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Nepal Rastra Bank Tightens Appointment of CEOs and Directors, Personal and Financial Details Mandatory 

५ प्रतिशतभन्दा बढी सेयरधनीकाे वास्तविक धनी विवरण अनिवार्य

लगानी न्यूज

. KATHMANDU: Nepal Rastra Bank (NRB) has set the procedure for appointment of directors, chief executive officers (CEOs) and senior managerial officials of banks and financial institutions. The Nepal Rastra Bank (NRB) has made it mandatory for such appointments to collect detailed personal, legal and financial details and submit them to the NRB.

According to the new directive issued by the Nepal Rastra Bank, the licensed organization has made a self-declaration of fulfilling the qualifications and criteria as per the prevailing law while appointing or nominating the licensed institution to the director, CEO and top management level, family details, information about whether or not they have been involved in any crime in Nepal or abroad, information related to their involvement in the case, investigation or administrative action.TAG_OPEN_div_35 You have to take it.

Similarly, it has to disclose the revenue and government dues to be paid as per the order of the court or the competent authority, whether the loan has been blacklisted or not, possible conflict of interest, assets abroad and whether or not the real owner or beneficiary is in it.TAG_OPEN_div_33

The directive also mandates details of the person’s past work experience, responsibilities, awards, punishments and performance achievements, as well as financial soundness.

The current directors, CEOs and senior management level officials will also have to submit the details to the NRB.TAG_OPEN_div_29 In addition, if there is any change in the details, the updated information should also be submitted to the Rastra Bank.

The Nepal Rastra Bank (NRB) has also made a new provision regarding the ownership of promoter shares.TAG_OPEN_div_27 Now, while buying or transferring promoter shares worth more than Rs 25 lakh or 5 percent of the paid-up capital, it is mandatory to collect details of the real owner (beneficial owner).

Under this, the investor will have to submit details related to his/her identity, address, family details, information about the real owner and beneficiaries, criminal background, litigation, government dues, loan blacklist, conflict of interest, foreign assets and financial conduct.TAG_OPEN_div_25

In case the shareholder is an institution, the real owner or beneficiary who has invested 15 percent or more shares or capital directly or indirectly in the institution, as a single, joint or group person, should also submit the details to the Rastra Bank.TAG_OPEN_div_23

At the time of issuance of the directive, the person holding five percent or more than 25 lakh promoter shares and the concerned real owner or beneficiary will also have to submit similar details to the Rastra Bank.TAG_OPEN_div_21 In addition, the NRB has made provision to submit updated information in case of any change in the details.

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