11.1 Analysis of Recent Legal Reforms in Securities Law

Nepal's reform wave (the current era, by effect): the Securities Act's successor-and-amendment debates (the modernisation bills — the market-conduct-and-enforcement upgrades, the penalty-and-power recalibrations); the demutualization's completion (Unit 2.8) and the second-exchange-and-commodity-exchange approvals (the competitive-market architecture's birth — the judiciary's clearance of the licensing in the recent writ era); the intermediary-regime's expansion (the new broker licences-and-the market-maker faces); the foreign-investment-in-the-secondary-market's opening debates (the FITTA-and-regulation frontier — the portfolio-inflows question); the corporate-bond-market's scaffolding (the listing- and-rating incentives; the debt-instruments' regime); the collective-investment's post-scandalreforms (Unit 9.5's perimeter-repair); and the investor-protection's infrastructure (the investor-compensation-and-education faces).