Kathmandu. Nepal Financial Institutions Employees Association has accused the government of infringing on the autonomy of the Securities Board of Nepal (SEBON). Issuing a press release on Friday, the Nepal Financial Institutions Employees Association has accused the government of attacking the rights of employees.

“The attempt to unjustly curtail the facilities enjoyed by the employees under the Securities Act, 2063 and the Board’s Terms of Service Regulations is a direct attack on the autonomy of the Board and the legal rights of the employees. The association said in a statement.

“The Association’s serious attention has been drawn to the decision to cut down on various services and facilities that the employees have been enjoying since the establishment of the Securities Board of Nepal (SEBON) as per the letter issued by the Ministry of Finance, ÷ to refund the amount of services and facilities used by the employees from the past till now also to recover the amount as government dues,” the statement reads. ” said in a statement.

According to the principle (2) of the International Umbrella Organization of Securities Regulators, the securities regulator should be autonomous, the Ministry of Finance has attacked the autonomy of the board. The union has said that such irresponsible actions by the responsible body of the state will demoralize the employees and have a negative impact on their motivation. The association has said that such a move is likely to reduce the overall efficiency of the Securities Board and have a negative impact on the overall capital market.

International Labor Organization (ILO) Article 95 also states that deducting the benefits of the employees without the consent of the employees is a violation of the international labor standards. The association has claimed that the decision of the Ministry of Finance to cut the allowances of the employees of the board and to pay the facilities received in the past as the government dues is completely impractical and flawed and it is clear that the Ministry has crossed the limits of arbitrariness.