Stock market institute, subsidiary planned
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KATHMANDU, JAN 23 -
The Nepal Stock Exchange (Nepse) has decided to open a capital market institute and a subsidiary company to look after information technology issues to train related experts in the capital market.
Nepse’s move was prompted by a scarcity of qualified human resources in the capital market while the available people skilled in IT know zilch about the capital market.
Nepse General Manager Shankar Man Singh said that the board took these decisions about a month ago, and that it was putting together the necessary resources to establish the institute and company. He added that Nepse had sought technical assistance from India and South Korea for the purpose.
Nepse and Korean Exchange (KRX) have signed a memorandum of understanding under which KRX would help Nepse financially to acquire and install a new trading system. Nepse is set to acquire the system to boost the capital market that has been in a slump lately.
“We are also holding discussions with the Securities Board of Nepal, the stock market regulator, and the Citizens Investment Trust (CIT) about the possibility of jointly establishing such an institute,” said Singh.
However, Sebon Director Niraj Giri said that there had been informal talks with Nepse regarding establishing a capital market training institute, but that they are yet to hold formal discussions.
“We, as a regulator, will be supportive of Nepse’s efforts in this regard,” said Giri.
The proposed IT subsidiary will produce human resources trained in IT to deal with IT related problems at Nepse, CDS and Clearing Limited, Sebon and other organizations related to the stock market.
Posted on: 2012-01-23 09:03
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