Kathmandu. Employees union of Securities Board of Nepal (SEBON) has protested the decision of the Ministry of Finance. The union has strongly objected to the decision of the Ministry of Finance to return the benefits to the retired employees, saying it is condemnable, inhuman and impractical.

Currently, the service benefits that are supposed to be cut by the Ministry of Finance are facilities available to the employees since the inception of the Board. “The decision to recover such a facility from the board even from the retired (even deceased) employees is a very impractical decision. The board’s union said in a statement.

The employees of the union have said that the autonomy of the Securities Board of Nepal has been seriously attacked time and again and it has affected its functioning as an autonomy regulator. The union has accused the continuous interference by influencing the functioning of the board and raising questions on its performance.

Similarly, the funds of the Board pursuant to Section 22 and Section 116 of the Securities Act 2063 and Rules 77 and 779A of the Board’s Employees Service Conditions Regulations, 2068 are the facilities being received as per the procedures approved by the Board of Directors. The union said in a statement. “The decision of the Ministry of Finance to say that the facility is against the prevailing law is flawed. ’

According to the union, the employees have not asked for any additional perks at present. Demanding continuity of the existing services and facilities, the ministry has only demanded to ensure that the employees work in a fear-free environment by reducing psychological panic. “It is unfortunate that the board has been trying to curtail the facilities and facilities of the employees despite repeated requests to facilitate it when it does not even have its own physical infrastructure. ” the statement said.

Similarly, the Securities Board of Nepal (SEBON), which has been continuously involved in the development and expansion of the stock market, will be approved by the Government of Nepal and the directives and work procedures will be approved by the Board of Directors. Clause 113 of the Securities Act, 2063 BS states that the government can issue directives from time to time only on policy matters such as the development of capital market and protection of investors’ interests. According to the union, the decision approved by the Revenue Secretary is illegal, as there is a provision that only the Government of Nepal can give directives to the board.

The Procedures of the Board of Directors approved by the Government of Nepal are the documents approved by the Board of Directors of the Securities Board. “Since the Ministry of Finance also has representation in the board of directors, the language mentioned in the letter is not a document made against the prevailing law and the decision to scrap them is flawed,” the union said.

“According to Clause 167 of the Employees Service Conditions Regulations 2068 BS approved by the Government of Nepal, consent of the Ministry of Finance is required only for the creation of new posts and increase in remuneration and allowances in the Securities Board. “Since the Securities Board of Nepal (SEBON) is an institution that is run from its own resources and not receives resources from the government÷s budget, it is not necessary to keep the board as a separate institution if it needs approval from the Ministry of Finance,” the union said in a press release. ’

Similarly, facilities such as Employees Welfare Fund and Securities Fund are facilities provided under the financial reform program as well as the facilities of the then Insurance Board, Securities Board of Nepal and other institutions should be reviewed from time to time. For this reason, the decision to treat the employees of the Securities Board as if they were corrupt and to recover the benefits received from the establishment as a government dues is unacceptable.

The union has said that the Ministry of Finance has been working for the rights and interests of seven million investors and creating psychological panic on the board on a day-to-day basis. The union has demanded the revocation of the illegal order of the Ministry of Finance while maintaining the autonomy of the board as per the Securities Act. According to the union, both the employees of the board have jointly planned a phase÷stage struggle until the order is revoked.