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JoQm ljrf/df k|sfzs / ;Dkfbs d08nsf] ; dlt)ljdlt 5}g . ;Dkfbg d08n lg/Ghg km'ofn ;ljgljqmd kGt d'/fxl/ k/fh'nL gj/fh clwsf/L ;Gh' s8]n k|sfzsLo lwtf qx?sf] ;+ul7t bf |f] ahf/ sf/f %f/ ;&rfng ug]{ p2 *on] g fn :6s ,S;r h lnld6]8 .g /; 0 n] jt{dfg :j?k u|x0f u/]sf 12 jif{ k'u]sf 5 . g /;]sf] k6j{jtL{ ;+:yf ; -o'l/6L 8l/b laqmL s b| :yfkgf e,sf] emG8} rf/ bzs lat]sf] 5 . s b|n] k|bfg ub}{ cf,sf ;du| k'FhL ahf/ ; fdWo] bf ;|f] ahf/ sf/f %f/ klg ,s lyof . o; cy{df s b|n ljlwjt g /;]sf :j?k u|x0f ul/;s l5 d'n'sdf ljlzi6Ls[t ?kdf lwtf kqsf] bf |f] ahf/ ; f k|f/De e,sf] dfGg'k5{ . k|f/Dedf 8'nf af nsaf n (Open out-cry) af6 sf/f %f/ ;&rfng tyf sfuhL lwtf q k|df0fkq tyf sfuhftx?sf cfwf/df /fkm;fkm km:of:+ ub: cf,sf] g /; n] xfn sD/o'6/s[t sf/f %f/ / ljB'tLo /fkm;fkm tyf km:of:6nfO c+ufNb} cf,sf] 5 . ljBdfg sf/f %f/ tyf sf/f %f/kl5sf] ; fnfO{ cem kl/is[t ?kdf k|:t't ug]{ l;nl;nfdf g /; n] k60f{ :jrflnt cgnfOg sf/f %f/ k|0ffnL leAofpg nfu]sf] 5 . k"0f{ :jrflnt cgnfOg sf/f %f/ k|0ffnLsf] sfofGjog g fnsf] k'FhL ahf/sf] Oltxf;df ,p6f sf B+'uf ;flat x'g 5 . bf |f] ahf/ sf/f %f/ ; fdf ;xhtfsf] ;'lgl*rttf o;n] ug 5 . bf ;|f] ahf/df t/ntfsf] clej[lC klg x'g 4 . bf |f] ahf/n] lwtf qx?df t/ntf clej[lC;Fu;Fu} hf l8d Go6gLs/0f, ljELo ;DklEx?sf] d6No lgwf{/0f tyf sf/f %f/ nfutdf Go"gLs/0fnfO{ klg plEs} k|fyldstf lbg'k5{ . oL k|fyldstfx?df an k'Fg] u/L g /; df pknAw ;|f]t tyf ;fwgsf] clwstd kl/rfng ul/,sf 5 . jt{dfg lj*jdf ljE ahf/sf] ;&rfng 1fg tyf k|ljlwdf lge{/ x'Fb} uO/x]sf] 5 . k'FhL ahf/df ljE ;flxTodfkm{t cf,sf pTs[i6 pkfox?nfO{ ;"rgf k|ljlwn] b}lgs Jojxf/df Nof,/ dfgjLo lxtnfO{ clwstd ub}{ nu sf] 5 . cGt/f{li6Ko ?kdf lwtf qsf] bf ;|f] ahf/df 1fg tyf k|ljlwn] h'g km8Lsf df/]sf 5, To;df xfdL lgs} k5fl8 5f}+ . Mk5f8L 5f:"N eGg] cg'e"ltn] xfdLnfO{ cufl8 a9Lg] k|]/0ff klg lbG5 . o; cydf xfd|f] k'FhL ahf/n k5Ofpg'kg sfo{lbzfsf af/]df Jofks ax; tyf 5nkmn cfj*os 5 . g /;]sf] 12cf}+ jflif{sf I;jsf cj;/df :dfl/sfsf] ?kdf cf,sf] o; n 8 ;+u|xn] xfd|f nflu ckl/xfo{ ax; tyf 5nkmndf yf]/} e, klg of #bfg ug 4 eGg] xfd|f] lj*jf; 5 . of] :dfl/sf k|sfzgdf ;xof # kPofpg'x'g] ;a}hgfnfO{ xflb{s cfef/ JoEm ub{5f}+ . 8f;u/L n 8;+u|xsf nflu cfkmLgf /rgfx? pknAw u/fpg'x'g] dxfg'efjx?k|lt wGojfb k|s6 ug{ rfxG5f}+ . ljifo;"rL ljifo n 8s k[i7 cy{tGq, k'FhL ahf/ / ;xsfo nId0f Gof: fg 1 ahf/sf] ;Gt'lnt ljsf;df r'gf}tLx? 5gL rGb|l;+x ;fpb 5 kRhL ahf/ ljsf;df g /; sf] e"ldsf lg/Ghg km'ofn 10 ;]o/ ahf/ / kRhLut nfes/ ;fu/ 9'+u]n 13 :6s ,S;r hsf] eljio d'/fxl/ k/fh'nL 16 lwtf qsf] bf ;|f] ahf/ sf/f %f/sf] ;'kl/j Qf0f lul//fh bfxfn 20 ;"rLs[t sDkgL / ;":yfut ;'zf;g hulbz l/hfn 24 Sof6sf] eodf ;]o/ ahf/ clDasf kf}8]n 27 kRhL ahf/df Sof6 M ;d:of / ;dfwfg pEd cof{n 30 ljELo ;fIf/tf s;sf] bfloTj T lbk b| nfld5fg 32 ;]o/ ahf/ / nufgLsf ;Defjgf /fdhLk|;fb e08f/L 35 kRhL ahf/ lzIf0fsf] dx§j / ljlw z+s/ kf}8]n 38 lgodgdf r's sf lgofds lgsfo z/b cf 9mf 41 lwtf q ahf/df ©;DklE z'4Ls/0f tyf cft+sjfbL o'j/fh bfxfn 45 lqmofsnfkdf ljELo nufgL lgjf/0fU sfof{Gjogsf] cj:yf kqsf/sf] cfR8fdf g /;] lghLs/0f o1 a&hf8 50 cfw'lgs k|ljlw;lxtsf] u'0f:t/Lo ; f lji0f' a @jf; 54 A Glimpse of Nepal Stock Exchange Limited Prabin Pandak 57 How prices are determined in the stock market? Sabin Bikram Panta 66 Macroeconomic Modulation of Stock Market: Testing for Dipendra Karki 69 Long-Run Equilibrium in Nepal Fundamental of listing and delisting of securities in stock Basu Sharma 78 exchange Role of Capital Market in the National Development in Nepal Kapil Dahal 84 Macro-economic determinants of share price: A Madan Nepal 89 comparative study of banking and insurance sectors Analysis of small firm effect anomaly in nepalese market Manisha Joshi... 100 Effect Of Firm Specific And Macroeconomic Variables On Nikita Nepal 105 Share Price Determination Of Commercial Banks In Nepal The impact of government expenditure on economic growth Rajesh Gupta 114 in Nepal Volatility Analysis of Nepal Stock Exchange Using Rajan Phaju 120 Integrated GARCH-Type Models Anomalies in stock market in National and International Sulav Man Amatya 128 Context Institutional Investor for Sustainable Development of Market Sanju Kadel 134 Full Digitization and Online Trading: Challenges and Nisha Timilsina 137 Opportunities in Nepali Stock Market Developing Corporate Bond Market for Robust Economy Santosh Mainali 139 Classes of Shares: Nepalese Perspective Awatar Neupane 144 Big Buzz about the Bitcoin !!! Binayak Malla 148 What's in a Package ? An Overview of NOTS Er. Niranjan Singh 151 Nayak Cutting the Noise Shishir Hari 156 Rajbhandari Performance of Secondary Market: A Study in connection to Rajesh Khanal 158 Macroeconomic Indicators g fndf kRhL ahf/sf] ljsf;qmd 162 g /;]n] ;&rfng ub: cf,sf] k|d'v sfox? 163 g /;]df g]t[Tj M ljutb]l8 jt{dfg;Dd 164 Ohfht k|f/t ; o/ bnfnx? 165 g]K;] /ht pT;j :dfl/sf, @)&$ cy{tGq, k'£hL ahf/ / ;xsfo nId0f Gof}kfg] cWoIf, g]K;] ° g]K;sf] sfo{df ljut em}+ cfufdL lbgx?df Joj;flostfdf cem k|uf9 ePsf] b]lvG5 ;n] ubf{ o; ;+:yfgn] k|bfg ug]{ ;]jfx?df lg/Gt/tf / ;+j]bg%Lntfdf lgs} lj&j;lgotf cf {g u/]sf] 5 . o;sf] cnfjf cGo Joj:yfkg ;d"xaf6 ;+rflnt x'g ;Sg] lgsfon] nufgLstf{x?sf] xs lxt / ;,$.ffdf Tolt lj&jf; ug{ ;Sg] cj:yf x'g g;Sg] jftfj/0f l; gf ePsf] 5 . d'n'ssf] cfly{s ljsfzsf] ;du kl/j]znfO{ x]bf{ cfly{s jif{ @)&$&)&% ;(tf]ifhgs b]lv(5 . ljslzt d'n'ssf] cflys l:yltnfO{ lj,n]if0f ubf{ /fd f] b]lv(5 . c(t//fli./o d'b f sf]ifsf] cWoogcg';f/ ;g0 @)1& df 23% k ltztn] a50g] k If]k0f u/]sf] lyof] . ;g0 @)16 df lj,j cy{t(7df 231 k ltztn] a8l4 ePsf] lyof] . To;}u/L ;g0 @)1& df ef/t, rLgsf] cy{t(7df &3@ / 636 k ltzt a50g] k If]k0f ePsf] lyof] . cfly{s jif{ @)&2&)&$ df g]kfnsf] cfly{s j8l4sf] kl/j]z pT;fxhgs /x]sf] b]lv(5 . df<;dL cg's'ntf, ;/sf/sf] k"FhLut vr{df pT;fxhgs j8l4, pmhf{sf] lg/(t/ cfk"lt{, nufgL d<7L jftfj/0fsf] yfngL / ;du /fi./nfO{ cfj,os kg]{ cfk"lt{ Boj:yfsf] ;xhtf h:tf cfly{s j8l4nfO{ cfj,os kg]{ cfutn] ubf{ /fli./o cyt(7df cfCf/e"t d'"Nodf s'n u fx:y pTkfbgdf 63E$ k ltzt a50g] cy{d(7fnosf] cfly{s ;j]{If0fdf k If]k0f ul/Psf] 5 . of] cfly{s j8l4sf] ult cfly{s jif{ @)%)&)%1 otfsf] pRr b/ xf] . e"sDk / g]kfn ef/tsf] ;Ldf gfsfj(bLdf b]lvPsf] cj/f]waf. ;Hs'lrt cyt(7 rfn' cfly{s jif{df k'g:yfkgf / lj:tf/ tkm p(d'v /x]sf] 5 . cfly{s jif @)&$&)&% df s8lif / u<# s]lif If]7sf] pTkfbg 7mdzI %3@EJ / &3&$J n] a50g] cf+sng ul/Psf] 5 . o; cfly{s jif{df ;]jf / pBf]usf] If]qdf pTkfbg 7mdzI 63E)J / 1)3E&J n] a50g] cg'dfg cfly{s ;j]{If0fdf pNn]v 5 . xfnsf cfly{s jif{xLdf cy{t(7sf] cfsf/df ;]jf If]qsf] c+z a50g] k j8lM a5L 5 eg] csf]{ tkm{ s8lifsf] c+z N.0bf] /x]sf]n] cy{t(7sf] ;+/rgf / bfo/fdf gofF Lk b]lvg uPsf] 5 . cfly{s jif{ @)&2&&$ sf] s'n ufx{:y pTkfbgdf s8lif / u<# s8lif If]qsf] of]ubfg 7mdzI @E32&J / &)362J /xg] cf+sng ul/Psf] cfly{s ;j]{If0fdf pNn]v 5 . s'n ufx{:y pTkfbgdf pkef]usf] cz+ pRr /xb} cfPsf] 5 . cfly{s jif{ @)&2&&$ sf] s'n ufx{:y pTkfbgdf pkef]usf] cHz OE3&J /xg] b]lv(5 . o; tPonfO{ jt{dfg cfly{s ;j]{If0fdf klg pNn]v ul/Psf] 5 . s'n ufx{:y pTkfbgdf jrtsf] cg'kft $23&OJ /xg] 5 .