KATHMANDU, June 8: Finance Minister Dr Prakash Sharan Mahat has said the Securities Board of Nepal (SEBON) has its significant role in the investment sector in Nepal.
In his address to the 31st Anniversary of the SEBON in the capital on Thursday, Minister Dr Mahat argued that the share market had its special charm in view of investment and income. “So, the roles and responsibilities of the Board have obviously increased,” he said.
It was the responsibility of the Board to ensure security of 5.6 million investors in the capital market, Dr Mahat said, hoping that it would highly prioritize its roles and responsibilities and fulfill them accordingly. "The Board is expected to play a role to further promote the share market," he further said.
Minister Dr Mahat expressed readiness to extend full support to make the capital market healthier, comprehensive, more competitive and safer. He made it clear that provision about the share market in the budget for the upcoming fiscal year was misinterpreted and mistaken. "It is not aimed at imposing tax on general investors," he further said.
Stating that the stock market should never be the means of providing financial gains to a certain community, he said the Board is responsible to protect the investments of mass investors. "The Board shall go to an automated system," he said, presenting an idea of incorporating the commodity market in the share market. He advised the SEBON to completely make its business paperless and ensure that no one is able to take unreasonable gains in the share market.
Dr Mahat argued that Nepal Rastra Bank could also play its role in promoting healthy competitions in the share market. "The government is supportive of the stock market, but it wants to prevent a specific group from unfairly benefitting from it in the name of 5.6 million investors," he added.
Finance Minister Dr Mahat advised the SEBON management to fully utilize the information technology, pledging the government support to the SEBON to shift to a new building soon. Established June 7, 1993 as the government entity, SEBON functions as an apex regulator of securities markets.