Kathmandu. Complaints are increasing from all sides that the Securities Board of Nepal is not doing the work of the service recipients on time.

The government has appointed Dr. Gopal Bhatt as the vacant chairman of the Securities Board of India (SEBON) on June 5. Dr. Bhatt has been appointed as the chairman of the board. Three months have passed since Bhatt was appointed, but complaints have started that the work of the service recipients has not been done effectively on time. The process of issuing ordinary shares (IPO) which was stalled before Dr. Bhatt became the chairman of Sebon, has not started yet.

Dr. Even after three months of Bhatt coming to the board, the permission for IPO and right issue has not been opened. There is a growing number of complaints that the board has stopped allowing the company to issue shares and has collected various documents with the help of AI.

Lately, it is said that the employees of the board have been busy collecting documents by giving instructions from the chairman, leaving the rest of the work. “Now the work in Sebon has stopped. If it goes to the board, the staff has said that the chairman will bring such a concept letter. We are busy with the same work. Now the board is trying to improve the market in a big way by collecting documents in a different way,” said a servicer. For years, IPOs, right shares, IPOs in the pipeline of Sebon have come to a complete halt. There is no record of promoter shares. Conversion of shares has been stopped. Approval of bonds has been stopped. The condition of rights is the same. ”

According to the service recipient, when he reached Sebon, it seems that all the employees are preparing documents as if they are working on the law like a newly formed regulatory body. He complains that nothing else is being done now.

According to board sources, Chairman Dr. Bhatt seems to be weak in the decision-making process. The board officials claim that some of the basic work has also been stopped after Dr. Bhatt said that the work of the previous chairman himself should be taken in the board meeting.

“The current chairman is trying to take the work that the previous chairman used to take to the board. It seems that he is trying to take the decision to the board thinking that questions will arise in the future,” said an official of the board, “That’s why the work like IPO, right issue, promoter share record has been stopped.” ”

Chairman Bhattle deliberately lies

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Bhatt, who has been busy collecting documents on more than a dozen issues for three months of his tenure as chairman, has been questioned from all sides about not being given permission to issue IPOs. After the question was raised, he had claimed that a few days ago, at a program organized in the capital, he would be allowed to issue the IPO on September 1.

In the program, he had claimed that he would allow the IPO by October 15, but that claim has almost failed. According to sources close to the board, after the chairman’s statement, an attempt was made to reduce the allegation that he was not working by allowing a company to issue an IPO. For this, a hydropower company was also kept ready for permission to issue IPO. But it could not be completed.

According to sources, the board meeting was called for Wednesday even though it was to fulfill the promise of the chairman. The meeting could not be held because there was no quorum for the board meeting. Chairman Bhatt already knew that there would be no quorum in the meeting.

At present, the board of directors of the Securities Board of Nepal is incomplete. Chairman Bhatt had lied that he would allow the IPO to be issued on the 15th of this day even though he knew that there was no quorum for the board meeting. At present, the Securities Board consists of only the chairman, a representative of the Ministry of Law, a representative of the Nepal Rastra Bank and a representative of the Institute of Chartered Accountants of Nepal. According to a source close to the board, one of the members is on a foreign trip.

The board of directors is vacant with representatives from the Ministry of Finance, representatives of the Federation of Nepalese Chambers of Commerce and Industry and expert members. The board chairman Bhatt is engrossed in lying after leaving the concerned body to take initiative for three months to give completeness to his board.

It is said that the Ministry of Finance is also trying to make Sebon uncooperative by not sending Bhatta’s representative to the board of directors sent by the powerful government to lead the board.

After getting Dr. Bhatt as the chairman of the board, the employees were also very excited that they got a competent, capable, honest chairman, without any selfishness, and a leadership that did not fall into the clutches of interest groups. However, it is said that the enthusiasm of the board employees started to decline within three months.

Dr. Bhatta, who is known as an expert in the stock market, Bhatt is also the former executive director of Nepal Rastra Bank, so everyone hoped that decisions would be taken on time, there would be no delay in the decision-making process, the work of issuing shares that had been stalled for a long time in the board would be completed, and action would be taken against the wrongdoers. According to the employees, Bhatt now seems more egoistic, fearful of taking decisions, should take all the files to the board, listens less to the suggestions of others, and starts collecting documents like a thesis done by the university.

“When the chairman came to the board, we were very excited. But now he is collecting documents like coming to a new organization rather than doing the work that should be done in the interest of the market, the work that the regulatory body should do. The unnecessary work has been stopped. There is no attention to it. When he is suggested that this is the issue, it seems to be taken as an ego. The ability to make decisions is also being questioned. That is why the employees are getting frustrated,” the employee said.

After the arrival of the president in Sebon, the work of collecting documents with the help of AI has increased a lot.

According to sources, the board has now bought a paid version of ChatGPT. Earlier, it used to work with the chairman’s private version, but now Sebon has decided to take the premium version of Clard. The two versions cost $480 a year.

Though Bhatta collected other documents within three months after joining the board, he has not been able to collect the documents under the name of ‘concept letter’ or similar in the commodity market.

After the arrival of Chairman Bhatt in the board, the monitoring work has not been effective. Sources close to the board claim that the work of some files which were found to be deficient earlier has not progressed.