June 23: The Securities Board of Nepal (SEBON) is facing protests since the last nine days with the agitating sides demanding reforms in the capital market. Discussions are underway to address the demands of the protesters.
Chairman of the board Ramesh Kumar Hamal, upon his return from a foreign trip, met the protesters and urged them to withdraw the agitation. However, no agreement has been reached yet. On Tuesday, Hamal briefed the media on the work being done by the board and the demands of the agitating investors.
At the press conference, Hamal said that the board has already addressed the demands of the investors and only a few issues are left.
"The demands of the investors are part of what we're trying to do," he said, adding, “Most of these demands are being addressed.”
It would not be appropriate to hold a sit-in at his gate demanding something that does not have connection with the board, he said.
When studying the demands of the investors, most of them seem to be related to the Ministry of Finance. The main issue of the investors seems to be related to Nepal Rastra Bank (NRB).
It seems unreasonable to protest at the board’s office when the main demand is related to the central bank and the finance ministry.
Although the demands are practical and justified, the expressions of some of the agitating securities brokers and interest groups are making the movement unjustified.
The slogans of the investors during the rally clearly indicate that their main demand is not related with the board but with the Ministry of Finance and NRB. Their main demand is to remove the credit limit of Rs 40 million and Rs 120 million. Chairman of the board Hamal has also made it clear that most of the demands put before the board have been implemented. However, investors have withdrawn their protests.
The securities board is the regulatory body of the capital market. It is not wrong to take your demands to your parents. In a democracy, any person should be able to live freely and express what is in his mind.
However, some say that there is more to current movement than meets the eye.
Nevertheless, they have used their power to push for capital market reform. Their demands are not illegitimate. The board is positive about the investors’ demand.
At a press conference on Tuesday, the board’s chairman said that seven points of the 19-point demand were related to the board and they have been implemented. Chairman Hamal said that there was no reason for investors to be angry with the board. This is an indication that there are the demands are related to the NRB and ministry rather than the securities board. However, investors are protesting at the board premises. The Ministry and NRB should address their demands. Another positive aspect is the assurance given by the chairman of the board for coordination with the concerned ministry and NRB in order to address their demands. Investors should take it positively and move forward.