Rong Rural Municipality submits memorandum to Securities Board of Nepal (SEBON), demanding to make ‘Model Village’ a success
Kathmandu.The Rong Rural Municipality of Ilam has proposed various demands to the Securities Board of Nepal (SEBON) to make the ‘Model Village’ initiative aimed at expanding access to the capital market a reality.
The government has proposed to make the capital market a ‘model village’ of education demanding five percent reservation of shares in the IPO for children without guardians, persons with disabilities and students studying in community schools.
The rural municipality chairman Mani Kumar Syangbo (Subash) on Friday submitted a memorandum to SEBON Chairman Dr. Gopal Prasad Bhatta demanding five percent reservation of shares in the initial public offering (IPO) for the target group.”This demand is not limited to policy proposals,” Syangbo said, adding, “We have been working to run student and school-based entrepreneurship programs at the local level, facilitate the opening of bank accounts and demat accounts, and expand financial and capital market literacy.”
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The program has been launched with the objective of connecting people with disabilities to the capital market and facilitating the opening of bank and demat accounts and making them financially capable as well as preparing the foundation for future investment and financial self-reliance.
Receiving the memorandum, SEBON President Dr. Bhatta expressed happiness over the policy suggestions and ideas from the local government level and expressed commitment to take a decision to address the targeted groups. In a memorandum submitted to SEBON, the local level has expressed the view that the experience of the local level should also be incorporated in the policy formulation related to capital market as the local level closely understands the economic condition, needs and behavior of the citizens.
The rural municipality’s concept of developing knowledge of savings, financial literacy and safe investment from the school level and connecting the economically weaker sections in the process of capital formation should be seen in the long term.
Making ‘inclusive access, financial literacy, safe investment and long-term capital building’ as a common commitment, Rong Rural Municipality has pledged to expand access to capital markets in rural areas.
President Syangbo said that an environment should be created to easily participate in the capital market for citizens who want to invest with small amounts.
Similarly, the local government has proposed to develop itself as a model local level for capital market education under SEBON’s ‘National Investment Education Campaign’ ।
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