Citizen Investment Trust has published notice for its 19th AGM

Kathmandu, June 26

Citizen Investment Trust has announced its 19th AGM to be held on 16 July, 2014 (32 Ashad, 2071) at Kamaladi, Kathmandu.

Five shortlisted for EPF chief executive

KATHMANDU, AUG 14, 2012

The Chief Executive Appointment Recommendation Committee, a panel formed to recommend candidates for the post of chief executives in public enterprises, on Monday shortlisted five candidates for the post of administrator of the Employees Provident Fund (EPF).

Those shortlisted are Kailash Bhakta Karanjit, Krishna Prasad Acharya, Radha Krishna Pote, Sushil Kumar Aryal and Hasana Sharma, according to source at Public Enterprise Board (PEB). Except Aryal, all other candidates are EPF employees. Six had applied for the post.

Sharma is the officiating administrator of EPF, while Pote is acting chief officer. Karanjit and Acharya are deputy chief officers at EPF and Aryal is a manager at Citizen Investment Trust.

A meeting of the committee, which is headed by the chairman of Public Service Commission (PSC), also decided to call the five candidates for personal presentations and interview on August 25.

As per the Public Enterprises Directorate Board Order, the committee will select three candidates from the five shortlisted and recommends to the Cabinet for selecting one. PEB Chairman Bimal Wagle said the committee would make the recommendation on the same day the candidates are interviewed.

PEB initiated the selection process after the Election Commission (EC) lifted the ban on appointing chief executives in public enterprises. Wagle said the selection process in other PEs will resume gradually.

Meanwhile, PEB on Sunday issued vacancy notices for the posts of chief executive officer at the Hydroelectric Investment and Development Company, general manager at Nepal Television, managing director at Janak Education Material Centre and administrator at Rastriya Beema Sansthan. Applicants have been asked to submit their application within 21 days of the publication of the notices.

Earlier, the board had initiated process of appointing chief executives at the Nepal Electricity Authority (NEA), Nepal Oil Corporation (NOC), and Nepal Airlines Corporation (NAC) and Employees Provident Fund (EPF), but the Supreme Court has halted new appointments at NEA and NOC issuing interim order, while there is confusion on whether to appoint a general manager at NAC in the presence of an executive chairman.

More than half dozen PEs are operating without chief executives. Amid complaints about political appointment of chief executives that harmed state-owned corporations, the government introduced the concept of appointing PE chiefs through free competition by forming PEB.

Source: The Kathmandu Post

CIT suggested to mobilize Rs 5 billion to stabilize capital market

KATHMANDU, Aug 8, 2012

The security market regulator the Security Board of Nepal (Sebon) has suggested Citizen Investment Trust (CIT) to set up a Rs 5 billion fund by involving different institutions to stabilize the country´s volatile stock market.

The team led by Nabaraj Adhikari, deputy director of Sebon has already submitted a report to the Sebon highlighting the necessity to set up the fund to give charge to CIT to work as the market maker- a institution that prevent the abnormal phenomenon in the capital market.

“We are studying the report, which would be approved by our board of directors before submitting it to the Ministry of Finance (MoF) for necessary process,” said Rishiram Gautam, executive director of CIT.

The MoF had recently announced that the fund would be collected as an investment from CIT, Employees´ Provident Fund and Rastriya Beema Sansthan. The MoF had also agreed in principal to give the responsibility of market maker to CIT. “The MoF should coordinate the process to set up the fund,” said Gautam.

The report has also concluded that the existing stock market software used in Nepal Stock Exchange (Nepse) is not compatible to support the stock market maker.

The report has also suggested that the market maker had to invest in the companies having good profit per share or having no negative net worth to avoid loss due to fluctuation of share prices in the market.

“To stabilize the market from abnormal price fluctuation we need market makers that would carry out buying and selling of large volume of shares as per the need,” said Neeraj Giri, director of Sebon.

CIT has been given responsibility to undertake the responsibility of market maker amid continued slowdown in stock marker though Nepal Rastra Bank soften the policy on lending and the government lower the capital gain tax to 10 percent and five percent for institutional and individual investors respectively.

Nepal stock market is lacking market maker that will also play the role as the institutional investors to prevent the share market from fluctuating abnormally.

At the time of abnormal fluctuation of prices of shares in the stock market, the market maker company fixes the purchase and selling price of shares to stabilize the market.

Source: Republica