A three-member committee will be formed on the board, coordinated by the Joint Secretary representing the Ministry of Law, and the committee will submit its report within three days.
What you should know
The Ministry of Finance is set to address the problems of the employees of the Nepal Securities Board after 48 days.
In a discussion held at the Ministry of Finance this morning, an informal agreement was reached to form a committee to address the problems of the employees and the ministry will address their problems based on the committee's recommendations, informed Board Chairman Santosh Narayan Shrestha. 'Informal discussions were held this morning, but it is yet to be formalized,' said Chairman Shrestha.
According to the agreement, a three-member committee will be formed under the coordination of Joint Secretary (Board Director) Binod Kumar Bhattarai, who represents the Ministry of Law, and the committee will submit a report within three days. It will mention that the letter from the Ministry of Finance stating that the employees' benefits have been reduced will be sent for review.
This morning, a joint meeting of Board Chairman Shrestha, directors, office bearers of the agitating employees' union, and the Ministry of Finance Joint Secretaries at the Ministry of Finance reached an informal agreement to form a committee and allow the employees to return to work.
A meeting of the Board of Directors will be held at the Ministry of Finance this evening to finalize this agreement. The meeting will formalize the informal agreement. The committee will submit a report within three days and, after the report is approved by the Board of Directors, it will be sent to the Ministry of Finance for review.
Employees have informed that the modalities of the protest have been revised from tomorrow. They say that they will return to work from tomorrow while maintaining the morning sit-in program.
The functioning of the capital market regulatory body, the Nepal Securities Board, had been at a standstill for 48 days. The employees of the Securities Board were on strike for the 48th day on Sunday, saying that the Ministry of Finance had cut the services and facilities they had been receiving.
The employees had started the protest since 7 Ashoja. Since then, no work has been done at the Securities Board. Despite the protest, the employees had allowed Chairman Shrestha and other members of the board of directors to enter the office until last week. However, since last Sunday, the employees had blocked the entry of the office, demanding the resignation of the chairman, saying that he had not played any role in resolving the problem.
The secretary-level decision of the Ministry of Finance on 31 Bhadra had decided to immediately revoke the Securities Board Employees Welfare Fund Procedure 2071 and the Employees Security Fund (Operation and Management) Procedure 2075. The ministry has stated that the aforementioned procedure has been revoked as it was issued in violation of Rule 167 of the Nepal Securities Board Employee Service, Conditions of Service Regulations, 2068.
The Ministry of Finance has also decided to immediately start the process of recovering the amount paid from the fund in the past from the concerned person as government dues based on the procedures made in violation of the prevailing law. The Ministry of Finance has also directed to implement the provision that it is mandatory to obtain the consent of the Ministry of Finance before making any decision on financial obligations in the future.
