Sebon mulling over welcoming NRN investment in stock exchange market soon

Sebon mulling over welcoming NRN investment in stock exchange market soon
By Republica
Published: September 07, 2023 08:00 AM

KATHMANDU, Sept 7: The Securities Board of Nepal (Sebon) is considering amending regulation to allow Non-resident Nepalis (NRN) to invest in the country’s secondary market.

According to Sebon, a panel formed to study the issue has recently submitted a report, which talks on clearing the technical and legal hurdles to facilitate the NRNs’ investment in Nepal’s stock exchange market. The Sebon had formed a four-member committee led by its board member Sujan Kumar Kafle to study the issue.

Sebon’s Chairman Ramesh Hamal said they are positive on the report and will move forward to amend the regulation in line with the recommendation forwarded by the study panel to open NRNs for investment in the secondary market. Hamal expressed his hope that the inception could help increase capital injection in the stock exchange market. “It could also help the inflow of more foreign currency inside the country.”   

The NRNs have long been demanding the authorities to permit the Nepalis residing abroad to invest in the country’s secondary market. In its policy and program for the current fiscal year, the regulator of Nepal’s stock exchange market has talked about facilitating the NRNs to invest in the secondary market. 

The Sebon in May had also announced to finalize the legal arrangement within three months on this matter. The government in its budget statement for the current fiscal year has also stated to welcome the NRNs to invest in hydropower and other real sector companies listed in the stock market and to mobilize the capital, technology and experience of the Nepali Diaspora for national development.

However, the progress on this matter is going at a snail’s pace, mainly due to the absence of related laws. The Sebon has maintained arrangements to reserve 10 percent shares in the primary issue of securities for Nepalis who have gone to work abroad.

According to stock market analysts Nepal's securities market has not been able to gain momentum due to the failure to allow external capital investment in the securities, which is a widespread practice in many countries.  Currently, only Nepalis residing inside the country can invest in the country’s primary and secondary markets.

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