KATHAMNDU, NOV 04 - Minister for Finance, Dr Prakash Chandra Lohani today directed the officials of the Security Board and the Stock Exchange to make necessary arrangement for the transactions of security exchange through automation.
After making an observation at the transaction outlets of the stock exchange, Minister Lohani urged the officials to make necessary arrangement in this regard on their own and not to expect financial grant from the international community.
With the financial grant of the Asian Development Bank, stock exchange was to modernise it present system of transaction. Now, the estimated cost for modernising the stock exchange is Rs 3 million.
After the modernisation of the stock exchange, security brokers do not need to reach the outlet of the exchange for the transaction, as they can transact from their own offices.
Minister Lohani also informed that the government has already submitted a new Act to the council of ministers in order to make the security transaction more efficient and effective.
"The government will gradually privatise the capital market," said Lohani.
He stressed on the need to attract companies excluding Rastriya Banijaya Bank and other financial institutions into capital market.
Similarly, Mukunda Nath Dhungel, General Manger of the stock exchange, said that a large number of investors would be attracted towards the capital market after the new arrangement of the stock exchange.
Bishnu Chapagain, President of Security Broker Association demanded with the government to create a conducive environment to attracting institutionalised and huge capital into the capital market.Posted on: 2003-11-03 09:25

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