnees ever since the Read More...

17 supporters of Dr KC arrested from Maitighar

KATHMANDU, SEPTEMBER 26 Police have arrested 17 peaceful demonstrators, who had gathered at Maitighar Mandala today. They were there to express solidarity with senior orthopaedic surgeon Dr Govinda KC, who has been staging his 19th hunger strike for the last 13 days. Supporters of Dr KC were w Read More...

Nepse index witnesses marginal correction

KATHMANDU, SEPTEMBER 26 The four weeks of bull run came to a halt in trading period between September 20 and 24, with Nepal Stock Exchange (Nepse) index dropping by 0.69 per cent or 10.92 points. “A correction was overdue as the stocks had become overheated,” explained a stockbroker, seeki Read More...

Tourism Recovery Task Force launched

KATHMANDU, SEPTEMBER 26 On the occasion of World Tourism Day, a Tourism Recovery Task Force (TRTF-Nepal) was launched here today. Addressing the launch ceremony, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai appreciated the private sector for coming together to foster colla Read More...

Former Indian minister Jaswant Singh passes away

KATHMANDU: India's former minister and Bharatiya Janata Party (BJP) leader, Jaswant Singh, passed away in New Delhi on Sunday. He was 82. Singh, who was suffering from illness for a long time, died today at 6:55 am at Delhi's Army Hospital (Research & Referral) where he had been admitted in J Read More...

Yet another Covid-19 related fatality recorded in Banke

RANJHA: A 47-year-old person from Bankegaun of Nepalgunj Sub-Metropolitan City in Banke district has died of coronavirus this morning. With this latest fatality, COVID-19 casualty in the district has reached 13. The man died in course of treatment at Nepalgunj Teaching Hospital in Nepalgunj, i Read More...

PM Oli summons cabinet meeting a day in advance

KATHMANDU: Prime Minister KP Sharma Oli has called an 'emergency' cabinet meeting on Sunday amid reports of possible cabinet reshuffle. The meeting has been scheduled for 12:00 pm. Read Also: Oli-Dahal hold talks ahead of emergency meeting According to PM Oli's press advisor Surya Thapa, ther Read More...