Kathmandu. Chairman of the Securities Board of Nepal (SEBON) Dr. Gopal Bhatta has said that a wrong culture has developed that the investment made in Nepal should be set on fire and not invested.

He said this at a greetings exchange program organized by the Stock Brokers Association of Nepal. He said that although Nepal is the land of Himalayas, Buddha, Gorakhnath and Machhendra, our culture is wrong.

He recalled that Laxmi Puja is celebrated in Nepal and urged everyone to see how their culture has been made. He claimed that a wrong culture like setting fire to the investment made in Nepal has developed. He said that the problem of not going to the bank, the money coming from abroad is not being spent, and there is no economic development. He said that for this, there is a need to change the culture and culture.

Recalling that investment increases in other countries and the development of the stock market, he said that Lakshmi is worshiped in those countries. “Lakshmi is worshipped in nearby India. We have a bigger puja than Dashain. Dashain is the worship of Shakti. Sacrifices are made on Dashain. They are slaughtered. In the countries that do this, they are slaughtered. Animals that are slaughtered are slaughtered. Those who slaughter chickens, buffaloes, buffaloes, goats do not take long to slaughter people,” he said, “Although we have developed that culture for 10 years. Where people are also slaughtered. And where is the economic development? ”

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He said that even though we talk about investing, earning and commission, we keep ourselves at the center. He said that there is a tradition of not thinking that what others have earned is earned by oneself.

In the program, Chairman Dr. Bhatta informed that a new act is being brought to modernize the capital market, make it technology-friendly and of international standard. He informed that the draft of two acts is in the process of being prepared in the Securities Board of India for this.

He said that now the draft will be presented in the board meeting and the board will approve and send it to the Ministry of Finance for approval. According to him, the Securities Board will now move forward in the style of Nepal Rastra Bank. Recalling that there is a Ballia and Rastra Bank Act in Nepal Rastra Bank, he said that there is a need for 2 in Sebon as well.

He said that a draft of an act to regulate capital market infrastructure, broker market, merchant banking, mutual funds and another act for SEBON is ready. He said that a high-level committee formed by the government for the restructuring of NEPSE has sent a letter to the board and has moved forward accordingly.

He said that the focus will only be on the technology, risk management and modernization of the trading system of Nepse. He said that the rest of the investors i.e. the government is a matter of concern.

He stressed that the broker business should be corporate-style. He said that by the end of the current financial year, new instruments such as short selling, intraday trading, exchange traded funds and security lending and borrowing will be fully implemented in the market.