सेयर बजार सुधारका लागि रौनियारको सेबोनलाई १५ बुँदे सुझावRauniyar Submits 15-Point Reform Proposal to SEBON for Capital Market Improvement

Kathmandu — Share market investor and former chairman of Nepal Investors Forum Chhotelal Rauniyar has submitted a 15-point recommendation paper to the Securities Board of Nepal (SEBON), calling for policy, technological and structural reforms to strengthen Nepal’s capital market.

Rauniyar submitted the proposals to SEBON Chairman Dr. Gopal Prasad Bhatt, highlighting measures aimed at making the stock market more transparent, efficient and sustainable.

The recommendations include allowing banks and financial institutions to freely participate in the secondary market, reducing capital gains tax and reviewing various fees and commissions charged during share transactions.

Rauniyar has suggested replacing the existing commission structure with a simplified one-way commission system and eliminating additional costs caused by fragmented orders. He has also called for a system where investors pay commission based on their total daily transaction volume.

The proposal also emphasizes introducing modern financial instruments such as futures and options, intraday trading, short selling and exchange-traded funds (ETFs) while developing necessary regulatory and technological infrastructure to protect retail investors.

Rauniyar has urged the government to remove additional tax on bonus shares and cash dividends after companies have already paid corporate taxes. He has also proposed setting fixed deadlines for annual general meetings and dividend distribution to ensure timely payment to investors.

The recommendations include simplifying the Demat account renewal process, removing repeated restrictions on dividend payments under margin lending arrangements and upgrading the current Trading Management System (TMS) into an internationally competitive and reliable platform.

He has also suggested modernising and restructuring the Nepal Stock Exchange (NEPSE), including transforming it into a public company and improving its operational capacity.

The proposal calls for continuation of the minimum 10-unit IPO application system for retail investors and removing legal and procedural barriers for non-resident Nepali (NRN) investors to invest in Nepal and repatriate returns easily.

Rauniyar has also stressed the need to strengthen SEBON’s independence and authority so that it can function as a modern, transparent and effective capital market regulator.

To control market manipulation, rumours and cyber-related risks, he has recommended establishing a 24-hour monitoring mechanism or “war room” involving SEBON and NEPSE to track suspicious activities in real time.

Rauniyar said long-term development of Nepal’s capital market requires policy stability, advanced technology, effective regulation and an investor-friendly environment. He urged authorities to implement these reforms as a priority to increase market confidence and participation.