The Nepal Stock Exchange – A Review

As part of the economic liberalization program in Nepal, the securities market was restructured in May 1993 by the creation of the Nepal Stock Exchange (NEPSE) and the Securities Board. NEPSE, the successor to the Securities Exchange Centre (which was in existence since 1976), was intended to assume a lead role in the activities more confined to the operation of the securities market, while the Securities Board was created to function as the body responsible for the oversight regulation of the securities market. In the absence of an active private sector participation in the economy and a broker dealer community during the tenure of the Securities Exchange Centre, the ownership of the Exchange remained with the government and continued in the same manner even after the restructuring, unlike in most other emerging markets. Trading during this period was mainly confined to government bonds, and transactions were concluded with the intermediation of the officials of the Securities Exchange Centre.

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