1.5 Development of Securities Law and Regulation in Nepal

The ladder (the exam's dates): (i) the Securities Marketing Center (2033 B.S./1976) — the state's first broker; (ii) the Securities Exchange Act 2040 (1983) — the first statute and the Securities Exchange Board; (iii) NEPSE's establishment (2050 B.S./1993–94) — the floor's opening (1994) with the open-outcry era; (iv) SEBON's reconstitution (2052 B.S./1995) — the regulator's separation from the exchange's operations; (v) the market's growth-and-crises (the 2063-era's broker scandals; the 2010s' bull-and-bear cycles); (vi) the Securities Act 2063(2006) — the modern regime (the Board's full powers, the disclosure-insider-fraud prohibitions, the mutual-fund-and-intermediary regimes); (vii) the infrastructure era: CDSC (2067 B.S./2010 —the central depository-and-settlement), the online TMS trading (2018–19),demutualization (the 2019–2021 implementation); and (viii) the current frontier: the second- exchange-and-commodity-exchange approvals, the FPO/rights waves, the retail boom (the demat accounts' millions), and the corporate-bond market's adolescence.