Kathmandu, January 9:

The government has appointed Shanker Man Singh as the new general manager (GM) of Nepal Stock Exchange (Nepse). Speaking at a press meet former Nepse GM Rewat Bahadur

Karki spoke about the work done inhis tenure and hoped for better development of Nepse in the coming days.

According to Karki, though the financial sector has increased more than that in the 90s the capital market has not developed as much. Thus, in order to modernise and develop Nepse made its entry into the modern age.

“Though the two-year working period was too short for me, I am happy to have extended Nepse’s activities in four different sectors,” said Karki.

He made different developments in market management, progress in brokerage business, improvement in information system and organizational upgrading.

“Automation Transaction Process was initiated, putting an end to traditional open verbal transaction practice in August 2007.

Also, to provide permanency to the market, Circuit Breaker Process started from mid-July 2006 while making an increment in the market halt process to increase transaction period from 2007,” he said.

With the starting of Government Credit Card, second market transaction was initiated from mid-November 2006 and Over The Counter (OTC) market during mid-May 2008.

New avenues were added to financial equipment and capital market. Karki also spoke about the Basic Internet Training programme designed for investors, which will soon get started.

According to him, online transaction also started through the Wide Area Network (WAN) system from the office since 2007. Developments were also made in communication by providing Real Time Information through Live Trading Activities on the upgraded Nepse website from mid-October 2008.

Since January 2007, Nepse also started informing about the A grade companies’ sensitive index, and the float index based on IPO.

“ With all these developments in Nepse, the stock market saw radical changes with progress in financial situations also. With a net profit of Rs 10 million during the fiscal year 2004-05 and Rs 20 million in 2005-06, the net profit for the fiscal year 2006-07 became Rs 70 million,” Karki said.

He, however, regretted the postponement of the broker examination for increasing the number of brokers in a transparent manner and the postponed work regarding initiation of market directives from the Security Board of Nepal (Sebon). Karki also urged the government to concentrate on the stock market for the development of the country.

On the occasion, he congratulated his successor Singh on his appointment as head of the sole secondary market. Wishing him a successful tenure at Nepse, he also pointed out to him the various future challenges looming in the stock market.