Minister for Finance, Dr Swarnim Wagle, administered the oath of office and secrecy to newly appointed Chairman of the Nepal Securities Board (SEBON), Gopal Prasad Bhatta today.
Following the oath-taking ceremony held at the Ministry of Finance in Singha Durbar, Minister Wagle instructed the newly appointed SEBON Chief Bhatta to work with integrity to safeguard investors’ interests and ensure the security of their investments in the capital market.
It may be noted that Bhatta was appointed to helm SEBON, the regulator of securities market, by the cabinet meeting convened on June 19.
Minister Wagle, on the occasion, stressed that the new leadership of SEBON should pay attention to strengthening capital mobilization and support the country’s economic growth through an efficient and trustworthy securities market.
"Protect investors’ investments without yielding to any influence or personal interest," the Minister urged, pledging full support from the government.
He reiterated that the new leadership should create an environment conducive to economic growth through effective capital mobilization.
Furthermore, Finance Minister Wagle asked Bhatta to submit action plans for capital market reforms with clear timelines-covering daily, weekly, six-months and annual targets.
Expressing concern over the false and unnecessary rumours doing rounds in the market to terrorize small investors, the Minister called for measures to restore confidence in them.
He underscored the importance of implementing capital market reform plans within a fixed timeframe and saw the need for further strengthening confidence among the investors.
He also viewed that the SEBON as a regulatory body should perform its regulatory duty effectively.
The Minister assured the newly appointed Chairperson that there will not be any interference from the Ministry and encouraged the new leadership to deliver results.
He also sought weekly market briefing from new SEBON Chairperson.
On the occasion, SEBON Chairperson Bhatta reaffirmed his commitment to discharge his duty with integrity in line with the government's priorities and need of the country's capital market.
He also pledged to exploit his knowledge, experience and skills to protect investors' interest and contribute to the government's agendas for economic progress.
The SEBON chairperson also vowed to work for effective implementation of various recommendations and studies conducted at different times for capital market reform to strengthen and promote the capital market.
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