g]kfn :6s PS;r]Gh lnld6]8 @%cf}+ jflif{sf]T;j :dfl/sf @)&$
s[lt M :dfl/sf k|sfzs M g]kfn :6s PS;r]Gh lnld6]8 ;jf{lwsf/ M k|sfzsdf d'b|0f M dsfn' klAns];G;
o; :dfl/sfdf k|sflzt ;fdu|Ldf JoQm ljrf/ n]vs :jo+sf x'g\ . JoQm ljrf/df k|sfzs / ;Dkfbs d08nsf] ;xdltÆljdlt 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]kqx?sf] ;+ul7t bf];|f] ahf/ sf/f]af/ ;~rfng ug]{ p2]Zon] g]kfn :6s PS;r]Gh lnld6]8 -g]K;]_ n] jt{dfg :j?k u|x0f u/]sf] @% jif{ k'u]sf] 5 . g]K;]sf] k"j{jtL{ ;+:yf ;]So'l/6L vl/b laqmL s]Gb| :yfkgf ePsf] emG8} rf/ bzs lat]sf] 5 . s]Gb|n] k|bfg ub}{ cfPsf] ;du| k'FhL ahf/ ;]jfdWo] bf];|f] ahf/ sf/f]af/ klg Ps lyof] . o; cy{df s]Gb|n] ljlwjt g]K;]sf] :j?k u|x0f ul/;s]kl5 d'n'sdf ljlzi6Ls[t ?kdf lwtf]kqsf] bf];|f] ahf/ ;]jf k|f/De ePsf] dfGg'k5{ . k|f/Dedf v'nf af]nsaf]n (Open out-cry) af6 sf/f]af/ ;~rfng tyf sfuhL lwtf]kq k|df0fkq tyf sfuhftx?sf cfwf/df /fkm;fkm km:of}{6 ub}{ cfPsf] g]K;]n] xfn sDKo'6/s[t sf/f]af/ / ljB'tLo /fkm;fkm tyf km:of}{6nfO{ c+ufNb} cfPsf] 5 . ljBdfg sf/f]af/ tyf sf/f]af/kl5sf] ;]jfnfO{ cem kl/is[t ?kdf k|:t't ug]{ l;nl;nfdf g]K;]n] k"0f{ :jrflnt cgnfOg sf/f]af/ k|0ffnL leêofpg nfu]sf] 5 . k"0f{ :jrflnt cgnfOg sf/f]af/ k|0ffnLsf] sfof{Gjog g]kfnsf] k'FhL ahf/sf] Oltxf;df Pp6f sf]z]9+'uf ;flat x'g]5 . bf];|f] ahf/ sf/f]af/ ;]jfdf ;xhtfsf] ;'lglZrttf o;n] ug]{5 . bf];|f] ahf/df t/ntfsf] clej[l4 klg x'g]5 . bf];|f] ahf/n] lwtf]kqx?df t/ntf clej[l4;Fu;Fu} hf]lvd Go"gLs/0f, ljQLo ;DklQx?sf] d"No lgwf{/0f tyf sf/f]af/ nfutdf Go"gLs/0fnfO{ klg plQs} k|fyldstf lbg'k5{ . oL k|fyldstfx?df an k'Ug] u/L g]K;]df pknAw ;|f]t tyf ;fwgsf] clwstd kl/rfng ul/Psf] 5 . jt{dfg ljZjdf ljQ ahf/sf] ;~rfng 1fg tyf k|ljlwdf lge{/ x'Fb} uO/x]sf] 5 . k'FhL ahf/df ljQ ;flxTodfkm{t cfPsf pTs[i6 pkfox?nfO{ ;"rgf k|ljlwn] b}lgs Jojxf/df NofP/ dfgjLo lxtnfO{ clwstd ub}{ nu]sf] 5 . cGt/f{li6éo ?kdf lwtf]kqsf] bf];|f] ahf/df 1fg tyf k|ljlwn] h'g km8\sf] df/]sf] 5, To;df xfdL lgs} k5fl8 5f}+ . èk5f8L 5f}+∑ eGg] cg'e"ltn] xfdLnfO{ cufl8 a9\g] k|]/0ff klg lbG5 . o; cy{df xfd|f] k'FhL ahf/n] k5àfpg'kg]{ sfo{lbzfsf af/]df Jofks ax; tyf 5nkmn cfjZos 5 . g]K;]sf] @%cf}+ jflif{sf]T;jsf cj;/df :dfl/sfsf] ?kdf cfPsf] o; n]v ;+u|xn] xfd|f nflu ckl/xfo{ ax; tyf 5nkmndf yf]/} eP klg of]ubfg ug]{5 eGg] xfd|f] ljZjf; 5 . of] :dfl/sf k|sfzgdf ;xof]u k'âofpg'x'g] ;a}hgfnfO{ xflb{s cfef/ JoQm ub{5f}+ . vf;u/L n]v;+u|xsf nflu cfkm\gf /rgfx? pknAw u/fpg'x'g] dxfg'efjx?k|lt wGojfb k|s6 ug{ rfxG5f}+ .
ljifo¢;"rL ljifo n]vs k[i7 cy{tGq, k'FhL ahf/ / ;xsfo{ æ nId0f Gof}kfg] 1 ahf/sf] ;Gt'lnt ljsf;df r'gf}tLx? 5g\ æ rGb|l;+x ;fpb 5 k'ìhL ahf/ ljsf;df g]K;]sf] e"ldsf æ lg/Ghg km'ofn 10
;]o/ ahf/ / k'ìhLut nfes/ æ ;fu/ 9'+u]n 13
:6s PS;r]Ghsf] eljio æ d'/fxl/ k/fh'nL 16 lwtf]kqsf] bf];|f] ahf/ sf/f]af/sf] ;'kl/j]If0f æ lul//fh bfxfn 20
;"rLs[t sDkgL / ;+:yfut ;'zf;g æ hulbz l/hfn 24
Eof6sf] eodf ;]o/ ahf/ æ clDasf kf}8]n 27 k'ìhL ahf/df Eof6 M ;d:of / ;dfwfg æææ pQd cof{n 30 ljQLo ;fIf/tf s;sf] bfloTj < æ lbk]Gb| nfld5fg] 32
;]o/ ahf/ / nufgLsf ;Defjgf æ /fdhLk|;fb e08f/L 35 k'ìhL ahf/ lzIf0fsf] dx§j / ljlw æ z+s/ kf}8]n 38 lgodgdf r's]sf lgofds lgsfo æ z/b cf]emf 41 lwtf]kq ahf/df ©;DklQ z'4Ls/0f tyf cft+sjfbL æ o'j/fh bfxfn 45 lqmofsnfkdf ljQLo nufgL lgjf/0fá sfof{Gjogsf] cj:yf kqsf/sf] cfìvfdf g]K;] lghLs/0f æ o1 a~hf8] 50 cfw'lgs k|ljlw;lxtsf] u'0f:t/Lo ;]jf æ lji0f' a]Njf;] 54
A Glimpse of Nepal Stock Exchange Limited æ Prabin Pandak 57 How prices are determined in the stock market? æ Sabin Bikram Panta 66 Macroeconomic Modulation of Stock Market: Testing for æ Dipendra Karki 69 Long-Run Equilibrium in Nepal Fundamental of listing and delisting of securities in stock æ Basu Sharma 78 exchange Role of Capital Market in the National Development in Nepal æ Kapil Dahal 84 Macro-economic determinants of share price: A æ Madan Nepal 89 comparative study of banking and insurance sectors Analysis of small firm effect anomaly in nepalese market æ Manisha Joshi... 100 Effect Of Firm Specific And Macroeconomic Variables On æ Nikita Nepal 105 Share Price Determination Of Commercial Banks In Nepal The impact of government expenditure on economic growth æ Rajesh Gupta 114 in Nepal Volatility Analysis of Nepal Stock Exchange Using æ Rajan Phaju 120 Integrated GARCH-Type Models Anomalies in stock market in National and International æ Sulav Man Amatya 128 Context Institutional Investor for Sustainable Development of Market æ Sanju Kadel 134 Full Digitization and Online Trading: Challenges and æ Nisha Timilsina 137 Opportunities in Nepali Stock Market Developing Corporate Bond Market for Robust Economy æ Santosh Mainali 139 Classes of Shares: Nepalese Perspective æ Awatar Neupane 144 Big Buzz about the Bitcoin !!! æ Binayak Malla 148 What's in a Package ? An Overview of NOTS æ Er. Niranjan Singh 151 Nayak Cutting the Noise æ Shishir Hari 156 Rajbhandari Performance of Secondary Market: A Study in connection to æ Rajesh Khanal 158 Macroeconomic Indicators g]kfndf k'ìhL ahf/sf] ljsf;qmd 162 g]K;]n] ;~rfng ub}{ cfPsf] k|d'v sfo{x? 163 g]K;]df g]t[Tj M ljutb]lv jt{dfg;Dd 164 Ohfht k|fKt ;]o/ bnfnx? 165
g]K;] /ht pT;j :dfl/sf, @)&$ cy{tGq, k'£hL ahf/ / ;xsfo{
ænId0f Gof}kfg] cWoIf, g]K;] ° g]K;sf] sfo{df ljut em}+ cfufdL lbgx?df Joj;flostfdf cem k|uf9 ePsf] b]lvG5 h;n] ubf{ o; ;+:yfgn] k|bfg ug]{ ;]jfx?df lg/Gt/tf / ;+j]bgzLntfdf lgs} ljZj;lgotf cfh{g u/]sf] 5 . o;sf] cnfjf cGo Joj:yfkg ;d"xaf6 ;+rflnt x'g ;Sg] lgsfon] nufgLstf{x?sf] xs lxt / ;'/Iffdf Tolt ljZjf; ug{ ;Sg] cj:yf x'g g;Sg] jftfj/0f l;h{gf ePsf] 5 . d'n'ssf] cfly{s ljsfzsf] ;du| kl/j]znfO{ x]bf{ cfly{s jif{ @)&$∞)&% ;Gtf]ifhgs b]lvG5 . ljslzt d'n'ssf] cfly{s l:yltnfO{ ljZn]if0f ubf{ /fd|f] b]lvG5 . cGt//fli6éo d'b|f sf]ifsf] cWoogcg';f/ ;g\ @)!& df #=% k|ltztn] a9\g] k|If]k0f u/]sf] lyof] . ;g\ @)!^ df ljZj cy{tGqdf #=! k|ltztn] a[l4 ePsf] lyof] . To;}u/L ;g\ @)!& df ef/t, rLgsf] cy{tGqdf &=@ / ^=^ k|ltzt a9\g] k|If]k0f ePsf] lyof] . cfly{s jif{ @)∞)&$ df g]kfnsf] cfly{s j[l4sf] kl/j]z pT;fxhgs /x]sf] b]lvG5 . df};dL cg's'ntf, ;/sf/sf] k"FhLut vr{df pT;fxhgs j[l4, pmhf{sf] lg/Gt/ cfk"lt{, nufgL d}qL jftfj/0fsf] yfngL / ;du| /fi6énfO{ cfjZos kg]{ cfk"lt{ Joj:yfsf] ;xhtf h:tf cfly{s j[l4nfO{ cfjZos kg]{ cfutn] ubf{ /fli6éo cy{tGqdf cfwf/e"t d'"Nodf s'n u|fx:y pTkfbgdf ^=($ k|ltzt a9\g] cy{dGqfnosf] cfly{s ;j]{If0fdf k|If]k0f ul/Psf] 5 . of] cfly{s j[l4sf] ult cfly{s jif{ @)%)∞)%! otfsf] pRr b/ xf] . e"sDk / g]kfn ef/tsf] ;Ldf gfsfjGbLdf b]lvPsf] cj/f]waf6 ;+s'lrt cy{tGq rfn' cfly{s jif{df k'g:yfkgf / lj:tf/ tkm{ pGd'v /x]sf] 5 . cfly{s jif{ @)&$∞)&% df s[lif / u}x| s]lif If]qsf] pTkfbg qmdzM %=@(¢ / &=&$¢ n] a9\g] cf+sng ul/Psf] 5 . o; cfly{s jif{df ;]jf / pBf]usf] If]qdf pTkfbg qmdzM ^=()¢ / !)=(&¢ n] a9\g] cg'dfg cfly{s ;j]{If0fdf pNn]v 5 . xfnsf cfly{s jif{x?df cy{tGqsf] cfsf/df ;]jf If]qsf] c+z a9\g] k|j[lQ a9L 5 eg] csf]{ tkm{ s[lifsf] c+z 36\bf] /x]sf]n] cy{tGqsf] ;+/rgf / bfo/fdf gofF ?k b]lvg uPsf] 5 . cfly{s jif{ @)∞&$ sf] s'n ufx{:y pTkfbgdf s[lif / u}x| s[lif If]qsf] of]ubfg qmdzM @(=#&¢ / &)=^#¢ /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{ @)∞&$ sf] s'n ufx{:y pTkfbgdf pkef]usf] c+z *(=&¢ /xg] b]lvG5 . o; tYonfO{ jt{dfg cfly{s ;j]{If0fdf klg pNn]v ul/Psf] 5 . s'n ufx{:y pTkfbgdf jrtsf] cg'kft $#=&*¢ /xg] 5 .
1 g]K;] :dfl/sf /ht pT;j, @)&$ cfly{s ultljlwdf ;'wf/;Fu} gLlhIf]q tkm{ k|jflxt shf{ rfn' jif{sf] k|yd cf7 dlxgfdf !^=@¢ n] a[l4 x'g uO{ ?= !( vj{ ^^ cj{ !( s/f]8 k'u]sf] 5 . rfn' jif{sf] cf7 dlxgfdf a}+s tyf ljQLo ;+:yfx?sf] lgIf]k kl/rfng *=#¢ n] j[l4 x'g uO{ ?= *! vj{ *# cj{ #) s/f]8 ePsf] 5 . ljQLo If]qdf klg pNn]vgLo :yfloTj sfod} 5 . h:t} @) kmfNu'g d;fGt;Dd a}+s tyf ljQLo ;+:yfx?sf] lgIf]k shf{ cg'kftdf j[l4;+u} pTkfbgzLn If]qdf shf{ k|jfxnfO{ ;+s'rg cfpg glbg o; cfly{s jif{df df}lb|s Pj+ ljQLo cNksfnLg pks/0fx?sf] cjnDjg ul/Psf] 5 . ;du| ljQ dflysf] kx'Frsf] /fli6éo l:ylt ;Gtf]ifhgs 5 . cfoft lgof{ttkm{ !@=*¢ n] j[l4 x'g uO{ ?= $* cj{ @@ s/f]8 k'u]sf] 5 . csf]{tkm{ s'n cfoft $$=@¢ j[l4 x'guO{ ^ vj{ @* cj{ %^ s/f]8 k'u]sf] tYo cfly{s jif{ @)∞&$ sf] k|yd cf7 dlxgfsf] tYofúnfO{ cfly{s ;j]{If0fn] b]vfPsf] 5 . ljk|]if0fsf] If]qdf cfly{s jif{ @)∞&$ sf] k|yd cf7 dlxgfdf ljk|]if0f cfk|jfx %=#¢ n] j[l4 eO{ $ vj{ %) cj{ k'u]sf] 5 . o;} cfly{s jif{df cfly{s j[l4af6 /f]huf/L #¢ eGbf a9L x'g] cg'dfg cy{ dGqfnon] hgfPsf] 5 . lbuf] / ;dfj]zL cfly{s j[l4dfkm{t pTkfbg, /f]huf/, cfoj[l4af6 ul/aL, c;dfgtf, j]/f]huf/L tyf k/lge{/tfsf] cGTo u/L lbuf] ljsf;sf] nIo xfl;n ub}{ ;g\ @)#) ;Dd dWod cfo ePsf] d'n'ssf] :t/df g]kfnnfO{ pEofpg] Pp6f k|d'v r'gf}lt g]kfn ;fd' /x]sf] 5 . ljgfzsf/L dxfe'sDk, g]kfn ef/t ;Ldfgfsfx?df x'g uPsf cj/f]w, l9nf;':tLsf] sf/0faf6 ljsf; tyf k"jf{wf/ lgdf{0f sfo{ tf]lsPsf] ;dodf ;DkGg x'g g;Sg' tyf b]zdf ;f]r]h:tf] pTkfbg, snsf/vfgfx?sf cf}Bf]lus pTkfbgdf ;s/fTds ;+s]t b]lvg'n] cy{ Joj:yf lj:tf/ x'g nfu]sf] lj1 Pj+ ;/f]sf/jfnfx?sf] a'emfO{ /x]sf] 5 . tyflk cy{ Joj:yfsf r'gf}ltx? gePsf eg] xf]Ogg\ . ;fj{hlgs vl/bdf b]vf kg]{ l9nf;':tLaf6 k'jf{wf/x?sf] ;+/rgfsf] lgdf{0f k|s[ofsf] ultdf cj/f]w x'guO{ ;dodf lgdf{0f sfo{ ;DkGg gx'g'af6 k"FhLut vr{df cj/f]w k'Ug uO{ k"FhLut vr{ Go"g x'g] u/]sf] 5 . ljleGg sf/0faf6 :jb]zL pBf]uwGbfx?sf] pTkfbg, pTkfbsTj ;f]r]h:tf] j[l4 gx'Fbf cfodf j[l4 gx'g', /f]huf/Lsf cj;/ v'Drg uO{ ;du| nufgL If]qdf cg's'n ljsf; gx'g] x'Fbf nufgLsf cj;/x? klg v'lDrg] u/]sf] kfOG5 . o;/L ;du|df x]bf{ cy{tGqsf bfo/f tyf If]qx?sf] ljsf; / j[l4n] ubf{ g]kfndf k"FhLahf/sf] eljio /fd|f] b]lvG5 . cfly{s jif{ @)&@∞) df ljZj ahf/ lwtf]kqsf] sf/f]jf/df lzlyntf b]lvPtf klg ahf/ k|0ffnLdf ;'wf/ tyf k'FhLahf/sf] ljsf;sf yk k|of;n] ubf{ g]kfnsf] k"FhLahf/sf] eljio ;s/fTds / cfzfnfUbf] 5 . ;/sf/L ;+:yfg ePsf]n] o; g]kfn :6s PS;r]Gh ln=n] nufgLstf{x?sf] xs lxt, clwsf/sf] ;+/If0f ug{ ljleGg k|sf/sf /0fgLlt, of]hgf, lqmofsnfkx? ;+rfng / sfof{Gjog ub}{ cfPsf] 5 .
2 g]K;] /ht pT;j :dfl/sf, @)&$ cfly{s jif{ @)∞)&$ sf] k|yd cf7 dlxgfdf ;'rLs[t ;+ul7t ;+:yf s'n ;+Vof @!@, s'n ;'rLs[t lwtf]kqsf] ;+Vof ?=@%*=%* s/f]8, ;'rLs[t lwtf]kqsf] r'Qmf d"No ?=@%!=%( c/j, lwtf]kq sf/f]jf/ /sd ?=!#@=#$ c/j, s'n sf/f]jf/ ePsf] lbg !%!, sf/f]jf/ ePsf] l:qmK6 ;+Vof @$$, sf/f]jf/ ;+Vof *)!,)(%, ;'rLs[t lwtf]kqsf] ahf/ k"FhLs/0f ?=!%#^=(# cj{, Çnf]6 ahf/ k"FhLs/0f ?=%!%=(! cj{, s'n ufx{:y pTkfbgdf k"FhLahf/sf] k|ltzt %(=!# /x]sf] 5 . o;y{ o; ;+:yfn] ljut tyf jt{dfg ;dodf k"FhL ahf/ sf/f]jf/df pNn]vgLo of]ubfg u/]sf] 5 . k"FhLahf/ Joj:yfkg, ;+rfng tyf sfof{Gjog ug{ o; ;+:yfn] sd{rf/L ;fyLx?sf] ;Lk, 1fg tyf j[lQ ljsf; ug{ ;do ;fk]Ifcg'?k ljleGg k|sf/sf gLlt, sfo{qmdx? Nofpg] u/]sf] 5 . h;n] ubf{ sd{rf/L ;fyLx?sf] dgf]jn a[l4 x'g uO{ o; ;+:yfsf] sfo{df ;s/fTds k|efj kg{ uPsf] 5 . g]K;sf] sfo{df ljut em}+ cfufdL lbgx?df Joj;flostfdf cem k|uf9 ePsf] b]lvG5 h;n] ubf{ o; ;+:yfgn] k|bfg ug]{ ;]jfx?df lg/Gt/tf / ;+j]bgzLntfdf lgs} ljZj;lgotf cfh{g u/]sf] 5 . o;sf] cnfjf cGo Joj:yfkg ;d"xaf6 ;+rflnt x'g ;Sg] lgsfon] nufgLstf{x?sf] xs lxt / ;'/Iffdf Tolt ljZjf; ug{ ;Sg] cj:yf x'g g;Sg] jftfj/0f l;h{gf ePsf] 5 . cfufdL lbgx?df k"FhL ahf/;DaGwL 1fg, ;Lk cg'ej cflb h:tf ljifoj:t'x?df k|rf/ k|;f/ ug{ Knowledge Products / k'FhL ahf/ ;fIf/ sfo{qmdx? ljsf; u/L ;Dk|]if0f ug]{ sfo{qmd /x]sf] 5 . ;"rgf k|ljwLsf] o; z]o/ sf/]jf/df cxd\ e"ldsf x'g] x'+bf ;do ;fk]If cTofw'lgs ;"rgf tyf k|ljwLsf] k|of]u u/L k"FhL ahf/ sf/f]jf/nfO{ cem ;zQm agfpg g]K;] ;+u7g sl6j4 5 . k"FhL ahf/nfO{ cem k|efjsf/L agfpg o;sf] sf/f]jf/df Jofkstf Nofpg b]zsf x/]s k|b]z, ahf/ If]q tyf ;x/f]pGd'v If]qdf cGt/lqmof, ljrf/ uf]i7L ug]{ nIo /x]sf] 5 . To:t}, k"FhL ahf/df gful/ssf] kx'FrnfO{ ;"lglZrt ug{ g]K;]n] b]zsf ljleGg :yfg / If]qx?df pkl:ylt hgfpg] sfo{nfO{ k|fyldstfdf /fv]sf] 5 . o; ;+:yfn] ;/f]sf/jfnf lgsfox?, lgodgsf/L ;+:yf, nufgLstf{ tyf z]o/ bnfn ;+u7gx?;Fu ;do ;dodf cGt/lqmof, e]63f6 u/L o; If]qdf /x]sf r'gf}ltx?sf] Go'gLs/0f / cj;/x?sf] pkof]u ug]{ h:tf sfo{x? ub}{ cfPsf] 5 . cy{tGqsf] ljsf; tyf j[l4cg'?k k"FhL ahf/ sf/f]jf/ / of]Uo pks/0f h:t} 8]l/e]l6e, Bonds, Commodities Investment x?sf] cWoog cg';Gwfg u/L cfjZos b]lvPsf sf/f]jf/ of]Uo cf}hf/x? ahf/df Nofpg] of]hgf ;d]t /x]sf] 5 . g]kfnsf] k"FhLahf/ ;Lldt ?kdf ljsl;t ePsf] cj:yfdf 5 . k"FhL ahf/df ;"lrs[t sDkgLx?sf] ;+Vof / k|sf/ b[li6sf]0faf6 If]qut ljljwtfsf] cefj 5 . jf:tljs If]qsf ax';+Vos sDkgLx?n] ;fj{hlgs ?kdf lwtf]kq lg:sfzg gu/]sf] sf/0f k"FhLahf/df ljQLo
3 g]K;] :dfl/sf /ht pT;j, @)&$ If]qsf] k|e'Tj a9\b} 5 . s]xL Do'r'cn km08 afx]s ;+:yfut nufgLstf{sf] pNn]vgLo pkl:ylt g/x]sf] sf/0f k"FhLahf/ JolQmut nufgLstf{x?sf] e/df ;~rflnt e}/x]sf] 5 . csf]{tkm{, ljb]zL ;+:yfut nufgLstf{x?df xfn ;Dd g]kfnL k"FhL ahf/df nufgL ug{ kfO{/x]sf] cj:yf 5}g . jt{dfg l:yltdf lwtf]kq sf/f]jf/ k|0ffnL :jrflnt x'g] cj:yfdf /x]sf]n] z]o/ sf/f]jf/ hgtfsf] kx'Frdf hfg] qmd lgs6 eljiodf ;~rfng x'g]5 . ;+:yfut ;'zf;g, Joj:yfkg k|0ffnLdf cfw'lgsLs/0fsf] r/0fdf /x]sf] 5 . lghL If]q ljsf; ;fem]bf/x?n] e]Gr/ Soflkn6n, k|fOe]6 OSjL6L ;~rfng ug]{ tkm{ klg ;f]rfO{ /x]sf] 5 . k"FhLahf/ If]q;+u ;DalGwt ljsf; ug{ g]K;];+u z]o/ ahf/sf] If]qut ljljwtf k|aGwg ug]{, z]o/ ahf/ Joj;foLsf] ;]jf If]q a9fpg], k"FhLahf/df b]zsf b"/b/fhdf /x]sf hgtfsf] ;xefuLtf a9fpg ljleGg sfo{qmdx? ug]{, k"FhLahf/df ljb]zL nufgL tyf u}x| cfjf;Lo g]kfnL nufgLstf{x?nfO{ ;xh t'Nofpg] / k"FhLahf/ ;DaGwL cGt//fli6éo ?kdf k|rlnt l;sfO{x? cg';f/sf Jojxfl/s kIfx?sf] cg';/0f u/L k"FhLahf/nfO{ ablnbf] kl/j]z cg';f/ k|efjsf/L agfpg] h:tf] ;f]r g]K;];+u /x]sf] 5 . bf];|f] ahf/sf] lj:tf/df g]K;]n] Ifdtfsf] ljsf;sf] nflu cfjZos hgzlQm tof/ ug{ ljleGg z}lIfs cWoog cg';Gwfg ;+3 ;+:yfx?;Fu ldn]/ cfjZos hgzlQm tof/ kfg]{ ;f]rfO{ /x]sf] 5 . k"FhLahf/nfO{ cem a9L k|efjsf/L agfpg cfjZos Joj;flos tflndx? ;~rfng ug]{, o;sf nflu cGt/fli6éo ;+3 ;+:yfx?;Fu ;DaGw tyf ;fem]bf/Lsf] ljsf; ug]{, k"FhLahf/sf] sf/f]jf/ ug]{ ;/f]sf/jfnfx? tyf ;+3;+:yfx?sf] Ifdtf ljsf; ug]{ h:tf sfof{Gjogsf ?k/]vfx? g]K;]sf cfufld sfo{qmdx? /x]sf 5g\, h;n] ubf{ bf];|f] ahf/sf] lj:tf/df cem ulx/fO / Jofkstf cfpg] ljZjf; /x]sf] 5 . ;fy} o; If]qnfO{ cem k|efjsf/L agfpg ;"rgf k|ljwLdf cem ljsf; ug]{ / cfjZos k|ljwLx?sf] k|of]u ug]{ ;f]rfO{ /x]sf] 5 . g]K;]sf] :jfldTjsf] k'g;+/rgf ;DaGwL sfo{qmd ljQLo If]q /0fgLltn] lbPsf] dfu{bz{gcg'?k sfo{ ug]{ ;f]rfO{ /x]sf] 5 . g]K;]n] cfkm\gf] :yfkgfsf] /ht hoGtL dgfpg nfu]sf] o; P]ltxfl;s 3l8df o; ;+u ;DjGw ;j} kIfx? ljz]if u/L g]kfn ;/sf/, g]kfn lwtf]kq jf]8{, g]kfn /fi6é a}+s, nuflgstf{ ;d"x, :6s a|f]s/x? / g]K;]sf ;Dk"0f{ k|ltj4 sd{rf/L ;flyx?nfO{ wGojfb lbg rfxG5', cfufld lbgx?df g]K;]sf] pQ/f]Q/ k|ultsf] ;d]t sfdgf ub{5' .
4 g]K;] /ht pT;j :dfl/sf, @)&$ ahf/sf]ahf/ f ;Gt'lnt;Gt'l Gt'l t ljsf;df l f f r'gf}tLx? r f}tLx? 55g \ ° clxn]sf] ahf/ ;]o/ sf/f]af/df ;Lldt 5, C0fkqx?sf] sf/f]af/ guGo 5, 8]l/e]l6e k|s[ltsf ljQLo cf}hf/sf]cfhf/sf] sf/f]af/ ePsf] 5}g . jf:tljs If]qsf sDkgLx?nfO{ klg k'FhL ahf/df leØofpg'kg]{ r'gf}tL 5 . ° g]K;]df ;fj{hlgs¥lghL ;fem]bf/Lsf] cjwf/0ff nfu" ug{ lghL ;fem]bf/ leØofpg' klg sd r'gf}tLk"0f{ 5}g . ° tfdfsf];L hnljB't\ h:tf] 7"nf] cfof]hgfdf t hgtfn] nufgL ug]{ ;fdYo{ /fV5g\ eg] cGo If]qdf klg o:tf ;Defjgf k|z:t 5g\, h'g ærGb|l;+x ;fpb nufgL k'FhL ahf/sf] cf}hf/af6cfhf/af6 ;d6;d]6\g ;lsG5 . k|d'vk|d sfo{sf/L f/L clws[t, l [t, g]K;g]K;]
‡ g]kfn :6s PS;r]Gh lnld6]8 -g]K;]_ sf] k|d'v sfo{sf/Lsfosf/L clws[tsf] lhDd]jf/L lnP/ cfpg'ePsf]cfpg'ePsf 5 . oxfF k|j]z ul/;s]kl5 b]Vg'ePsf r'gf}tL / ;Defjgf s] s] xgx'g\ < g]kfn :6s PS;r]Gh lnld6]8 g]kfnsf] Psdfq k'FhL ahf/ xf], To;}n] r'gftLr'gf}tL / ;Defjgfx? klg y'k|} 5g\ . clxn]clxn o;sf] d'Vo r'gf}tL eg]sf]egsf] Online Trading System rfF8f]eGbf rfF8f] NofpgNofpg] xf], h;n] ubf{ ahf/ lj:tf/df ;xof]u ldnf];\ . clxn]sf] ahf/ ;]o/ sf/f]af/df ;Lldt 5, C0fkqx?sf] sf/f]af/sf/faf/ guGo 5, 8]l/e]l6e k|s[ltsf ljQLo cfcf}hf/sf]}hf/sf] sf/faf/sf/f]af/ ePsf] ePsf] 5}g 5}g . jf:tljs If]qsf sDkgLx?nfO{ klg k'FhL ahf/df leêofpg'kg]{ r'gf}tL 5 . ljZjdf k'FhL ahf/ ;/sf/L :jldTjdf /xFb}g t/ g]K;] cem klg ;/sf/ dftxt 5 . ;/sf/L :jldTjdf /x]s}/xs} sf/0f gLltut s'/fx?df cl3 a9\g l9nf x'g] u/]sf] 5 . g]kfn ;/sf/sf], g]kfn /fi6é a}+ssf] :jldTjdf /x]sf] ;]o/ ljlgj]z u/L ;fj{hlgsëlghL ;fem]bf/Lsf] cjwf/0ff ckgfO{ k'FhL ahf/df lghL ;fem]bf/ leêofpg] csf]{ r'gf}tL 5 . xfn ljBdfg ;]jf ;'ljwf cfsifscfsif{s gx'g' / nf]s ;]jf cfofusf]cfof]usf] kk|lqmofaf6|lqmofaf6 ahf/sf nflu cfjZos hgzlQm cfpg tof/ gx'g]gxg] x'gfn] hgzlQm ljsf;df ahf/df /x]s/x]sff k|ltefjfg hgzlQm leêofpg s]xL r'gf}tL 5 . ;fy} nfdf]nfdf cjlwsf] hgzlQm Joj:yfkg of]hgf gePsf]n]gePsf]n pRr txdf b/aGbL eP tfklg hgzlQm gePsf] / k|fljlws hgzlQm h:t} rf6{8{ PsfpG6]G6 / sfggsfg'g ljifo k9]n]v]sf hgzlQm gx'g'gx'g csf]{csf r'gf}tL xf] . lwtf]kq sf/f]af/sf/faf/ clt ;+j]bgzLn x'gfn] / lg/Gt/ ?kdf rnfO{rnfO{ /fVg'kg]{ ePsf]n] k|fs[lts ljklQ nufot cfsl:ds cj:yfdf o;nfO{ cljlR5Gg /fVg Business Continuity PlanPla nfO{ nfu" u/L ahf/ ;'rf? /fVg]] r'gf}tL 5 .
5 g]K;] :dfl/sf /ht pT;j, @)&$ ef}lts k"jf{wf/sf b[li6n] bf];|f] ahf/ ;]jf -;b:o bnfn, lSnol/ä a}+s, ;L8LP;;L, l8n/, dr]{G6 a}+s/_ nfO{ Pp6} 5ftfd'lg Nofpg] u/L ejg lgdf{0f ug{'kg]{ 5 . sfof{nosf] ef}lts k"jf{wf/nfO{ klg cGt/f{li6éo :t/sf] agfpg'k5{ . ef}lts k"jf{wf/s} ;Gbe{df g]K;]sf] 8f6f ;]G6/nfO{ cnUu} ejg lgdf{0f u/L ;~rfngdf NofpFbf a9L ;'/lIft / k|efjsf/L x'G5 . ;Defjgfsf] rrf{ ubf{, g]kfnsf] k'FhL ahf/df Pp6fdfq :6s PS;r]Gh x'g'nfO{ cj;/sf] ?kdf klg x]g{ ;lsG5 . of] ahf/ ev{/ afd] ;g{ nfu]sf]n] o;sf] eljio ;'lglZrt 5 / ahf/sf] bfo/f km/flsnf] kfg{ ;Sg] k|z:t ;Defjgf 5g\ . ljQLo cf}hf/ (Financial Instrument) x? vf;} lelqPsf 5}gg\, To;}n] gofF ljQLo cf}hf/ ahf/df leêofO{ g]K;]sf ;fy} nufgLstf{, lwtf]kq bnfn Pj+ ;du| /fi6ésf] cfly{s sf/f]af/df of]ubfg lbg ;Sg] ;Defjgf 5g\ . ljQLo ;|f]tsf] cfjZostf kg]{ ;/sf/, lghL If]qsf pBf]uL, Joj;foLsf nflu klg of] ahf/df cj;/ 5 . pgLx?nfO{ of] ahf/n] ;|f]t ;+sngdf ;xof]u ug{ ;S5 . s]Gb|Lo, k|b]z tyf :yfgLo ;/sf/n] C0fkq hf/L u/L cfly{s ;|f]t h'6fpg ;S5g\ . oL ;Defjgfx?df xfn;Dd ;/sf/ / lghL If]qn] Wofg glbFbf jf gb]Vbf /fh:j ;+sng / o;sf] afF8kmfF8 s;/L ug]{ eGg] ljifodf dfq s]lGb|t /x]sf] cj:yf 5 . lghL If]q klg a}+sdf hfg], C0f lng] t/ k'FhL ahf/df gcfpg] u/]sf] kfOG5 . tfdfsf];L hnljB't\ h:tf] 7"nf] cfof]hgfdf t hgtfn] nufgL ug]{ ;fdYo{ /fV5g\ eg] cGo If]qdf klg o:tf ;Defjgf k|z:t 5g\, h'g nufgL k'FhL ahf/sf] cf}hf/af6 ;d]6\g ;lsG5 . g]K;]sf] ;xfos sDkgLsf ?kdf /x]sf] ;L8LP; PG8 lSnol/ä lnld6]8n] ug{ ;Sg] sfd klg w]/} 5g\ . o;sf] sfo{If]q km/flsnf] agfpg ;lsG5 . o;n] ;"rLs[t sDkgLsf] ;fwf/0f ;efdf x'g] lgjf{rg k|lqmofdf ;xhLs/0f ug]{, ;]o/ tyf C0fkqafx]ssf cGo sfuhft -:s'n, sn]hsf k|df0fkq, ladfn]v_ nfO{ ljB'tLo :j?kdf ?kfGt/0f u/L ;'/lIft /fVg] nufot ;]jf k|bfg ug{ ;S5 . cgnfOg sf/f]af/ k|0ffnL k"0f{ ?kdf ;~rfngdf cfPkl5 g]kfnleq / aflx/ k'FhL ahf/ km}nfpg ;Sg] k|z:t ;Defjgf 5 . ‡ ax'k|tLlIft cgnfOg 6Ü]l8Ö l;:6d leØofpg] ;DaGwdf ePsf] k|ultaf/] s]xL hfgsf/L lbg'x'GYof] ls < k/fdz{bftfn] k]; u/]sf] k|ltj]bgsf] cfwf/df ;fj{hlgs vl/b P]g∞lgod cg';f/ cgnfOg sf/f]af/ k|0ffnLsf] nflu 6]G8/ cfXjfg ul/Psf] / ;f] cg';f/ rog ePsf] sDkgL jfOsf] k|fln;Fu !$ dlxgfleq ;Dk"0f{ k|0ffnL pknAw u/fpg] u/L $ kmfu'g @)&@ df ;Demf}tf ePsf] lyof] . t/ ljljw sf/0fn] ubf{ ;dod} sfo{ ;DkGg x'g g;s]sf]n] pQm sDkgLn] sfo{ ;'rf? u/fO{ kfpmF egL sfg'gL k|lqmofdf uPsf]df pQm sfg'gL k|lqmofaf6 g} ;Demf}tf cg';f/ sfo{ ug{ u/fpg k"j{s/f/ cg';f/} sfd ug]{ u/L k|fKt cfb]z cg';f/ @)&$ j}zfvb]lv k'gM !$ dlxgfleq sfo{ ;DkGg ug{ ;xdlt eO{ sfd ;'? ePsf]] 5 . pQm kl/of]hgfsf nflu lgwf{l/t tflnsf cg';f/ sDkgLn] # dlxgfleq System Requirement Specification (SRS) Document k]; u/]sf] / ;f]nfO{ cWoog ug{ g]K;]sf] ;dGjo ;ldltn] cWoog ul/lbg'kg]{df s/La $ dlxgf g]K;]df k|d'v sfo{sf/L clws[t gePsf]n] l9nf x'g uPsf] lyof] . clxn] cWoog ;ldltn] SRS kf; u/]/ k7fO;s]sf] 5 . sDkgLaf6 klg lgwf{l/t ;dodf g} pknAw u/fpg] df}lvs k|lta4tf k|fKt ePsf] 5 . hDdf !^ j6f Model dWo] dxTjk"0f{ $ë% j6f df]8n alg;s]sf] hfgsf/L xfdLn] kfPsf 5f}+ . To;}n] lgwf{l/t ;dod} Online Trading System sfof{Gjogdf cfpg]df g]K;] 9'Ss 5 . 6 g]K;] /ht pT;j :dfl/sf, @)&$ ‡ xfn ;fwf/0f ;]o/sf] sf/faf/d} ;Lldt /xL ;/sf/L tyf ;+ul7t ;+:yfn] hf/L u/]sf C0fkq bf];|f] ahf/df kof{Kt dfqfdf sf/f]af/ x'g g;Sg'sf sf/0f s] xf]nfg\ < o;nfO{ s;/L ;Daf]wg ul/Fb}5 < C0fkq ahf/nfO{ ;lqmo agfpg g]K;] PSn}n] dfq s]xL ug{ ;Sb}g . o;df g]kfn ;/sf/, g]kfn /fi6é a}+s / g]kfn lwtf]kq af]8{sf] ;d]t ;xof]u cfjZos kb{5 . k'FhL ahf/df C0fkqsf] dfu / cfk"lt{ kIf alnof] x'g' kâof] . clxn] g]K;]df hDdf !# j6f ;/sf/L C0fkq / @) j6f ;+:yfut C0fkq ;"rLs[t 5g\ . sf/f]af/sf nflu C0fkqsf] of] ;+Vof clt g} Go"g xf] . To;}n] klxn] k|fylds ahf/d} C0fkq k|z:t dfqfdf cfpg'k5{ . nufgLstf{df klg C0fkqk|lt cfsif{0f x'g'k5{ . t/, xfn ;]o/af6 a9L k|ltkmn k|fKt eO/x]sf]n] C0fkqdf nufgLstf{sf] cfsif{0f sd b]lvG5 . o;df ;/f]sf/jfnf ;a} kIfnfO{ /fv]/ a[xt\ 5nkmn ul/g]5 / dxfgu/ tyf k|b]zx?n] hf/L ug{ ;Sg] C0fkqaf/] klg 5nkmn ul/g]5 . o;afx]s C0fkqdf k|bfg ul/g] Aofh, s/;DaGwL Joj:yf, C0fkq hf/L ul/g] PsfO, sf/f]af/ PsfO, nufgLstf{sf] juL{s/0f nufot ljifox? klg 6+'Uofpg'kg]{5 . ‡ ahf/df ;+:yfut nufgLstf{sf] sdL 5 eGg] ljifon] klg a]nfa]nfdf rrf{ kfpF5 . o;af/] s] eGg'x'G5 < ;+:yfut nufgLstf{sf] ljifo clxn] cln km/s eO;s]sf] 5 . lxhf] xfdL h'g cj:yfdf lyof}+, clxn] ToxL cj:yf 5}g . g]kfnsf] k'FhL ahf/df ;+:yfut nufgLsf] ?kdf Do'r'cn kmG8, lghL If]qsf nufgL sDkgL, ladf sDkgL / gful/s nufgL sf]if ;lqmo 5g\ . ahf/sf] cfsf/ x]/]/ o;nfO{ ;Gtf]ifhgs dfGg g;lsPnf . olt g} kof{Kt 5 eGg g;lsPnf . To;}n] 7"nf] k'FhL lnP/ a;]sf] ;]gfsf] sNof0fsf/L sf]if, k|x/Lsf] sNof0fsf/L sf]if, sd{rf/L ;~ro sf]if, g]kfn 6]lnsd nufot ;+:yfnfO{ klg of] ahf/df cfpg k|f]T;fxg ug{'kg]{ b]lvG5 . ‡ lwtf]kq ahf/sf] ;Gt'lnt Pj+ k|efjsf/L ljsf;sf nflu jf:tljs If]qsf sDkgLsf] pNn]Vo Pj+ ;lqmo ?kdf ahf/df pkl:ylt cfjZos 5 . o; lbzfdf g]K;]sf] sbd s;/L cl3 a9]sf] 5 < o;sf nflu g]K;]n] ahf/ k|j4{g gfds 5'Ç} PsfO u7g u/L sfo{ ;'? ub}{5 . of] PsfOn] ;/f]sf/jfnf ;a};Fu ;dGjosf] sfo{ ug]{5 . vf;u/L, jf:tljs If]qsf sDkgLnfO{ ahf/df k|j]z u/fpg cg's"n gLltëlgod agfpg ;/sf/ tyf lgod lgsfo;Fu k}/jL ug]{, lghL If]qsf 5ftf ;+u7gx?;Fu 5nkmn tyf cGtlqm{of ug]{ tyf klAns sDkgLsf ?kdf btf{ ePsf Jofj;flos k|lti7fgnfO{ ;]o/ hf/L u/L ahf/ k|j]z ug{ cfu|x ug]{ nufot ultljlw of] PsfOn] ug]{5 . xfdL ;/sf/nfO{ Pp6f lglZrt dfkb08 tof/ ul/lbg cfu|x ug]{5f}+ . ;Defjgf ePsf w]/} ;+:yf 5g\, h;nfO{ xfdL o; bfo/fdf Nofpg] k|of; ug]{5f}+ . c:ktfn, z}lIfs ;+:yf, l;d]G6 pBf]u, dgf]/~hg tyf ;]jfk|wfg pBf]ux? k|z:t} 5g\, hf] k'FhL ahf/df cfPsf 5}gg\ . ‡ cu|flwsf/ ;]o/, ;/sf/L C0fkq / ;+:yfut C0fkqsf] ;+Vof Go"g x'g' / ltgsf] sf/f]af/ guGo x'g' klg ;d:ofsf] ?kdf 5 . o;nfO{ s;/L ;dfwfg ug{ ;lsPnf < cu|flwsf/ ;]o/∞C0fkq∞aG8 h:tf cf}hf/ a9fpg ;/sf/ / lghL If]qnfO{ o;sf kmfObfaf/] hfgsf/L lbg / o;nfO{ bf];|f] ahf/df sf/f]af/ u/fpg g]K;]n] ;xof]uL e"ldsf lgjf{x ug]{5, h;n] ubf{ nufgLstf{nfO{ nufgL ljljwLs/0fsf] df}sf k|fKt x'g]5 . o:tf ljQLo cf}hf/af/] lgisf;gstf{ / nufgLstf{df hfgsf/Lsf] cefj b]lvG5 . o:tf cf}hf/sf] dfu / cfk"lt{ kIf
7 g]K;] :dfl/sf /ht pT;j, @)&$ alnof] x'g'k5{ . g]K;]n] clxn] klg o:tf cf}hf/sf] sf/f]af/ x'g] Joj:yf ldnfO/x]sf] 5 . sf/f]af/sf nflu s'g} afwf 5}g . ‡ nufgLstf{df k'FhL ahf/;DaGwL r]tgfdf sdL /x]sf] tYonfO{ ;Daf]wg ug{ g]K;]n] s] s:tf sfo{qmd ;~rfng ul//x]sf] 5 < nufgLstf{df r]tgf clej[l4 ;DaGwL b'O{ lsl;dsf sfo{qmd g]K;]n] ub]{ cfPsf] 5 . h;dWo] ènufgLstf{;Fu g]K;]∑ klxnf] xf] . o; sfo{qmddf pBf]u jfl0fHo ;+3, nufgLstf{ ;+3, kqsf/ ;+3, ljBfno sn]h nufotnfO{ ;d]6]/ xfdL cufl8 a9\5f}+ . ;ftj6} k|b]zdf sDtLdf Pp6f ;r]tgf sfo{qmd ug]{ xfd|f] of]hgf 5 . csf]{ Visit NEPSE sfo{qmd 5 . o;cGtu{t sn]hsf ljBfyL{nfO{ k'FhL ahf/ / g]K;]af/] hfgsf/L lbg] sfd ul/G5 . o;afx]s 6]lnlehg, kqklqsf, /]l8of] Pj+ kDKn]6sf] dfWodaf6 klg hfgsf/L lbg] ul/Psf] 5 . o;nfO{ cem} Jofkstf lbg'k5{ . ahf/ ;~rfngsf nflu gLltut cj/f]w Go"gLs/0f ug{ ;/sf/L lgsfo;Fu klg cGtlqm{of ug]{ ;f]r agfPsf 5f}+ . ‡ bnfn Joj;foLsf] ;]jf lj:tf/ ug'{sf ;fy} To;nfO{ u'0f:t/Lo / k|lt:kwL{ agfpg'k5{ eGg] dfu pl7/x]sf] ;Gbe{df oxfFsf] wf/0ff s] xf]nf < bnfn Joj;fosf] ;]jf lj:tf/ ug]{ qmddf xfn sfo{/t ;b:o bnfnsf] ;~hfnnfO{ b]ze/ km}nfpg], a}+s ljQLo ;+:yfnfO{ klg ;dfj]z ug]{ tyf cGo lwtf]kq bnfnsf] ;+Vof klg yk ug]{ nufot ljleGg ljsNkaf/] ;/f]sf/jfnf lgsfo;Fu ;Nnfx / ;dGjo u/L cl3 a9\g]5f}+ . bf];|f] ahf/sf] ;]jf j[l4 u/L cfdnufgLstf{sf] kx'Fr k'FhL ahf/df s;/L a9fpg ;lsG5, To;af/] cWoog u/L sfd ;'? ul/g]5 eg] ljBdfg lwtf]kq bnfnsf] sfo{If]q a9fpg lgofds lgsfo;Fu ;dGjo u/L cl3 a9\g]5f}+ . ‡ Foreign Institutional Investment (FII) tyf u}/¥cfjf;Lo g]kfnL -NRN_ nfO{ k'FhL ahf/df leØofpg g;Sg'sf] sf/0f s] xf] < FlI / NRN sf] nufgLnfO{ g]kfnsf] k'FhL ahf/df leêofpg] sfo{ a[xt\ /fli6éo d'2f xf] . ljb]zL nufgL tyf k|ljlw x:tfGt/0f;DaGwL P]g, u}/cfjf;Lo g]kfnL;DaGwL P]g tyf lwtf]kq P]gdf /x]sf s]xL Joj:yfnfO{ kl/dfh{g ug{'k5{ eGg] dnfO{ nfU5 . vf;u/L, d'n'sn] clVtof/ u/]sf] k'FhL vftf kl/jTo{tf;Fu hf]l8Psf] ljifo ePsf]n] o;df ljBdfg P]g, lgod kl/dfh{g u/L g]kfndf nufgL ug{ / k|fKt nfef+z jf gfkmf lkmtf{ n}hfg] /sdsf] Joj:yfkgdf ;/sf/, g]kfn /fi6é a}+s Pj+ lwtf]kq af]8{ ;lxtsf] ;+nUgtfdf pQm vfsf tof/ eO{ ;s]kl5 g]K;]n] bf];|f] ahf/ sf/f]af/df pgLx?nfO{ ;xefuL agfpg ;xhstf{sf] e"ldsf v]Ng]5 . o;df lwtf]kq af]8{n] klg sfd ;'? u/]sf] 5 . To;}n] lgs6 eljiodf of] sfd ug{∞u/fpg ;lsg]df xfdL cfzfjfbL 5f}+ . ‡ g]K;]sf] OTC Market nfO{ lqmofzLn agfpg] sfo{of]hgf sxfF k'u]sf] 5 < Over The Counter (OTC) Market ;DaGwdf clxn] klg ;"rLs/0faf6 vf/]hLdf uPsf / g]K;]sf] ;"rLs/0fsf ;t{ k"/f ug{ g;Sg] Public Limited Company x?sf] :jfldTj x:tfGt/0fdf ;xhLs/0f ub{} cfPsf 5f}+ . o;nfO{ lj:t[t ?kdf cufl8 a9fpg cGo cf}hf/x?, h:t}M Derivative Market nfO{ cufl8 a9fpg u[xsfo{ ug]{5f}+ . 8]l/e]l6edf klg km/jf8{ dfs]{6sf] ;~rfng OTC af6 u/fpg ;lsG5 eGg] xfd|f] k|f/lDes lgisif{ 5 . o;nfO{ yk cWoog u/L cufl8 a9fOg] 5 . ‡ g]K;]sf] k'g;{+/rgfsf] s'/f klg pl7/x]sf] 5 lg ô g]K;]sf] k'g;{+/rgfsf] b'O{j6f kIf 5g\ . klxnf o;sf] :jfldTj ;+/rgf kl/jt{gsf nflu ;/sf/n]
8 g]K;] /ht pT;j :dfl/sf, @)&$ g} k|lqmof cufl8 a9fO/x]sf] 5 . bf];|f] g]K;]sf] ;+u7gfTds k'g;{+/rgfsf nflu O&M Study ug]{ sfd eO/x]sf] 5 . g]kfn /fi6é a}+s cfkm";Fu /x]sf] g]K;]sf] ;]o/ a]Rg] qmddf 5 . xfd|f] tkm{af6 g]K;]nfO{ cGt/f{li6éo :t/sf] agfpg cWoog ul/g]5 / ;f]xL cg'?k sfo{ cufl8 a9fOg]5 . ‡ g]K;]sf] cg'udg tyf ;'kl/j]If0f IfdtfnfO{ lnP/ a]nfa]nfdf k|Zg p7\g] u/]sf] 5 . o;sf] k|ltjfb s;/L ug'{x'G5 < g]K;]n] sf/f]af/sf] cg'udg / ;'kl/j]If0f lg/Gt/ ?kdf ul//x]sf] 5 . sf/f]af/sf] b'j} online / offline cg'udg eO/x]sf] 5 . xfdLn] h] ul//x]sf 5f}+, Tof] kof{Kt 5 eGg] xf]Og . To;}n] ahf/sf] j[l4;Fu} yk sfd ug'{kg]{ cfjZostf 5 . gofF Online Trading System sfof{Gjogdf cfPkl5 yk cg'udg ug{ ;lhnf] x'g]5 eg] gofF hgzlQm cfpFb} 5g\ . hgzlQm yk u/L ;"rLs[t sDkgLsf] kf/blz{tf sfod u/fpg] tyf ;b:o bnfnn] k|bfg ug]{ ;]jfsf] xsdf nufgLstf{sf] pRrtd nfe ;'lglZrt ug]{ u/L ;'kl/j]If0fsf] sfo{ cl3 a9fOg]5 . ‡ Remote Work Station (RWS) yk ug]{ ;f]r 5 < RWS ;Fu} cGo ljsNk k|of]u u/L bf];|f] ahf/ ;]jf lj:tf/ ug]{ ;f]r xfd|f] 5 . RWS sf dfWodaf6 b]ze/sf nufgLstf{dfem k'Ug] xfd|f] of]hgf sfof{Gjogn] ;sf/fTds k|ltlqmof kfPsf 5f}+ . yk ;x/af6 RWS sf] dfu cfPsf] 5 . ca sDtLdf klg ;a} k|b]zsf /fhwfgLdf RWS k'Ug'k5{ eGg] xfd|f] dfGotf xf] . ‡ Stock Dealer Nofpg] k|lqmof sxfF k'Uof] < o;sf nflu sfo{ljlwsf] d:of}bf agfO;s]sf 5f}+ . lwtf]kq af]8{sf] :jLs[lt k|fKt sfof{Gjogdf hfG5f} . k|fljlws k|0ffnLsf] ljsf; ;Gbe{df ca cfpg] Online Trading System df l8n/n] sf/f]af/ ug{ ;Sg] Joj:yf /x]sf]n] lwtf]kq sf/f]af/ ug]{ ;+:yfsf] ;+Vof a9fpg] sfo{ cl3 a9fOg]5 . o;df gful/s nufgL sf]if, sd{rf/L ;~ro sf]if nufot;Fu 5nkmn u/L eljiodf of] sf/f]af/ ug{∞u/fpg kxn ul/g]5 . ‡ ;+:yfut ;'zf;g sfod ug]{ ;DaGwdf :6s PS;r]Ghsf] e"ldsf s] x'G5 < k/Dk/fut ?kdf :6s PS;r]Gh eg]sf] lwtf]kq sf/f]af/ dfq u/fpg] xf] eGg] a'lemGYof] . t/, cGt/f{li6éo cEof; x]bf{ ;"rLs[t sDkgLsf] cfGtl/s ;+:yfut ;'zf;g alnof] eof] eg] nufgLstf{ nfeflGjt x'G5g\ eGg] dfGotf ljsl;t x'Fb} uPsf] 5 . ;f]xL dfGotf cg'?k :6s PS;r]Ghx? ;~rflnt 5g\ . o;sf nflu g]K;]df /x]sf ;"rLs[t sDkgL;Fusf] ;DaGw klg ;'b[9 u/fpFb} n}hfg'k5{ / sDkgLx?n] Corporate Governance sf l;4fGt /fd|f];Fu cjnDag ug'{ kb{5 . o;sf nflu Corporate Covernance sf l;4fGtx?, h:t}M kf/bzL{ x'g'kg]{, Gofof]lrt x'g'kg]{, lhDd]jf/Lsf] :ki6 ljefhg ePsf] x'g'kg]{ / hjfkmb]xL x'g'kg]{ h:tf Four Pillars of Corporate Covernance nfO{ xfdLn] cfkm}+ / ;"rLs[t sDkgLnfO{ klg nfu" u/fpg'kg]{ x'G5 . ‡ g]K;] 8]l/e]l6e dfs]{6df k|j]z u5{ < j:t' ljlgdo ahf/;DaGwL P]g / To; cGtu{t lgodfjnL klg cfO;s]sf] ;Gbe{df g]K;];fd' klg cj;/x? cfPsf 5g\ . To;}n] ljBdfg ;+/rgf cGtu{t /x]/ Derivative Products sf] ljsf; ub}{ lwtf]kq af]8{af6 cg'dlt lnP/ sf/f]af/ ug]{∞u/fpg] Pp6f ljsNk xf] eg] csf]{ Derivative Product sf] sf/f]af/ ug{s} nflu ;xfos sDkgL v8f u/]/ ahf/ ;~rfng ug]{ ljsNk 5g\ . oL ljsNkdf xfdL cfGtl/s 5nkmn ul//x]sf 5f}+ . cy{ dGqfno / g]kfn lwtf]kq af]8{;Fu klg o; ljifodf 5nkmn u/L cl3 a9\g]5f}+ .
9 g]K;] :dfl/sf /ht pT;j, @)&$ k'£hL ahf/ ljsf;df g]K;]sf] e"ldsf ælg/Ghg km'ofn pkk|aGws, g]K;]
° bf];|f] ahf/n] k|fylds ahf/df ul/Psf] nufgLnfO{ t/ntf pknAw u/fpF5 eg] cfd nufgLstf{sf] dfu tyf cfk"lt{sf] dfWodjf6 nufgLsf] d"No l;h{gf ;d]t ub{5 . hnljB't\sf] pRr ;Defjgf /x]sf] xfd|f] b]zdf ljut b'O{ bzs;Dd ljB't\ s6f}tLsf] ;d:of a]xf]g'{ kâof] . lrlnd] hnljB't\ cfof]hgfn] bf];|f] ahf/dfkm{t pRr k|ltkmn lbg ;kmn ePkl5 lghL If]qdfkm{t w]/} hnljB't\ sDkgLx? lgdf{0f ;DkGg ePsf jf lgdf{0ffwLg 5g\ . ljB't\ s6f}tL cGTo ug{ o:tf lghL If]qsf cfof]hgfsf] dxTjk"0f{ of]ubfg /x]sf] 5 / xfnsf] ljB't\ cfoftnfO{ x6fO{ eljiodf ljB't\ lgof{t ug{ ;Sg] cj:yf log} cfof]hgfsf sf/0f ;Dej b]lvPsf] 5 . ljB't pTkfbgdf lghL If]qsf] cfsif{0f a9\g'df bf];|f] ahf/ dfkm{t nufgLsf] t/ntf / To:tf sDkgLx?sf] d"No l;h{gf nufotsf sf/0f d'Vo /x]sf] b]lvG5 . t/ ljutdf k|To]s jif{ ljb]zaf6 caf{}+ ?k}ofFsf] OGe6{/, Aof6éL, h]g]/]6/ tyf OGwg cfoftdf x'g] vr{nfO{ k'FhLsf] ?kdf kl/rfng u/L hnljB't cfof]hgfx?df nufgL ug{ ;s]sf] eP ljutsf] ljB't\ s6f}tLnfO{ cGTo ug{ ;lsg] lyof] . k'FhLahf/sf] k|d'v p2]Zo 5l/P/ /x]sf ;ë;fgf artnfO{ Pslqt u/L k'FhLsf ?kdf pBf]uwGbf tyf ljsf; lgdf{0fdf nufgL u/L b]z ljsf;df ;xof]u ug'{ xf] . bf];|f] ahf/n] k|fylds ahf/df ul/Psf] nufgLnfO{ t/ntf pknAw u/fp5 eg] cfd nufgLstf{x?sf] dfu tyf cfk"lt{sf] dfWodjf6 nufgLsf] d"No l;h{gf ;d]t ub{5 . d'Vo oL b'O{ sf/0fn] k|fylds ahf/df k'FhL kl/rfngdf nufgLstf{nfO{ cfsif{0f ub{5 . xfnsf] hnljB't If]qsf] h:t} cfsif{0f k"jf{wf/ If]qdf ;d]t b]lvg ;s] b]zsf] ef}lts k"jf{wf/ lgdf{0fdf ;d]t lghL nufgL x'g ;Sg] b]lvG5 . o;/L g]kfnL k'FhL ahf/ sl/a @% jif{sf] aLrdf k'FhL lgdf0f sfo{df nflu s]xL ;an ePsf] 5 eg] bf];|f] ahf/n] t/ntf pknAw u/fO{ nufgLstf{sf] dgf]andf pRr /fVg] sfo{df ;sf/fTds of]ubfg u/]sf] b]lvG5 . o;sf ;fy} lrlnd] hnljB't\ cfof]hgfnfO{ pbfx/0f dfGg] xf] eg] k'FhL ahf/dfkm{t ul/aL lgjf/0f klg ;Dej /x]sf] b]lvG5 . eljiodf cfpg] yk cfof]hgfx?af6 o; k|lqmofdf cem} tLj|tf cfpg] 5 . t/ o;sf] cy{ g]kfndf k'FhL ahf/ ;an eO;Sof] eGg] xf]Og . of] t s]an b]zsf] tLj| cfjZostfsf sf/0f pRr k|ltkmnsf] cfzdf ePsf] nufgL xf] h;df k'FhL ahf/ Pj+ a}s ljQLo If]qn] dWo:ytfsf] e"ldsf lgjf{x u/]sf] 5 . b]zdf cfjZos ljleGg pTkfbgd"ns If]qx?, k"jf{wf/ lgdf{0f nufotsf cGo If]qdf k'FhL ahf/dfkm{t :jb]z tyf ljb]zaf6 ;d]t sd nfutsf] k'FhL k|jfx u/fO{ ljljwLs/0fdfkm{t o:tf nufgLdf /x]sf] hf]lvd ;d]t sd ug{ ;s] dfq k'FhL ahf/ ;jn Pj+ ;kmn ePsf] dfGg ;lsG5 . ahf/df w]/} ;d:ofx? /x]sf 5g\ / To:tf ;d:of ;Daf]wgsf nflu cem} w]/} sfo{ ug{ afFsL /x]sf] 5 .
10 g]K;] /ht pT;j :dfl/sf, @)&$ k'FhL ahf/sf ;d:of p:t} ;do / kl/j]zdf ;'? ePsf cGo b]zsf k'FhL ahf/x? cfh ljsl;t ahf/;Fu t'ngf ug{ of]Uo ePsf w]/} pbfx/0fx? 5g\ . g]kfnL k'FhL ahf/sf] d'Vo ;d:of eg]sf] ;do / k|ljlw cg';f/ kl/jt{g x'g g;Sg' xf] . ahf/sf] sf/f]jf/ l5d]sL nufotsf b]zx?df k"0f{ ?kdf sDKo'6/s[t x'Fbf klg oxfF To:tf] k|ljlw nfu" x'g ;s]g . af]nsaf]n k|lqmofsf] sf/f]jf/ k|0ffnL k|lt:yfkg u/]sf] bz jif{ x'Fbf klg sf/f]af/ k|lqmof k"0f{?kdf :jrflnt x'g ;s]sf 5}g . g]K;]sf] kxndf s]xL jif{cl3 b]lv s]Gb|Lo lgIf]k ;]jf nfu" ePsf] 5 eg] b]zleq tyf aflx/sf ;Defljt nufgLstf{;Dd bf];|f] ahf/ ;]jf cem} k'Ug ;s]sf] 5}g . gLlt lgodsf If]qdf Jofks ;'wf/ ug'{ kg]{ b]lvG5 . ljb]zdf a:g] g]kfnL tyf ljb]zL ;+:yfut nufgLstf{sf] nufgL ;xh ug{ ;lsPsf] 5}g . k'FhL ahf/ nufgL d'Vo ?kdf a}+s tyf ljQLo ;+:yfdf lge{/ /x]sf] / ljljlws/0fsf nflu cGo If]q Pj+ ljQLo cf}hf/sf] pknAwtf cToGt Go"g 5 . bf];|f] ahf/ kl/;"rsdf cfpg] ptf/r9fjn] ahf/nfO{ hf]lvdo'Qm agfPsf] 5 . leqL sf/f]af/ ug]{, ;"rgf glbg] / k6sk6s ;"rgf km]g]{ sDkgLnfO{ kof{Kt sfaf{xL x'g ;s]sf] 5}g . xfn}sf lbgdf a|f]s/sf sfo{fno sf7df8f}+aflx/ vf]lnP tfklg k'FhL ahf/sf sfdsfjf{xL sf7df8f}+leq w]/} xb;Dd s]lGb|t /x]sf] 5 . k'FhL ahf/df Jofks ?kdf ;r]tgfsf] cjZostf /x]sf] 5 . oL / o:tf cGo ;d:ofx? tTsfn ;dfwfgsf nflu k|lqmof ;'? u/L of]hgfa4 ?kdf sfof{Gjog gu/] g]kfnL k'FhL ahf/ w]/} k5fl8 kg]{ lglZrt 5 . g]K;]sf] e"ldsf g]kfn lwtf]kq af]8{af6 bf];|f] ahf/ ;~rfng ug{ cg'dlt k|fKt u/L g]K;]n] b]zsf] Psdfq :6s PS;r]Ghsf ?kdf cfÇgf] sfd sfo{jfxL ;~rfng ub}{ cfPsf] 5 . nufgLstf{sf] t/ntfsf] k|d'v cfwf/ / k|mG6 nfOg /]u'n]6/sf ?kdf g]K;]n] b]zsf] k'FhL ahf/df /x]sf ljleGg ;d:ofnfO{ ;Daf]wg ug]{ / cfk"mnfO{ yk ;Ifdtfsf ;fy cufl8 a9fpg] k|of; ub}{ cfPsf] 5 . o; qmddf g]K;]n] gofF cgnfOg ;'ljwf ;lxtsf] cTofw'lgs sf/f]af/ k|0ffnL :yfkgfsf nflu sfo{ ;'? u/]sf] 5 . s]xL dlxgfdf g} pQm k|0ffnLdfkm{t b]zleq tyf ljb]zdf /x]sf ;Defljt nufgLstf{n] pQm k|0ffnL k|of]udf Nofpg ;Sg] 5g\ . To;}u/L, g]K;]sf] j]a;fO6nfO{ gofF k|f?kdf yk hfgsf/L d'ns agfpg nfluPsf] 5 . l;l8P; PG8 lSnol/ä lnld6]8sf] kxndf s]Gb|Lo lgIf]k ;]jfnfO{ b]zAofkL agfOg]5 . ahf/df cfpg ;Sg] ptf/r9fjnfO{ sd u/L hf]lvd Go"gLs/0f ug{ l8n/sf] Aoj:yf ug]{ / ahf/df yk ljQLo pks/0fx? Nofpgsf nflu s] ug{ ;lsG5 eg]/ xfn cWoog eO/x]sf] 5 . eljiodf ahf/df OG8]S; kmG8 ;~rfng ug{ ;lsg] vfnsf gofF OG8]S; agfpg] sfo{ klg cl3 al9/x]sf] 5 . To;} u/L g]kfn lwtf]kq af]8{sf] g]t[Tjdf g]kfn ;/sf/ Pj+ g]kfn /fi6é a}+s Pj+ g]K;] ;d]tsf] ;xeflutfdf ljb]zdf a:g] g]kfnL tyf ljb]zL ;+:yfut nufgLstf{nfO{ bf];|f] ahf/df nufgL ug{ lbg] ;DaGwdf cfjZos gLlt lgod agfpg cWoog eO/x]sf] 5 . o;sf ;fy} g]K;]n] k'FhL ahf/df ePsf ;d:of ;dfwfgsf nflu cNksfnLg / bL3{sfnLg /0fgLlt tof/ u/L nfu" ug]{ of]hgf u/]sf] 5 . o; cg';f/ l5Ç} g} g]K;]n] kfFrjifL{o /0fgLlts of]hgf tof/ u/L clGtd r/0fdf /x]sf] 5 . ahf/df :jR5tf sfod ug{sf nflu g]K;]n] ;"rgf k|jfxsf sfo{nfO{ cem hf]8 lbFb} df]afOn Pksf] ljsf; u/sf], ljleGg k'l:tsf k|sfzg ug]{, j]a;fO6dfkm{t ;do;fk]If ;"rgf
11 g]K;] :dfl/sf /ht pT;j, @)&$ k|jfx ug]{ / n]8l8:Kn] af]8{ /fVg] sfo{ u/]sf] 5 g]K;]sf] ;+u7g ;+/rgfnfO{ r':t agfpg Pj+ sfo{ k|efjsfl/tf j[l4 ug{ g]kfn ;/sf/ ;fdfGo k|zf;g dGqfnosf] ;d]t ;xeflutf u/fO{ ;+u7g Joj:yfkg cWoog (O&M Study) ;'? ul/Psf] 5 . ;b:o bnfndfkm{t dflh{g 6é]l8äsf] Joj:yf ug{ g]kfn lwtf]kq af]8{sf] lgb]{zg cg';f/ sfo{ljlw tof/ ug]{ sfd clGtd r/0fdf /x]sf] 5 . ;fy} eljiodf bnfndfkm{t k|bfg ul/g] ;]jfnfO{ cem} :t/Lo agfpg bnfnx?sf] Ifdtf clea[l4 ug]{, b]ze/jf6 bf];|f] ahf/ sf/f]af/sf nflu g]6js{ j[l4 ug]{ cflb of]hgf g]K;]sf] /x]sf] 5 . ljQLo ;+:yfsf] k|uf9tf tf]8\g jf:tljs If]qsf sDkgLx?nfO{ k'FhL ahf/df ;xefuL x'g k|f]xT;fg lbg] ;DaGwdf cfjZos Jo:yf ug]{ ;d]t g]K;]sf] of]hgf /x]sf] 5 . nugLstf{nfO{ nufgL ;DaGwdf cfjZos r]tgf lbgsf nflu lwtf]kq af]8{, :6s PS;r]Gh tyf cGo lgsfojf6 lg/Gt/ r]tgfd"ns sfo{qmdx? ;~rfng ul//x]sf] / eljiodf ;d]t ug]{ of]hgf /x]sf] 5 . o;/L ;du| k'FhL ahf/nfO{ yk k|efjsf/L agfO{ b]z ljsf;sf nflu cfjZos k'FhL kl/rfng ug]{ k'FhL ahf/sf] d"n p2]Zo k|flKtsf nflu g]K;] cfÇgf] e"dLsfk|lt ;w}+ ;hu /x]sf] 5 . eljiodf ahf/nfO{ yk :jR5 agfO{ nufgLstf{sf] pRrtd lxtsf nflu g]K;]n] cem} k|oTg ug]{5 . g]kfn ;/sf/, lgods lgsfo g]kfn lwtf]kq af]8{, ;L8LP;, ;b:o bnfn tyf ;Dk"0f{ nufgLstf{x? ;lxtsf] ;xsfo{af6 dfq lwtf]kq ahf/ ljsf; ;Dej 5 / g]K;] o; k|sf/sf] ;xsfo{ ug{ ;b}j tTk/ /x]sf] 5 .
12 g]K;] /ht pT;j :dfl/sf, @)&$ ;]o/ ahf/ / k'£hLut nfes/ æ;fu/ 9'+u]n jl/i7 clws[t, g]K;] ° g]K;]n] k'FhL ahf/df ;xh ?kdf nufgLsf] aftfj/0f l;h{gf u/fO{ b]z ljsf;df ;xof]u k'Çofpg] tyf t/ntf pknAw u/fO{ ahf/nfO{ ultzLn agfpg] sfo{ t u/]sf] x'G5 g} To;sf] cnfjf ;/sf/nfO{ k'FhLut nfes/sf] dfWodaf6 caf}{+ /sd h'6fpg ;Sg] ;|f]t klg ag]sf] 5 .
;du|df ljQLo ahf/nfO{ k'FhL ahf/ / d'b|f ahf/ u/L b'O{ efudf ljefhg ul/Psf] x'G5 . d'b|f ahf/ eGgfn] ;fdfGotof Ps jif{ jf ;f]eGbf sd ;dosf] nflu nufgL ul/g] sf/f]af/sf] ahf/nfO{ hgfOG5 h; cGtu{t 6é]h/L laN;, a}+s tyf ljlQo ;+:yfdf ul/g] cNksfnLg nufgL cflb kb{5g\ eg] k'FhL ahf/ eGgfn] Ps jif{eGbf nfdf] ;dosf] nflu nufgL ul/g] sf/f]af/sf] ahf/nfO{ hgfOG5 . h;cGtu{t bL3{sfnLg ?kdf ;]o/, C0fkqh:tf pks/0fdf ul/Psf] nufgL kb{{5g . d'b|f ahf/sf] lgoGq0f lgb]{zg b]zsf] s]Gb|Lo a}+sn] u/]sf] x'G5 eg] k'FhL ahf/sf] lgoGq0f lgb]{zg ToxfFsf] lwtf]kq af]8{n] u/]sf] x'G5 . g]kfnsf] ;Gbe{df d'b|f ahf/sf] lgofds lgsfo g]kfn /fi6 a}+s xf] eg] k'FhL ahf/sf]] lgofds lgsfo g]kfn lwtf]kq af]8{ xf] . lwtf]kq af]8{cGtu{t :6s PS;r]Gh, ;b:o bnfn, laqmL k|aGws, ahf/ lgdf{tf, Do'r'cn kmG8 cflb kb{5g . o;dWo] g]kfn :6s PS;r]Gh cu|k+lQmdf kb{5 . g]kfnsf] ;Gbe{df g]kfn lwtf]kq af]8{eGbf klxn] g} ;~rfngdf g]kfn :6s PS;r]Gh lnld6]8 cfPsf] b]lvG5 . g]kfn :6s PS;r]Gh lnld6]8sf] :yfkgf ldlt @)## ;fndf ;]So'l/l6h vl/blaqmL s]Gb|sf] ?kdf :yfkgf ePsf] b]lvG5 . g]kfnsf] Pp6f dfq ;]o/sf] bf];|f] ahf/ g]kfn :6s PS;r]Gh lnld6]8 xf] h;df g]kfn ;/sf/sf] %*=^^ k|ltzt, g]kfn /fi6é a}+ssf] #$=^) k|ltzt g]kfn cf}Bf]lus ljsf; lgudsf] ^=!@ k|ltzt, a|f]s/ nufot g]K;] ;b:osf] )=^@ k|ltzt :jfldTj /x]sf] 5 . sDkgLn] k|fylds ahf/af6 ;]o/ laqmL ul/;s]kZrft pQm ;]o/ k'gM laqmLof]Uo agfO{ t/ntf pknAw u/fpg] p2]Zosf ;fy ;~rflnt ;+ul7t ahf/ g} ;]o/sf] bf];|f] ahf/ :6s PS;r]Gh xf] . k'FhLut nfes/ k'FhLut nfes/ eGgfn] k'FhLut nfedf nfUg] s/ xf] . k'FhLut nfe eGgfn] bL3{sfnLg nufgLdf k|fKt x'g] cfDbfgL eGg] a'lemG5 . cyf{t cfkm"n] lsg]sf] d"NoeGbf a]r]sf] d"No hlt al9 x'G5 ;f]sf] aLrsf] gfkmf g} k'FhLut nfe xf] . cem g]kfnsf] kl/k|]Iodf eGg'kbf{ cfkm"n] ;]o/ lsg]sf] ;DalGwt sDkgLsf] sf/f]af/ gDa/ cg';f/ a]Rbf nfUg] s/ g} k'FhLut nfes/ xf] .
13 g]K;] :dfl/sf /ht pT;j, @)&$ h;df 5f]6f] jf nfdf] cjlwn] s'g} klg km/s kfb}{g . hasL ljleGg afXo d'n'sdf eg] s/sf] b/df g} nfdf] cjlwsf] nufgLdf Go"g b/df dfq k'FhLut nfes/ nufpg] k|rng /x]sf] 5 . g]kfndf eg] lj=;+= @)%* ;fnb]lv g]kfn ;/sf/n] k'FhLut nfes/ p7fpFb} cfPsf] 5 . lj=;+= @)%* ;fn ;fpg ! ut]sf] clGtd d"NonfO{ cfwf/ d"No dfg]/ k'FhLut nfes/ p7fOFb} cfPsf] 5 . o;sf cnfjf g]kfn ;/sf/ cy{ dGqfnon] ;do ;dodf lbPsf] xsk|b / af]g;sf] laleGg cfwf/ d"NonfO{ ;d]t g]K;]n] k'FhLut nfes/ u0fgfsf] cfwf/sf] ?kdf ln+Fb} cfPsf] 5 . ;f]xL cg'?k ;/sf/n] k'FhLut nfedf ;Dk"0f{ nufgLstf{af6 nufgLsf] gfkmfdf JolQmut gfkmfsf] % k|ltzt / ;+:yfut gfkmfsf] !) k|ltzt b/n] nfes/ k|fKt ub{5 . k'FhLut nfes/sf] b/ eg] ;do ;dodf km/s nufOPsf] kfOG5 . s'g} ;dodf ;+:yfut gfkmfdf !% k|ltzt klg k'FhLut nfes/ nufOPsf] kfOG5 eg] JolQmut gfkmfdf !) k|ltzt klg nufOPsf] kfOG5 . ;fy} Do'r'cn kmG8nfO{ k'FhLut nfes/ 5'6 lbOPsf] 5 eg] dh{/ tyf PSo'lh;gdf uPsf sDkgLx?sf] nflu @ jif{;Dd k'FhLut nfes/df 5'6 lbOPsf] kfOG5 . g]K;]n] k'FhL ahf/df ;xh ?kdf nufgLsf] aftfj/0f l;h{gf u/fO{ b]z lasf;df ;xof]u k'âofpg] tyf t/ntf pknAw u/fO{ ahf/nfO{ ultlzn agfpg] sfo{ t u/]sf] x'G5 g} To;sf] cnfjf ;/sf/ nfO{ k'FhLut nfes/sf] dfWodaf6 caf}{+ /sd h'6fpg] ;|f]t klg ag]sf] 5 . oxfF ljut !) jif{df g]K;]n] p7fPsf] k'FhLut nfedf nfUg] k'FhLut nfes/sf] tnsf] tflnsfaf6 k|:6 kfl/Psf] 5 . cfly{s jif{ k'FhLut nfes/ -?= s/f]8df_ @)^$∞)^% 87.45 @)^%∞)^^ 93.11 @)^^∞)^& 26.34 @)^&∞)^* 65.97 @)^*∞)^( 68.65 @)^(∞)&) 16.79 @)&)∞)&! 100 @)&!∞)&@ 81.53 @)&@∞) 139.89 @)∞)&$ 145.24 ;|f]tM g]kfn :6s PS;r]Gh lnld6]8sf ljQLo ljj/0fx? Dflysf] tflnsfaf6 s] k|:6 x'g cfpFb5 eg] ahf/ a9]sf] a]nfdf k'FhLut nfes/ klg a9L p7]sf] kfOG5 eg] ahf/ 36]sf] a]nfdf k'FhLut nfes/ klg sd p7]sf] kfOG5 . t;y{ ahf/ a9\g';Fu k'FhLut nfes/ hDdf x'g'sf] klg ;sf/fTds ;DaGw /x]sf] b]lvG5 . lj=;+= @)^$ ;fnb]lv ahf/ a9\g ;'? eO{ lj=;+= @)^% efb|df g]K;] OG8]S; !!&% /x]sf]df pQm jif{df k'FhLut nfes/ klg ?= (# s/f]8 !! nfv hDdf ePsf] 5 eg] cf=j= @)^^∞)^& df ljleGg /fhgLlts ptf/r9fjsf afah'b tyf k'FhLut nfes/sf] b/df 14 g]K;] /ht pT;j :dfl/sf, @)&$ ;d]t kl/jt{g u/L JolQmutnfO{ !) k|ltzt tyf ;+:yfutnfO{ !% k|ltzt agfOPaf6 ahf/ 36\g uO{ k'FhLut nfes/ klg ?= @^ s/f]8 #$ nfvdf l;ldt ePsf] 5 . cf=j= @)^*∞)^( df g]K;] OG8]S; 36]/ @(@ laGb' ePsf]df k'FhLut nfes/df s]xL ;'wf/ ePsf] b]lvG5 eg] cf=j= @)^(∞)&) df k'FhLut nfes/df pRr lu/fj6 cfO{ jif{el/df hDdf ?= !^ s/f]8 &( nfvdf ;Lldt ePsf] 5 . cf=j= @)&)∞)&! Df b]zdf k'gM ;+ljwfg;efsf] r'gfj eO{ gofF ;+ljwfg aGg] cfzfsf ;fy;fy} g]kfn /fi6 a}+saf6 a}}+s tyf ljQLo ;+:yfsf] k'FhLdf ef/L dfqfdf j[l4sf] k|efjn] ahf/nfO{ ;sf/fTds lbzfdf nu]sfn] lj=;+= @) >fj0fdf g]K;] OG8]S; !**!=$% laGb'df k'u];Fu} k'FhLut nfes/df klg a9f]Q/L x'Fb} ! ca{ $% s/f]8 k'u]sf] 5 . o;/L dflysf] tflnsfaf6 g]K;] OG8]S;;Fu k'FhLut nfes/sf] klg ;DaGw /x]sf] b]lvG5 . To:t} g]K;]] OG8]S;nfO{ klg g]kfnsf] /fhgLlts jftfj/0fn] k|efljt kf/]sf] 5 g} o;sf cnfjf s/sf] b/ ;fy;fy} ;DalGwt sDkgLsf] ljQLo cj:yfn] klg k|efj kf/]sf] b]lvG5 . t;y{ k'FhLut nfes/nfO{ klg sf/f]af/ s/sf] ?kdf ljsf; u/L Ps lglZrt ;fgf] k|ltztsf b/n] sf/f]af/df nufpg] xf] eg] pQm s/ p7fpg klg ;xhtf eO{ bL3{sfnLg /fh:jsf] Pp6f /fd|f] lgoldt ;|f]tsf] ?kdf klg ljsf; ug{ ;lsg]5 . t;y{ g]K;]n] k'FhL ahf/df ;xh ?kdf nufgLsf] aftfj/0f l;h{gf u/fO{ b]z ljsf;df ;xof]u k'âofpg] tyf t/ntf pknAw u/fO{ ahf/nfO{ ultzLn agfpg] sfo{ t u/]sf] x'G5 g} To;sf] cnfjf ;/sf/nfO{ k'FhLut nfes/sf] dfWodaf6 caf}{+ /sd h'6fpg ;Sg] ;|f]t klg ag]sf] 5 . To;sf nflu ;/sf/n] k'FhLut nfes/sf] ;Çfdf sf/f]af/ s/sf] ?kdf ljsf; u/]df s/sf] lgoldt tyf lbuf] ;|f]t klg x'g hfg]5 / ;fy;fy} cfd nufgLstf{sf] a'emfOdf /x]sf] gfkmfdf ;/sf/n] s/ nufpg] tyf gf]S;fgdf s/df ;x'lnot glbPsf] eGg u'gf;f]sf] klg cGTo x'g] b]lvG5 . To;}n] ;L8LP; PG8 lSnol/äsf] k"0f{ ?kdf sfof{Gjog eO;s]kl5sf] ca:yfdf tyf k"0f{ :jrflnt cgnfOg sf/f]af/ k|0ffnL sfof{Gjog x'g nfu]sfn] o;n] ahf/nfO{ yk t/ntf k|bfg ug]{ tyf cfGtl/s tyf afXo nufgLdf k|f]T;fxg x'g] ePsf]n] klg b]z lasf; lgdf{0fdf o;sf] dxTj a9\b} hfg] b]lvG5 .
15 g]K;] :dfl/sf /ht pT;j, @)&$ :6s PS;r]Ghsf] eljio æd'/fxl/ k/fh'nL jl/i7 clws[t, g]K;]
° PsLs/0f / ;fem]bf/Lsf] ljZjJofkL nx/n] k'FhL ahf/nfO{ ;'b[9 / Jofks agfpFb} nu]sf] 5 . ljleGg sfnv08 / e"v08df ePsf k|of]ul;4 tYonfO{ xfdLn] klg c+uLsf/ ug{'k5{ . xfd|f] k|of; k'FhL ahf/nfO{ v08Ls/0f ug]{ xf]Og PsLs/0f ug]{tkm{ nlIft x'g'k5{ .
‡ kl5Nnf] ;do ljB'tLo d'b|f la6sf]Ogsf] ahf/ d"No k|ltPsfO !^ xhf/ cd]l/sL 8n/;Dd k'u]sf] 5 . w]/} d'n'sn] cj}w 3f]if0ff u/]sf] of] d'b|fdf cfd nufgLstf{sf] cfsif{0f a9\bf] 5 . l;sfuf] af]8{ cK;g PS;r]Ghn] la6sf]Ogdfly Ço'r/ sf/f]af/ ;'? u/];Fu} o;n] j}wflgstf xfl;n ug]{ af6f] ;dfPsf] 5 . ;/sf/x?sf] rf;f] eg] c;+ul7t tyf ljs]lGb|t ljB'tLo ;~hfndf sf/f]af/ x'g] of] d'b|fn] lgDTofpg ;Sg] hf]lvddf 5 . ;/sf/x?sf cfufdL sbd h];'s} x'g\, of] d'b|fdfly ;j{;fwf/0fsf] :jLsfo{tf km}nFb} hfg] ;+s]t b]vfk/]sf 5g\ .
‡ kl/kSj ahf/df ljQLo ;DklQ s'g ?kdf /fVg] / To;sf] :jfldTj x:tfGt/0f ug]{ dfWod s'g x'g] eGg] 5gf]6 To:tf] ;DklQsf] j}wflgs xsbf/n] lgwf{/0f ug{ kfpg'kg]{ dfu hf]8tf]8sf ;fy pl7/x]sf] x'G5 . o:tf] dfu k'/fgf x'g'sf] cy{ x'G5ë s;}nfO{ s'g}klg ljQLo cf}hf/ -C0fkq, ;]o/ nufotsf lwtf]kq_ ;+ul7t ahf/ -:6s PS;r]Gh_d} lsga]r ug{ afWo kfg{ ;lsg] 5}g . vf;u/L èAns r]g∑ kIfw/x?n] o;sf] jsfnt ul//x]sf 5g / logLx?sf] cfjfh lbgk|ltlbg rsf]{ x'Fb} uO/x]sf] 5 .
‡ kfFr jif{cl3 l;+ufk'/ :6s PS;r]Ghn] c:6é]lnog ;]So'l/l6h PS;r]Gh vl/b ug]{ k|lqmof clGtd r/0fdf k'Ubf c:6é]lnofnL ;/sf/n] èbL3{sfnLg cfly{s k|efj kfg]{ /fli6éo rf;f]∑sf] ljifo eGb} pQm k|lqmofnfO{ /f]lslbof] . Pp6f :6s PS;r]Gh /fli6éo rf;f]sf] ljifo ag]sf] Tof] klxnf] 36gf eg] xf]Og . cfw'lgs :6s PS;r]Ghsf] k|fb'ef{j ePb]lv g}o;n] /fli6éo tyf cGt/f{li6éo cy{tGqdf dxTjk"0f{ e"ldsf v]Nb} cfPsf] 5 . To;}n] of] /fli6éo rf;f]sf] ljifo aG5 . ;+ul7t bf];|f] ahf/sf ;Gbe{df ePsf kl5Nnf] ;dosf s]xL k|ltlglw 36gfx? dfly pNn]v ul/Psf] 5 . oL 36gfx?n] :6s PS;r]Ghsf] eljio, r'gf}tL tyf cj;/sf ;Gbe{df ldl>t lrq k|:t't u/]sf 5g\ . ;qf}+ ztfAbLdf o'/f]kdf cl:tTjdf cfPsf] :6s PS;r]Gh xfdLn] oxfF aL;f}+ ztfAbLsf] pQ/f4{df b]Vg kfof}+ . ;g !(*) sf] bzsdf o'/f]k, cd]l/sfnufot k|yd ljZjsf d'n'sx? sDKo'6/s[t sf/f]af/ uO;s]sf lyP . xfdLn] @))& ;fndf dfq} To:tf] k4lt ckgfof}+ . sfuhL ;]o/ k|df0fkq Tofu]sf] d'l:snn] b'O{ jif{ k'u]sf] 5 . xfdLn] ;+ul7t ahf/ ;~rfngdf ljZjJofkL k|j[lQnfO{ k5àfPsf 5f}+ . xfd|f] cfÇg} df}lns cjwf/0ff 5}g . To;}n] ;+ul7t ahf/n] ljZjJofkL ?kdf h'g af6f] ;dfpF5 xfdL
16 g]K;] /ht pT;j :dfl/sf, @)&$ l9nf]ërfF8f] ToxfF k'Ug]5f}+ . clxn] ljsl;t d'n'ssf] ;+ul7t ahf/df b]lvPsf r'gf}tL xfdLn] ef]lnsf lbgdf ;fdgf ug}{ k5{ . emG8} $ ;o jif{ nfdf] cfw'lgs :6s PS;r]Ghsf] ljZj Oltxf;df cg]sf}+ ptf/r9fj cfPsf 5g\π :6s PS;r]Ghsf] :jfldTj, ;+/rgf tyf ;~rfngsf tf}/tl/sf ablnPsf 5g\ . t/, cfly{s j[l4df ;xof]u k'Ug] u/L k'FhL kl/rfngdfkm{t o;n] v]Ng] e"ldsfsf] dxTj 36]sf] 5}g . :6s PS;r]GhnfO{ cGt/f{li6éo hutn] h'g cy{ / dxTjsf ;fy a'em]sf] 5 ToxL cy{df xfdLn] a'ñgëa'emfpg ;s]sf 5}gf}+ . o;nfO{ ljlzi6 Joj;fosf ?kdf eGbf ljQLo ;]jf k|bfg ug]{ cGo ;fdfGo Joj;fo ;/x a'em]sf 5f}+ . a}+s, ladf jf c? s'g} ljQLo ;]jf k|bfos sDkgLeGbf o;nfO{ km/s cy{df lnPsf 5}gf}+ . ;qf}+ ztfAbLdf O:6 OlG8of sDkgLn] Joj;fo lj:tf/sf nflu ;]o/ hf/L u/]sf] lyof] . sfnfGt/df p;sf] l;sf] ub}{ ;]o/ hf/L ug]{ sDkgLx? o'/f]kdf y'k|} eP . tL sDkgLx?n] ;]o/ hf/L ug{ Ph]G6sf] k|of]u uy]{ . nufgLstf{n] lsg]sf] ;]o/ laqmL ug]{ 7fpF lyPg . o'/f]ksf skmL xfp;x?df èkmnfgf] sDkgLsf] ;]o/ lsGg] eP ;Dks{ ug{"∑ eGg] ;"rgfd"ns kf]:6/ 6fFl;Psf x'Gy] . kl5 ltg} skmL xfp; ;]o/ lsga]r ug]{ Ph]G6sf] e]63f6:yn aGof], df]ntf]n x'g yfNof], Ph]G6x? ;+ul7t x'Fb} uP . Tof] ;+ul7t :j?ksf] gfd :6s PS;r]Gh /Xof] . cfD:68{d / nG8gdf ;Fu;Fu} h;f] :6s PS;r]Gh v'Nof] . Go'of]s{ jfnl:6é6sf] rf}tf/Ldf e]nf x'g] :6s a|f]s/x?n] klg cfkm"nfO{ ;+ul7t agfP . kl5 o;n] Go'of]s{ :6s PS;r]Ghsf] ?k wf/0f uâof] . :6s PS;r]Gh cl:tTjdf cfPsf oL 36gf hlt /f]rs 5, TolQs} rfvnfUbf] logsf] ljsf;qmd 5 . xfn cfP/ :6s PS;r]Ghx?nfO{ ahf/ cy{tGqsf] ldof]sf] ?kdf lng] ul/Psf] 5 . a|f]s/ P;f]l;P;gsf ?kdf ca :6s PS;r]Gh ;Lldt /x]gg\ . jf:tjdf ca s'g} klg :6s PS;r]Gh Do'r'nfOh cu{gfOh];gsf ?kdf /xg] 5}gg\ . cfkm}+ gLltëlgod agfpg], cfkm}+ sfof{Gjog ug]{, cfkm}+ ahf/ ;~rfng ug]{, cGoyf x'g uP cfkm}+ sfaf{xLsf nflu cl3 ;g{'kg]{ lj/f]wfefifk"0f{ l:yltsf] cGTo x'g}kg]{ lyof] . :jfy{ aflemg] lsl;dsf] :6s PS;r]Ghx?sf] ;+/rgf kl/jt{g u/L ;+:yfut ;'zf;g sfod ug{' cfjZos lyof] . ;du| cy{tGq, /fhgLlts, ;fdflhs kl/kf6LnfO{ g} pynk'yn kfg]{ lsl;dsf ultljlwsf] pb\ud laGb' :6s PS;r]Ghx? x'g yfn]kl5 o;sf] ;';~rfngdf ;/sf/x?sf] rf;f] a9]sf] xf] . ;g !(#) bzssf] dxfdGbL, ;g\ !(*%, ;g !((& / ;g @))* sf] ljQLo ;+s6;Fu :6s PS;r]Ghx? hf]l8Psf 5g\ . vaf}{+sf] ;DklQ gfz ePsf], nfvf}+n] /f]huf/L u'dfPsf], 7'N7"nf ;+:yfx? w/fzoL ePsf oL 36gfn] ;/sf/x?nfO{ k'FhL ahf/ ;~rfngcToGt} ;+j]bgzLn ljifosf ?kdf u|x0f ug{ / ;f]xL cg'?k Jojxf/ ug{ afWo agfPsf] xf] . o;/L :6s PS;r]Ghsf] Oltxf;nfO{ s]nfpFbf s] b]lvG5 eg] cy{tGq / ;j{;fwf/0fsf] kIfdf o;n] rf/ lsl;dn] e"ldsf v]N5 . Tof] e"ldsfnfO{ k'FhL kl/rfng, t/ntf, d"No lgwf{/0f / hf]lvd tyf k|ltkmn ljt/0fdf juL{s/0f ug{ ;lsG5 . lwtf]kq hf/L ug]{ lgisf;gstf{ / vl/b ug]{ nufgLstf{ b'j} kIf :6s PS;r]Ghsf ;]jfu|fxL x'g . pBf]u Joj;fo ;~rfngsf nflu cfjZos kg]{ k'FhLsf] Joj:yf / ;ë;fgf] artnfO{ plrt k|ltkmn k|fKt x'g] ;fwgdf nufgL ug{ pko'Qm cj;/ k'FhL ahf/n] pknAw u/fpF5 . :6s PS;r]Ghlagfsf] k'FhL ahf/ xfdLn] sNkgf ug{ ;Sb}gf}+ .
17 g]K;] :dfl/sf /ht pT;j, @)&$ k'FhL ahf/df cfpg] x/]s lsl;dsf lwtf]kqnfO{ cfjZos k/]sf] a]nf gubdf kl/0ft ug{ ;lsg] Joj:yf :6s PS;r]Ghn] u/]sf] x'G5 . ljQLo ;DklQnfO{ h'g ;xhtf / tLj|tfsf ;fy t/ntf pknAw u/fpF5 TolQ g} r':t / ;Ifd :6s PS;r]Gh x'G5 . t/ntf pknAw u/fpg] qmd;Fu} To:tf ljQLo ;DklQsf] d"No lgwf{/0f klg eO/x]sf] x'G5 . ljQLo ;DklQsf] d"No lgwf{/0f ;"rgf k|jfx;Fu hf]l8Psf] ljifo xf] . ahf/df sf/f]af/ x'g] ljQLo ;DklQ;Fu ;Da4 ;a} vfn] ;"rgf ;/f]sf/jfnf ;a}sf] kx'Fr :yflkt ug]{ ;+oGq klg :6s PS;r]Gh g} xf] . nufgLstf{dfem pknAw ;"rgfsf] k|zf]wgdfkm{t ljQLo ;DklQsf] cGtlg{lxt / ahf/ d"NoaLr tfbfTDo sfod ug]{ k|of; lg/Gt/ eO/x]sf] x'G5 . haha ljQLo ;DklQsf] cGtlg{lxt / ahf/ d"Nosf] cGt/ a9\b} hfG5 ahf/df ;+s6 b]vf k5{g\ . To:tf ;+s6 /f]syfd ug]{tkm{ ahf/ ;~rfns ;r]t /xg'k5{ . hf]lvd / k|ltkmn x/]s Joj;fosf] cleGg kIf xf] . o; ljifodf w]/} uxg cWoog ePsf 5g\ . jf:tjdf O:6 OlG8of sDkgLn] ;]o/ hf/L ug{'sf] d'Vo p2]Zo g} hf]lvd / k|ltkmnsf] ljt/0f ug{' lyof] . jt{dfg ljQLo k|0ffnL O:6 OlG8of sDkgLn] b]v]sf] h:tf] hf]lvd / k|ltkmndf dfq ;Lldt 5}g . clxn] lwtf]kq ahf/df ;fwf/0f ;]o/eGbf lgs} hl6n lsl;dsf ljQLo cf}hf/sf] sf/f]af/ x'g] u/]sf] 5 . nufgLstf{n] oL hl6n cf}hf/x?df /x]sf hf]lvd / k|ltkmnnfO{ a'ñg] cfÇgf] Ifdtfcg'?k To;nfO{ u|x0f ug{ ;Sg] agfpg] cleef/f klg :6s PS;r]Ghs} x'g cfpF5 . :6s PS;r]Ghx?sf] 5ftf ;+u7g jN8{ km]8]/];g ckm PS;r]Gh]hn] d"ne"t ?kdf :6s PS;r]Ghx?sf] skf]{/]6fOh];g, sld;gdf pbf/Ls/0f / l:qmg a]:8 6éfGHofS;gdf hf]8 lbFb} cfPsf] 5 . :6s PS;r]Ghsf] k|efjsf/L ;~rfngsf nflu oL tLg ljifonfO{ Go"gtd ;t{ dflgPsf] 5 . log} Go"gtd ;t{sf] ;]/f]km]/f]df leGg :t/ / dfqfdf :6s PS;r]Ghx? ljsl;t ePsf 5g\ . xfn ;+;f/df b'O{ërf/ j6f :6s PS;r]Ghx? dfq Do'r'cnfOh cu{gfOh];gsf] ?kdf 5g\ eg] s]xL ;/sf/L :jfldTjsf 5g\ . ;a}h;f] :6s PS;r]Ghn] l:qmg a]:8 6éfGHofS;g k|of]udf NofPsf 5g\ . sld;gdf pbf/Ls/0fn] eg] ult lng ;s]sf] 5}g . ljs;Lt / kl/kSj ahf/n] dfq} sld;gsf] b/ lgwf{/0fnfO{ v'nf 5f]l8lbPsf 5g\ . ahf/nfO{ :yfloTj k|bfg ug{, kf/blz{tf sfod ug{, r':t agfpg, k|efjsf/L ;~rfng, nufgL ljljwLs/0f Pj+ k'FhL kl/rfngnfO{ Jofks agfpg'sf ;fy} ;~rfngsf] ult tLj| agfpg jN8{ km]8]/];g ckm PS;r]Gh]hn] plNnlvt tLg ljifodf hf]8 lbPsf] xf] . o; qmddf :6s PS;r]Ghsf] cfDbfgL 36\g] t/ vr{ a9\g'sf ;fy} On]S6éf]]lgs sDo'lgs];g g]6js{, ANofs k'nh:tf j}slNks sf/f]af/:yn klg b]vf kg{ yfn]kl5 o; If]qdf Ps csf]{ k|j[lQ ljsl;t ePsf] 5 . of] k|j[lQ :6s PS;r]Ghx?sf] PsLs/0f / /0fgLlts ;fem]bf/L xf] . ljQLo pbf/Ls/0f -k'FhL vftf k"0f{ kl/jTo{tf_ / ;"rgf k|ljlwsf] ljsf;n] k'FhL ahf/sf] PsLs/0fnfO{ tLj| agfPsf] 5 . Pscsf{ d'n'sdf lwtf]kq hf/L ug]{, sDkgLx? ljb]zL ahf/df ;"rLs/0f ug]{, ljb]zL ahf/df ;"rLs[t sDkgLsf ;]o/ tyf cGo lwtf]kq lsga]r ug]{ rng lj:tfl/t x'Fb} uPsf] 5 . d'n'ssf] cfly{s gLlt, k|ljlwsf] ljsf;, ahf/ ;Da4 P]gësfg'g, lgodg tyf ;'kl/j]IfsLo Ifdtf Pj+ ahf/ ;xefuLsf] /0fgLltn] :6s PS;r]Ghsf] PsLs/0fnfO{ an k'u]sf] 5 .
18 g]K;] /ht pT;j :dfl/sf, @)&$ o'/f]kdf :6s PS;r]Ghx? PsLs/0fsf] k|of; ;g\ !(^) sf] bzsaf6} ;'? ePsf] xf] . pQ/ cd]l/sfdf klg ;ë;fgf :6s PS;r]Ghx? 7"nf :6s PS;r]Ghdf lano x'g] qmd Tolta]n};'? ePsf] xf] . ;g @))) df k]l/; :6s PS;r]Gh, cfd:68{d :6s PS;r]Gh / a|;]N; :6s PS;r]Gh ldn]/ ag]sf] o'/f]g]S:6 ;a}eGbf dxTjk"0f{ 36gf xf] . o;df kl5 ln:ag :6s PS;r]Gh / nG8g :6s PS;r]Gh ylkP eg] ;g\ @)!# df Go'of]s{ :6s PS;r]Gh;Fusf] ;fem]bf/Ln] o;nfO{ ;a}eGbf 7"nf] cGt/dxfb]zLo ;~hfnsf ?kdf :yflkt ul/lbof] . o'/f]g]S:6sf] l;sf] ub}{ :6s PS;r]Ghsf] PsLs/0fn] tLj|tf kfPsf] 5 . Sofg8f, xäsä, hfkfg, hd{gL, aflN6s tyf gl8{s d'ns / a|flhndf PsLs/0fdfkm{t 7"nf :6s PS;r]Ghx? v8f ePsf 5g\ . ;fs{ If]qdf ut jif{ s/fFrL, O:nfdfjfb / nfxf]/ ldn]/ kfls:tfg :6s PS;r]Gh ag]sf] 5 . emG8} !% jif{ nfdf] k|of;kl5 kfls:tfgdf :6s PS;r]Ghsf] PsLs/0fn] d"t{ ?k lnPsf] xf] . PsLs/0f x'g g;s]sf] cj:yfdf /0fgLlts ;fem]bf/Ldfkm{t a[xt\ sf/f]af/ ;~hfn lgdf{0f ug]{ qmd klg jt{dfg ljZjdf rln/x]sf] 5 . vf;u/L dn]l;of, l;+ufk'/ / yfONofG8sf] ;fem]bf/L, c:6é]lnof / Go'lhNofG8sf] ;fem]bf/L, xäsä / ;f+3fO{ tyf xäsä / ;]Gh]gsf] ;fem]bf/L, k]? sf]nlDaof / lrnL ldn]/ ag]sf] ;~hfn tyf k"j{ clk|msL d'n'ssf :6s PS;r]Ghx?sf] ;fem]bf/Ln] a[xt\ sf/f]af/ d~r lgdf{0f u/]sf 5g\ . o;afx]s ;"rLs/0f jf sf/f]af/ dfq} u/fpg] cyjf Pscsf{sf] d'n'sdf lwtf]kq hf/L ug]{ u/L y'k|} ;Demf}tf ePsf 5g\ . of] PsLs/0f / ;fem]bf/Lsf] ljZjJofkL nx/n] k'FhL ahf/nfO{ ;'b[9 / Jofks agfpFb} nu]sf] 5 . ljleg sfnv08 / e"v08df ePsf k|of]ul;4 tYonfO{ xfdLn] klg c+uLsf/ ug{'k5{ . xfd|f] k|of; k'FhL ahf/nfO{ v08Ls/0f ug]{ xf]Og PsLs/0f ug]{tkm{ nlIft x'g'k5{ . o;f] x'g ;s]sf] cj:yfdf dfq cfsf/sf] ldtJolotfsf] nfe kfpg ;S5f}+, sf/f]af/sf] nfut Go"g eP/ hfG5, ahf/n] :yfloTj k|fKt u5{, hf]lvd Go"gLs/0f x'Fb} hfG5, sfo{Ifdtfdf j[l4 x'G5, k|efjsfl/tf a9\5, kf/blz{tf tyf ;+:yfut ;'zf;gsf] k|j4{g x'G5 . xfd|f] gLltut lg0f{o / Jojxfl/s sfo{ o;tkm{ s]lGb|t x'g'k5{ . o;af6 d'n'ssf] cfly{s ;d[l4 tyf ;j{;fwf/0fsf] cfly{s lxt ;'lglZrt ug{ ;lsG5 . ;]So'l/6L vl/bëlaqmL s]Gb|af6 ;'? ePsf] xfd|f] Oltxf; cf]kg cfp6 qmfO{ l;:6d x'Fb} ;]dL c6f]d]6]8 6é]l8ä Kn]6kmd{nfO{ km'NnL c6f]d]6]8 6é]l8ä l;:6dn] k|lt:yfkg ug]{ r/0fdf k'u]sf] 5 . sf7df8f}+df ;Lldt ahf/ k"j{df emfkfb]lv klZrddf s}nfnL k'u]sf] 5 . b]ze/sf @@ ;x/df sf/f]af/sf nflu (@ 6]él8ä 6ld{gn pknAw ePsf 5g\ . ;fwf/0f ;]o/sf] sf/f]af/dfq eO/x]sf] cj:yfaf6 dfly p7\g} kg]{ ePsf] 5 . o; ;DaGwdf ljleGg :jb]zL tyf ljb]zL ;+:yfx?;Fu k|f/lDes 5nkmn ePsf] 5 . g]K;]sf] of] k|of;df ;a}sf] ;xof]u ck]lIft 5 .
19 g]K;] :dfl/sf /ht pT;j, @)&$ lwtf]kqsf] bf];|f] ahf/ sf/f]af/sf] ;'kl/j]If0f ælul//fh bfxfn jl/i7 clws[t, g]K;] ° bf];|f] ahf/ sf/f]af/sf] ;'kl/j]If0fnfO{ k|efjsf/L agfpg sfg'gL Joj:yf dfq kof{Kt x'Fb}g To:sf nflu lwtf]kq ahf/sf] sf/f]af/ k|0ffnL klg ;'kl/j]If0fd}qL x'g' cfjZos 5 . lwqf]kqsf] bf];|f] ahf/ Pp6f ;+j]bgzLn ahf/ xf] . o;nfO{ Jojl:yt 9+uaf6 ;~rfng u/L cfd nufgLstf{df lwtf]kq ahf/k|ltsf] ljZj;gLotf clej[l4 ug{ o;;Fu ;DalGwt lgodësfg'g cfjZos k5{ . cfd nufgLstf{nfO{ ;';"lrt ug{ h;/L lwtf]kq ahf/df ;"rgfsf] dxTjk"0f{ e'ldsf x'G5, To;}u/L ahf/nfO{ :jR5, ljZj;gLo / kf/bzL{ agfpg k|efjsf/L cg'udg tyf ;'kl/j]If0f ;DaGwL sfg'gL Joj:yfsf] klg dxTjk"0f{ e"ldsf x'G5 . ljZje/sf] cEof; x]g]{ xf] eg] ;du| k'FhLahf/sf] ;'kl/j]If0f tyf lgodg ug{ ljleGg b]zdf ;/sf/sf km/skm/s lgsfox? tf]lsPsf x'G5g\ . t/ bf];|f] ahf/df x'g] sf/f]af/sf] ;'kl/j]If0f tyf cg'udg ug{ cu|k+lQmsf] lgofdssf] ?kdf :6s PS;r]Ghx?n] g} k|d'v e"ldsf lgjf{x ub}{ cfPsf] kfOG5 . cfh ;+;f/df k|ljlwdf ePsf] b'|tt/ ljsf;sf sf/0f cGo If]qdf h:t} lwtf]kq ahf/df klg ljleGg k|sf/sf sfg'gL r'gf}tL ylkPsf 5g\ . ablnFbf] k|ljlwsf sf/0f Psftkm{ lwtf]kq ahf/df ;dofg's"n sfg'gL Joj:yf ug{'kg]{ ePsf] 5 eg] csf]{tkm{ gofFgofF k|ljlwsf sf/0f cGo If]qdf h:t} lwtf]kq ahf/df klg a9\g ;Sg] ;Defljt gofF k|sf/sf cfk/flws ultljlwnfO{ dWogh/ u/L ;f]xL adf]lhd k|ljlwd}qL sfg''gsf] cfjZostf 5 . lwtf]kq ahf/ cfd nufgLstf{sf] ;/f]sf/ x'g] ;+j]bgzLn If]q ePsfn] o;df cem k|:6 sfg'gL Joj:yfsf] cfjZostf k5{ . bf];|f] ahf/ sf/f]af/sf] ;'kl/j]If0fnfO{ k|efjsf/L agfpg sfg'gL Joj:yf dfq kof{Kt x'Fb}g To;sf nflu lwtf]kq ahf/sf] sf/f]af/ k|0ffnL klg ;'kl/j]If0fd}qL x'g' cfjZos 5 . ;'kl/j]If0fsf cGt/f{li6ïo cEof; k|efjsf/L 9+un] ;'kl/j]If0f tyf cg'udg ug{ ;du| k'FhL ahf/sf] lgodg lgsfo / :6s PS;r]Gh b'j} k|ljlwo'Qm / pQm k|ljlw;Fu d]n vfg] k|ljlwd}qL sfg'gL Joj:yfo'Qm x'g'k5{ . ;fdGotof ljZjel/ g} èjf:tljs ;do ;'kl/j]If0f∑ / èckmnfOg ;'kl/j]If0f∑ u/L b'O{ lsl;daf6 bf];|f] ahf/ sf/f]af/sf] ;'kl/j]If0f x'g] u/]sf] kfOG5 . ef/tdf ;'kl/j]If0fsf nflu ;]So'l/l6h s/f/ /]u'n];g PS6, !(%^ tyf lgod !(%&, ;]aL -:6s a|f]s/ PG8 ;aa|f]s/_ /]u'n];g !((@, ;]aL -k|f]le6];g ckm OG;fO8/ 6]él8ä_ /]u'n];g !((@, ;]aL -k|f]le6];g ckm k|m8]G6 PG8 cgkm]o/ 6é]8 k|flS6;]h_ /]u'n];g @))), lk|e]G6 ckm dgL nfpG8l/ä PS6, @))), skf]{/]6 ue{g]G; sf]8 ckm sG8S6 h:tf ljleGg lgod tyf sfg'gL Joj:yf nfu" ul/Psf] 5 . bf];|f] ahf/sf] ;'kl/j]If0f ug{ ef/tdf cg';Gwfg, ;'kl/j]If0f / hf]lvd Joj:yfkg h:tf ljlwx? ckgfPsf] kfOG5 . k"j{ljZn]if0f, ;'kl/j]If0f ultljlw -cgnfOg / ckmnfOg ;'kl/j]If0f_, ckmjfx k|df0fLs/0f, hf]lvd lgjf/0fsf nflu ljleGg pkfox? canDag ug]{ u/]sf] kfOG5 .
20 g]K;] /ht pT;j :dfl/sf, @)&$ ef/tsf] d'DaO{ :6s PS;r]Ghdf lwtf]kqsf] d"No, l:ylt lgu/fgL tyf k"j{lgu/fgL / cg';Gwfg u/L d'VotM tLg k|sf/af6 ahf/sf] ;'kl/j]If0f ug]{ u/]sf] kfOG5 . d"No cGtu{t d"Nodf ePsf] c:jfefljs 36a9 tyf d"No / kl/df0f b'j}df ePsf] c:jfefljs pQf/r9fjsf] cg'udg, l:ylt lgu/fgL / k"j{lgwf{l/t hf]lvd Joj:yfkg d'Vo ;b:ox?sf] c;dfGo l:ylt;Fu ;DalGwt 5g\ . cg';Gwfg cGtu{t :Gofk cGj]if0f, k/LIf0fx? / lj:t[t cg';Gwfg ug]{ u/]sf] kfOG5 . cd]l/sfsf] gf:8sn] :df6{ 6]é8 ;'kl/j]If0f ;km\6j]o/ k|0ffnL•f/f sf/f]af/sf] ;'kl/j]If0f ug]{ u/]sf] kfOG5 ;fy} gf:8sn] dfl;s, q}dfl;s / jflif{s ?kdf b}lgs ;'kl/j]If0f ultljlw ;d]l6Psf] ;'kl/j]If0f k|ltj]bg ;fj{hlgs ug]{ u/]sf] 5 . a+unfb]z :6s PS;r]Ghdf d"No / kl/df0fdf ePsf] c:jfefljs 36a9 ;fy} cfjZos sbd rfNg'k"j{ l8kmN6 hf]lvd Joj:yfkg u/]/ ;'kl/j]If0f ub}{ cfPsf] kfOG5 . g]kfndf ;'kl/j]If0fsf nflu ePsf sfg'gL Joj:yf lwtf]kq P]g, @)^# n] g]kfnsf] ;du| k'FhL ahf/sf] cg'udg ug{ g]kfn lwtf]kq af]8{nfO{ clwsf/ lbPsf] 5 . pQm P]gsf] kl/R5]b ( n] lwtf]kqsf] leqL sf/f]af/ / lwtf]kq sf/f]af/;DaGwL s;"/ tyf b08ë ;hfosf] Joj:yf u/]sf] 5 . pQm kl/R5]bsf] bkmf (! df ãleqL sf/f]af/ eGgfn] s'g} JolQmn] ;fj{hlgs gePsf lwtf]kqsf] d"Nodf c;/ kfg{ ;Sg] leqL ;"rgf jf hfgsf/Lx?sf] cfwf/df cfkm"n] lwtf]kq sf/f]af/ u/]df jf c?nfO{ lwtf]kq sf/f]af/ ug{ nufPdf jf cfkm"nfO{ yfxf ePsf] ;"rgf jf hfgsf/L cfkm\gf] st{Jo kfngfsf] l;nl;nfdf afx]s c? s;}nfO{ lbPdf To:tf] JolQmn] lwtf]kqsf] leqL sf/f]af/ u/]sf] dflgg]5á pNn]v 5 . To:t} pQm P]gsf] bkmf ($ n] em'6f] sf/f]af/;DaGwL Joj:yf u/]sf] 5 . pQm bkmfdf elgPsf] 5M -s_ k|ToIf jf ck|ToIf ?kdf lwtf]kq vl/b jf laqmL ePsf] eP tfklg jf:tljs :jfldTj km/s gkg]{ ePdf, -v_ csf]{n] vl/b jf laqmL ug{ k|:tfj u/]sf] d"No yfxf kfO{ ;f]xL;Fu ldNg] u/L vl/b jf laqmL ug]{ k|:tfj u/]sf] ePdf . To:t}, bkmf (* df hfn;fhLo'Qm sf/f]af/af/] Joj:yf ul/Psf] 5 . pQm bkmfdf elgPsf] 5M -s_ s;}nfO{ em'Sofpg s'g} k|ljlw, of]hgf jf sfd u/]df jf s;}nfO{ em'Sofgdf kf/L s'g} sfd u/fPdf jf sfddf nufPdf hfn;fhLo'Qm sf/f]af/ dflgg]5 . ;DklQ z'4Ls/0f tyf cft+ssf/L lqmofsnfkdf ljQLo nufgL lgjf/0f lgb]{lzsf, @)^( df klg lwtf]kqsf] sf/f]af/ ug]{ u|fxs / z+sf:kb ultljlwsf] klxrfg ug]{, lwtf]kq sf/f]af/sf] k|ltj]bg k]; ug]{ tyf hf]lvd Joj:yfkg ug'{kg]{ h:tf k|fjwfg 5g\ . To;}u/L, ;/sf/L C0fkq bf];|f] ahf/ sf/f]af/ ;~rfng ljlgodfjnL, @)^@ sf] ljlgod !# n] sf/f]af/df kf/blz{tf Nofpg sf/f]af/;DaGwL clen]v /fVg'kg]{, ljlgod !$ n] ;b:ox?n] hfgsf/L tyf ljj/0f k]; ug{'kg]{, ljlgod !% n] sf/f]af/ :yug ug{ ;Sg], ljlgod !^ n] ;b:osf] lg/LIf0f / ljlgod !& n] sf/f]af/ ug{ /f]s nufpg ;Sg] h:tf Joj:yf u/]sf] 5 . lwtf]kq P]g, @)^# sf] bkmf !!& -u_ df lwtf]kq ahf/n] lwtf]kq ahf/ :jR5 / kf/bzL{ 9+uaf6 ;~rfng ug{ sd{rf/Lsf] ;]jf / cfr/0f tyf ahf/ lg/LIf0f / cg'udg;DaGwL Joj:yf ug{ lwtf]kq af]8{sf] :jLs[ltdf lwtf]kq ahf/n] ljlgod agfpg ;Sg] Joj:yf 5 . 21 g]K;] :dfl/sf /ht pT;j, @)&$ ;'kl/j]If0fdf b]lvPsf ;d:of / ;dfwfgsf pkfo bf];|f] ahf/ sf/f]af/ / ;b:o bnfnsf] cg'udg ug{ g]kfnsf] Psdfq :6s PS;r]Gh g]kfn :6s PS;r]Gh lnld6]8n] sf/f]af/sf] cg'udg tyf ;'kl/j]If0f jf:tljs ;do ;'kl/j]If0f / ckmnfOg ;'kl/j]If0fsf] ?kdf ub}{ cfO/x]sf] 5 . g]K;]sf] jt{dfg ;'kl/j]If0f k|0ffnL k"0f{tof k|ljlwd}qL x'g g;s]sf] / ;'kl/j]If0f;DaGwL sfg'gL Joj:yf klg k'/fgf] / c:ki6 eP klg g]K;]n] cfGtl/s ;|f]t, ;fwgn] EofP;Dd lgGt/ ?kdf ;'kl/j]If0f ub}{ cfPsf] 5 . o;} ;Gb{edf Pp6f k|ltlglw pbfx/0f x]/f}+ë g]K;]df ;"rLs[t sDkgL o'gfO6]8 OG:of]/]G; sDkgL lnld6]8sf] lwtf]kqx? ljleGg ;dodf nufgLstf{aLr bf];|f] ahf/df k6sk6s vl/bëlaqmL eO/x]sf] lyof] . pQm sDkgLn] Unf]an cfO{PdO{ Soflk6n -tTsfnLg Pln6 Soflk6n lnld6]8_ nfO{ ;]o/ /lh:6éf/ lgo'Qm u/]sf] lyof] . pQm o'gfO6]8 OG:of]/]G; sDkgLsf] sf/f]af/ eO{ nufgLstf{sf] gfddf :jfldTj x:tfGt/0f xF'bf ;+:yfks / ;j{;fwf/0f b'j} ;d"xsf] ;]o/ w]/}k6s sf/f]af/ ePsf] b]lvof] . ;j{;fwf/0f ;d"xsf] ;]o/ egL vl/b u/]sf nufgLstf{sf] gfddf ;+:yfks ;d"xsf] ;]o/x? gfd;f/L ePkl5 g]K;]df nufgLstf{af6 u'gf;f] btf{ eof] . o'gfO6]8 OG:of]/]G; / pQm sDkgLsf] ;]o/ /lh:6éf/ Unf]an cfO{PdO{ Soflk6nnfO{ pQm ;d:of ;dfwfg k6sk6s df}lvs / lnlvt lgb]{zg lbOof] . o; ljifodf k6sk6s 5nkmn klg eof] . t}klg ;d:of ;dfwfg gePkl5 nufgLstf{ / sDkgLaLr g]K;]sf] kxndf 5nkmn u/fO{ g]K;]s} dWo:ytfdf pQm sDkgLsf] ;]o/sf] ahf/ d"No a/fa/sf] /sd nufgLstf{nfO{ sDkgLn] lkmtf{ lbO{ ;+:yfks ;]o/x? sDkgL :jo+n] vl/b u/L ;d:of ;dfwfg ul/of] . t}klg To;sf] sfg'gL cfwf/ :ki6 ePsf] kfOFb}g . of] t Pp6f k|ltlglw pbfx/0f dfq xf] . o:tf y'k|} k|sf/sf ;d:of g]K;]sf] dWo:ytfdf ;dfwfg ePsf 5g\ . ;b:otf tyf sf/f]af/ /fkm;fkm tyf km:of}{6 ljlgodfjnL, @)%% Open Out Cry System nfu" x'Fbfsf] a]nf ag]sf] xf] . xfnsf] sDKo'6/s[t sf/f]af/ k|0ffnLsf] ;'?jft lj;+ @)^$ ;fnd} eP klg To; adf]lhdsf] sfg'gL Joj:yf xfn;Dd x'g ;s]sf] 5}g . bf];|f] ahf/ sf/f]af/nfO{ lgoldt / k|efjsf/L 9+un] ;'kl/j]If0f u/L leqL sf/f]af/, em'6f sf/f]af/, Rumor verification u/L cfd nufgLstf{df ahf/k|ltsf] ljZj;gLotf clej[l4 ug{ xfn b]lvPsf oL ;d:ofsf] plrt ;dfwfg ug{' kb{5 .
!= sf/f]af/sf] ;'kl/j]If0fsf nflu xfnsf] ;b:otf tyf sf/f]af/ ljlgodfjnL, @)%% Open Out Cry System nfu" ePsf avt ag]sf] / xfnsf] ;Gbe{df k'/fgf] eO;s]sfn] sDKo'6/s[t k|0ffnLd}qL x'g ;s]sf] 5}g . o;sf nflu xfnsf] ;]dLëc6f]d]6]8 tyf eljiodf cfpg nfu]sf] k"0f{ c6f]d]6]8 cgnfOg 6]l8ä k|0ffnLd}qL x'g] u/L g]K;]sf] sf/f]af/ ;~rfng ljlgodfjnL ;+zf]wgsf] clGtd r/0fdf k'u]sf] 5 . pQm ljlgodfjnL :jLs[t u/L tTsfn nfu" ug{'kg]{ b]lvPsf] 5 . @= xfnsf] ;]dLëc6f]d]6]8 sf/f]af/ k|0ffnLnfO{ lj:yflkt u/L k"0f{ c6f]d]6]8 cgnfOg k|0ffnL agfP;Fu} pQm k|0ffnLnfO{ k"0f{ ;'kl/j]If0fd}qL ;d]t agfP/ sf/f]af/sf] Real time / Off time ;'kl/j]If0fnfO{ k|ljlwd}qL agfpg cfjZos b]lvPsf] 5 . #= lwtf]kq ahf/ ;+j]bgzLn / hf]lvdo'Qm ahf/ ePsf] sf/0f hf]lvd Joj:yfkg k|0ffnLnfO{ k|efjsf/L agfpg' cfjZos 5 .
22 g]K;] /ht pT;j :dfl/sf, @)&$ $= ;'kl/j]If0fsf nflu lwtf]kq P]g, @)^# bkmf !!& -u_ df ePsf] Joj:yf adf]lhd g]K;]sf kbflwsf/L Pj+ sd{rf/Lsf nflu cfrf/ ;+lxtf ;b:o bnfn Pj+ bf];|f] ahf/ sf/f]af/sf] cg'udg tyf ;'kl/j]If0f sfo{ljlw agfP/ nfu" ug{'kg]{ b]lvPsf] 5 . %= ;'kl/j]If0fnfO{ k|efjsf/L agfpg k|ljlw / sfg'g;Fu} ;'kl/j]If0f sfo{df xfn g]K;]df sfo{/t sd{rf/Lsf] ;+Vof ckof{Kt ePsf] xF'bf ;'kl/j]If0fnfO{ 5'Ç} ljefu / oyf]lrt sd{rf/Lsf] Joj:yf u/L pgLx?sf] bIftf clej[l4sf nflu /fli6éo tyf cGt/f{li6éo :t/sf tflndsf] ;d]t Joj:yf ug{' cfjZos 5 . ^= ;b:o bnfnsf] k|efjsf/L cg'udgsf nflu xfnsf] sf/f]af/ tyf ;b:otf ljlgodfjnL, @)%% k'/fgf] ePsf] / sf/f]af/ ljlgodfjnL;Fu Ps} 7fpFdf ePsf sf/0f w]/} ljifo :ki6 x'g g;s]sf] x'Fbf pQm ljlgodfjnLnfO{ sf/f]af/ ljlgodfjnLaf6 cnu u/L 5'Ç} ;b:otf ljlgodfjnL agfO{ nfu" ug{'k5{ . &= bf];|f] ahf/df lgoldt x'g] lwtf]kqsf] sf/f]af/sf cltl/Qm g]K;]nfO{ tf]lsPsf ;b:o bnfnsf cGo ljljw kIfsf] ;d]t lgoldt ?kdf cg'udg tyf lg/LIf0f ug]{ Joj:yf ug{'kg]{ b]lvPsf] 5 . *= ahf/k|lt cfdnufgLstf{sf] ljZjf; a9fpg g]K;]af6 k|To]s cfjdf eP, u/]sf sf/f]af/ tyf ;b:osf] cg'udg tyf ;'kl/j]If0f;DaGwL sfo{ Pj+ ultljlw ;d]l6Psf] cnUu} jflif{s ;'kl/j]If0f k|ltj]bg tof/ ug{' pko'Qm x'G5 . cGTodf, bf];|f] ahf/df b]lvPsf ;'kl/j]If0f;DaGwL r'gf}tLx? k"0f{ :jrflnt cgnfOg sf/f]af/ k|0ffnL ;~rfng eO{ sf/f]af/ ljlgodfjnL / ;b:otf ljlgodfjnL nfu" eP;Fu} s]xL ;xh, ;/n / sfg'gL ?kdf :Kfi6 x'g] b]lvP tfklg ablnFbf] k|ljlw;Fu} cfpg ;Sg] hf]lvdnfO{ ;d]t dWogh/ u/L cu|k+lQmsf] g]kfn :6s PS;r]Ghn] emg} k|efjsf/L 9+un] ;'kl/j]If0f tyf cg'udgsf nflu sfd ug{'kg]{ b]lvG5 eg] ;f]xL adf]lhd ;'kl/j]If0fnfO{ cem k|efjsf/L agfpg nufgLstf{, ;b:o bnfn / ;DalGwt ;/f]sf/jfnfsf] ;xof]u / ;du| k'FhL ahf/sf] lgofds lgsfo g]kfn lwtf]kq af]8{sf] lgb]{zg / ;xhLs/0f ;d]t ckl/xfo{ x'g hfG5 . ;Gbe{ ;"rL != lwtf]kq P]g, @)^# @= ;DklQ z'4Ls/0f tyf cft+ssf/L lqmofsnfkdf ljQLo nufgL lgjf/0f lgb]{lzsf, @)^( #= ;/sf/L C0fkq bf];|f] ahf/ sf/f]af/ ;~rfng ljlgodfjnL, @)^@ $= ;b:otf tyf sf/f]af/ /fkm;fkm tyf km:of}{6 ljlgodfjnL, @)%% %= www.nseindia.com ^= www.dsebd.org &= http://business.nasdaq.com *= www.sebon.gov.np (= www.nepalstock.com
23 g]K;] :dfl/sf /ht pT;j, @)&$ ;"rLs[t sDkgL / ;+:yfut ;'zf;g æhulbz l/hfn clws[t, g]K;] ° k|To]s ;"rLs[t sDkgLdf ;+:yfut ;'zf;g sfod ug{ ;lsof] eg] o;af6 ;du| d'n's g} nfeflGjt x'g]5 . o; ;Gbe{df sDkgL ;~rfng eg]sf] ;]owgLaLr k|ltkmn / hf]lvd ljt/0fdfq xf] eGg] a'emfOnfO{ cln km/flsnf] agfpg' k5{ . o;sf nflu xfdLn] cGt/f{li6Üo ?kdf k|rngdf /x]sf] ;+:yfut ;'zf;gsf l;4fGtnfO{ a'ºg'k5{ . ° k'FhL ahf/df hfg' eg]sf] k|ltkmn ljt/0f ug]{dfq xf], hf]lvd xf]Og eGg] dfgl;stfaf6 xfdL u|:t 5f}+ . k'FhL ahf/df ljBdfg ;fdfGo sdL sdhf]/LnfO{ lnP/ o; vfnsf] wf/0ff ag]sf] x'g ;S5 . of] cg'Tkfbs ;f]r abNg] bfloTj xfdL ;a}sf] xf] . xfd|f] Jofj;flos If]qdf Ps lj/f]wfefifk"0f{ l:ylt 5 . Psflt/ 7"nf pBf]u, Joj;fo ;~rfngsf nflu cfjZos k'FhLsf] cefj 5 eg] csf]{lt/ ;j{;fwf/0f;Fu caf}{+ ?k}ofF 5l/P/ /x]sf] 5 . of] lj/f]wfefifk"0f{ l:yltsf] cGTo k'FhL ahf/n] ug{ ;S5 . gLltut Pj+ ;+:yfut ;+/rgfsf] ljsf;dfkm{t o;nfO{ ;Daf]wg ug]{ ;DaGwdf xfd|f] plrt Wofg k'Ug ;s]sf] 5}g . clws cfo If]qdf /x]sf] art ;f] If]qaf6 cefj If]qtkm{ k|jfx ug]{ ;a}eGbf pQd dfWod k'FhL ahf/ xf] . k'FhL ahf/n] Jofj;flos 1fg tyf k'FhL kl/rfngdf ;]t'sf] sfd u5{ . t/, xfd|f pBdLdf k'FhL ahf/nfO{ pkof]u ug]{ ;f]rsf] kof{Kt ljsf; eO;s]sf] 5}g . k'FhL ahf/df hfg' eg]sf] k|ltkmn ljt/0f ug]{dfq xf], hf]lvd xf]Og eGg] dfgl;stfaf6 xfdL u|:t 5f}+ . k'FhL ahf/df ljBdfg ;fdfGo sdL sdhf]/LnfO{ lnP/ o; vfnsf] wf/0ff ag]sf] x'g ;S5 . of] cg'Tkfbs ;f]r abNg] bfloTj xfdL ;a}sf] xf] . lgodn] afWosf/L agfPs}n] ljQLo If]qsf sDkgLx? -a}+s, ljQ / ladf_ k'FhL ahf/df cfPsf 5g\ . xfn g]K;]df ;"rLs[t !(% sDkgLdWo] !@% ljQLo If]qsf x'g\ . of] tYof+sn] s] k|:6 kf5{ eg] lgodn] afWo agfPdfq Jofj;flos ;+:yfx? klAns sDkgLsf ?kdf :yfkgf eP/ k'FhL ahf/df k|j]z u5{g\, gq ub}{gg\ . )$^ ;fnsf] /fhgLlts kl/jt{g / /fHon] c+uLsf/ u/]sf] cfly{s pbf/Ls/0fn] lghL If]qdf y'k|} Joj;fo km:6fPsf 5g\ . s[lif, ko{6g, lzIff, :jf:Yo, lgdf{0f, ;]jf, b"/;~rf/, pTkfbg tyf k|zf]wg If]qsf To:tf w]/} pBf]u Joj;fo k'FhL ahf/df cfPsf 5}gg\ . klAns sDkgLdfkm{t Joj;fo ;~rfngsf] ax'cfoflds k|efj 5g\ . :yfgfefjsf sf/0f oxfF klAns sDkgLdfkm{t Joj;fo ;~rfngsf ;Gbe{df pBdL, Joj;foLnfO{ x'g] nfesf] dfq rrf{ ul/Psf] 5 . ;a} Joj;fo ;kmn x'G5 eGg] 5}g . klAns sDkgLdfkm{t Joj;fo ubf{ hf]lvd ;]o/wgLsf] 7"nf] ;d'bfodf ljt/0f x'G5 . o:tf sDkgLdf ;]o/wgLsf] bfloTj nufgL /sddf dfq} ;Lldt x'g' klg Pp6f ;sf/fTds kIf xf] .
24 g]K;] /ht pT;j :dfl/sf, @)&$ klAns sDkgLdfkm{t nufgLstf{sf] 7"nf] ;d'bfoaf6 k'FhL ;+sng ug{ ;lsG5 . pBf]uëJoj;fo :yfkgf, ;~rfng tyf lj:tf/sf] ljleGg r/0fdf k'FhL ;+sng ug]{ cj;/ ahf/ ;+/rgfn] pknAw u/fpF5 . of] sDkgLsf] ;]o/ ;j{;fwf/0fnfO{ laqmL u/]/ k|fKt x'g] k|ToIf nfe xf] . sDkgLsf] ljQLo cj:yf ;'b[9 eP C0f vf]Hg / C0fsf ;t{df df]ntf]n ug{ klg ;lhnf] x'G5 . klAns sDkgLsf] ;]o/sf] ahf/of]Uotf t'ngfTds ?kdf kfl/jfl/s jf cGo s'g} lsl;dn] rn]sf Jofj;flos ;+u7gsf] eGbf pRr x'G5 . klAns sDkgLsf ?kdf :yflkt sDkgL :6s PS;r]Ghdf ;"rLs[t x'g] ePsf]n] ;]o/wgLnfO{ ahf/df k|rlnt d"Nodf cfkm\gf] ;]o/ laqmL ug{ ;lhnf] x'G5 . o;n] ;]o/wgLnfO{ cfkm\gf] ;]o/ lwtf]df /fv]/ C0f lng klg ;Ifd agfpF5 . sDkgLsf] ;]o/sf] ahf/of]Uotfdf j[l4;Fu} sDkgLafx]s cfkm\gf] ?lrsf cGo If]qdf ;DklQ /fVg ;Sg] ePsfn] ;]o/wgLsf] t/ntf cfjZostf klg k"lt{ xF'b} hfG5 . klAns sDkgL x'Fbfsf] ljZj;gLotf, ;]o/sf] ahf/of]Uotfdf ;'wf/, sDkgLsf] x/lx;fadf kf/blz{tfnfO{ b[li6ut u/L ;j{;fwf/0fn] a9LeGbf a9L d"Nodf vl/b ug{ rfxG5g\ . sDkgL klAns ePkl5 Joj;fosf] k|lti7f a9\5 / ahf/df klxrfg klg lj:tf/ x'G5 . ahf/n] klAns sDkgLnfO{ Jofj;flos ?kdf Joj:yfkg ul/Psf] / t'ngfTds ?kdf a9L kf/bzL{ -x/lx;fasf] n]vfk/LIf0f / lgoldt ?kdf ljQLo tyf k|ult ljj/0f ;fj{hlgs_ dfGb5 . kmn:j?k klAnsdf hfg] kfl/jfl/s Joj;fon] ahf/df cfkm\gf] pkl:yltnfO{ cem ;'b[9 agfpg ;S5 . Joj;fosf] k|s[lt cg';f/ kfl/jfl/s sDkgLn] cGosf] t'ngfdf a9L r'gf}tL ;fdgf ug{'k5{ . oLdWo] s]xL r'gf}tLnfO{ sDkgLleq} ;+:yfut ;'zf;g ;+/rgf cjnDagdfkm{t ;Daf]wg ug{ ;lsG5 . sDkgLsf] :jfldTj tyf Joj:yfkgsf] :ki6 ljefhg u/L lgoGq0f tyf ;Gt'ngsf] plrt k|aGw ldnfpg] lsl;dsf] ;+/rgf klAns lnld6]8 sDkgLdf x'G5 . kfl/jfl/s Joj;foleq ;+:yfut ;'zf;gsf] lhDd]jf/L ;fdfGotof ;+:yfks, ;~rfns ;b:o tyf Joj:yfkgsf pRr clwsf/Ldf afFl8Psf] x'G5 . tyflk kfl/jfl/s Joj;fonfO{ bL3{sfn;Dd ;DefJo, lbuf] agfpg] x]t'n] kl/jf/sf ;b:odf o:tf] lhDd]jf/L a9L /flvPsf] x'G5 . o;afx]s, kl/jf/sf ;b:osf] lhDd]jf/L sDkgL ;~rfngdf dfq ;Lldt x'Fb}g . pgLx?sf] lhDd]jf/L kl/jf/ / Joj;fo;Fu kl/jf/sf] ;DaGwaLr tfnd]n ldnfpg] klg x'G5 . kfl/jfl/s Joj;fosf] k|f/lDes r/0fd} ;'b[9 kfl/jfl/s Joj:yfkg ug{ ;s] kl/jf/sf ;b:oaLrsf] Jofj;flos ;jfndf b]vf kg{ ;Sg] ;Defljt •G•nfO{ ;Daf]wg ug{ d2t k'U5 . o;n] kl/jf/sf ;b:onfO{ Joj;fo lj:tf/ nufotsf cGo d'2fdf Wofg s]lGb|t ug{ ;xof]u k'âofpF5 . ljZj a}+ssf] Ps cWoog cg';f/ kfl/jfl/s ?kdf ;~rflnt () k|ltzteGbf a9L Jofj;flos k|lti7fg tLg k':tfeGbf cufl8 a9\g ;Sb}gg\ . To;}n] sDkgLsf] bL3{hLjgsf nflu klg j}slNks ;+/rgfdf hfg' cfjZos x'G5 . kl/jf/sf] Joj:yfkgafx]s kl/jf/sf ;b:on] sDkgLsf] ;~rfns ;ldlt tyf pRr Joj:yfkssf] ;+/rgf to ug{df klg kof{Kt Wofg lbg'k5{ . Pp6f Ifdtfjfg, k|efjsf/L ?kdf :jfoQ, ;';+ul7t ;~rfns ;ldltn] sDkgLsf] ;xL /0fgLlt th{'df ug{ tyf Joj:yfkgsf] sfo{;Dkfbgsf] cg'udg ug{
25 g]K;] :dfl/sf /ht pT;j, @)&$ ;S5 . o;}u/L, sDkgLsf] b}lgs ultljlwnfO{ cufl8 a9fpg Jofj;flos tyf ;';~rflnt Joj:yfkg cfjZos x'G5 . ;~rfns tyf pRr Joj:yfkssf] 5gf]6 ltgLx?sf] of]Uotf tyf sfo{;Dkfbgdf cfwfl/t x'g'k5{ . :6s PS;r]Gh lwtf]kqsf] sf/f]af/ ug]{ 7fpFdfq xf]Og of] ;"rLs[t sDkgLdf c;n ;+:yfut ;'zf;g ;'lglZrt ug]{ dfWod klg xf] . x'g t Jofj;flos p2]Zon] :yflkt ;+ul7t ;+:yfdf ;'zf;g sfod ug]{ ljifo ;xh 5}g . :6s PS;r]Ghn] dfq} ;du| d'n''sdf ;~rflnt sDkgLsf] ;+:yfut ;'zf;g ;'lglZrt ug{ ;Sb}g . o;df ;/sf/, lgofds lgsfo, sDkgL ;+:yfkg, ;]o/wgL nufotsf] dxTjk"0f{ xft x'G5 . k|To]s ;"rLs[t sDkgLdf ;+:yfut ;'zf;g sfod ug{ ;lsof] eg] o;af6 ;du| d'n's g} nfeflGjt x'g]5 . o; ;Gbe{df sDkgL ;~rfng eg]sf] ;]owgLaLr k|ltkmn / hf]lvd ljt/0fdfq xf] eGg] a'emfOnfO{ cln km/flsnf] agfpg' k5{ . o;sf nflu xfdLn] cGt/f{li6éo ?kdf k|rngdf /x]sf] ;+:yfut ;'zf;gsf l;4fGtnfO{ a'ñg'k5{ . c;n ;+:yfut ;'zf;gsf l;4fGt rf/ d'Vo cfwf/ 5g\ M kf/blz{tf, hjfkmb]lxtf, Gofof]lrt, lhDd]jf/Lsf] afF8kmfF8 . kf/blz{tfsf] l;4fGtn] k|To]s ;/f]sf/jfnfnfO{ ;fGble{s ;"rgfx? pknAw u/fpg'k5{ eG5 . o;}u/L, sfdbf/, /fHo, ;]o/wgL, pkef]Qmf / kof{j/0fk|lt sDkgL ;+j]bgzLn x'g'k5{ eGg] l;4fGt hjfkmb]lxtfsf] xf] . ;a} ju{sf ;/f]sf/jfnfn] k|fKt ug]{ nfesf] ljt/0f Gofof]lrt x'g'k5{ eGg] t];|f] l;4fGt xf] . rf}yf] l;4fGt sDkgL ;+/rgfsf] k|To]s txdf lhDd]jf/Lsf] afF8kmf8 ePsf] x'g'k5{ eGg] xf] . sDkgLsf] Joj:yfkg ;~rfns ;ldltk|lt, ;~rfns ;ldlt ;fwf/0f;efk|lt hjfkmb]xL x'g'k5{ eGg] lsl;dn] lhDd]jf/Lsf] afF8kmfF8 ul/g'k5{ . ;~rfns ;ldltleq klg ljleGg pk;ldlt u7g ug{'sf ;fy} To:tf pk;ldlt / ;~rfnsx?sf] sfo{;Dkfbg ;dLIffsf] Joj:yf x'g'k5{ . ;du| d'n'ssf] Jofj;flos kf/blzL{tf, ;+:yfut ;'zf;g / e|i6frf/ lgjf/0fsf nflu klg klAns sDkgL cfjZos 5g\ . To;}u/L, o:tf klAns sDkgLdf c;n ;+:yfut ;'zf;gsf] cEof;nfO{ ;'b[9 agfpFb} n}hfg'k5{ . o;af6} cfly{s ;d[l4 / ;dfj]zL ljsf; ;Dej 5 .
26 g]K;] /ht pT;j :dfl/sf, @)&$ Eof6sf] eodf ;]o/ ahf/
æclDasf kf}8]n cWoIf, g]kfn OGe]:6;{ kmf]/d ° d"No clej[l4 s/ lgb]{lzsf @)^( sf] bkmf $=!& n] a}+s tyf ljQLo ;+:yfn] k|bfg ug]{ art ;+sng / C0f k|jfx;DaGwL ;]jf, art jf shf{ ;'/If0f ;]jf, cjsfz sf]if;DaGwL ;]jf, ;]o/ jf C0fkq jf cGo C0fkqsf] lgisf;g jf Joj:yfkg jf vl/b¥laqmL;DaGwL ;]jf ;d]tnfO{ ljQLo ;]jf dfgL To;df Eof6 gnfUg] k|:6 kf/]sf] 5 . ;]o/ a|f]s/sf] sf/f]af/df d"No clej[l4 s/ -Eof6_ nufpg] ljifo ljut $ë% jif{b]lv ljjflbt aGb} cfPsf] 5 . o;n] ;]o/ a|f]s/x?df dfq xf]Og, ;Dk"0f{ nufgLstf{df eo+s/ dgf]j}1flgs qf; k}bf u/]sf] 5 . haha ahf/ gofF prfOtkm{ pGd'v x'G5, tata Eof6sf] e"t hufOG5 / nufgLstf{nfO{ lg/fz agfOG5 . clxn]sf] h:tf] cj:yfdf ahf/ oyfl:yltdf /xg'sf] cGto{ klg oxL xf] . Eof6 Pp6f j}1flgs s/ k|0ffnL xf] . ;+;f/sf w]/}h;f] d'n'sn] oxL s/ k|0ffnL ckgfPsf 5g\ . hxfF o; lsl;dsf] s/ k|0ffnL nfu" ul/Psf] 5, tL d'n'sdf Eof6 nfUg] / gnfUg] If]q k|:6 ?kdf tf]lsPsf] 5 . xfd|f] d'n'sdf klg To:t} Joj:yf 5 . ljQLo ;]jfdf Eof6 gnfUg] Joj:yf 5 / ;]o/ sf/f]af/nfO{ klg ljQLo ;]jf dfgL Eof6 gnfUg] ljZn]if0f u/L ;]o/ a|f]s/x? Eof6df btf{ ePsf 5}gg\ . nufgLstf{n] klg Eof6 lt/]sf 5}gg\ . kl5Nnf] $ë% jif{ cjlwdf !% nfveGbf a9L nufgLstf{sf] dgf]lj1fg;Fu hf]l8Psf] rf;f] / lrGtfnfO{ ;DalGwt lgsfoaf6 k|:6 ?kdf ;Daf]wg x'g' cfjZos lyof] . ljutdf /fhgLlts cl:y/tf / sd{rf/LtGqn] ;d]t o; ljifonfO{ uDeL/ ?kdf glnO{ yfdy'd kfg{ vf]Hbf km]l/ nufgLstf{ k'FhL ahf/df cfkm"n] u/]sf] nufgLdf hf]lvd b]Vg yfn]sf 5g\ . clxn] ;]o/ bnfnL b:t'/ Eof6of]Uo cfo xf], xf]Ogπ of] ljQLo If]q xf], xf]Og eGg] ljifodf l•ljwf /x]sf] xf] eg] klg sfg'gsf] ;j{dfGo l;4fGt dgg ug'{ kb{5 . ;]o/ vl/bëlaqmL ug]{ d"Nodf g} Eof6 nfUb}g eg] ;f] k|lqmofsf] ;fgf] c+zdf Eof6 nfUg ;Sb}g . cyf{t ;]o/ vl/bëlaqmLstf{n] ;]o/ lsga]r ubf{ ltg]{ jf lng] d"Nodf ;f] z'Ns ;d]t ;dfof]lht ePsf] d"No xf] . sld;g ;lxtsf] d"No g} ;]o/sf] d"No xf] . To;sf/0f ;]o/ vl/bëlaqmLstf{af6 s'g} klg ;j{dfGo l;4fGtcg';f/ Eof6 lng ldNb}g eg] u|fxsn] ltg{ gldNg] Eof6 a|f]s/n] ;+sng ug{ klg ldNb}g . csf]{ ax;sf] ljifo of] ljQLo ;]jf xf], xf]Og eGg] klg /x]sf] 5 . d"No clej[l4 s/ lgb]{lzsf @)^( sf] bkmf $=!& n] a}+s tyf ljQLo ;+:yfn] k|bfg ug]{ art ;+sng / C0f k|jfx;DaGwL ;]jf, art jf shf{ ;'/If0f ;]jf, cjsfz sf]if;DaGwL ;]jf, ;]o/ jf C0fkq jf cGo C0fkqsf] lgisf;g jf Joj:yfkg jf vl/bëlaqmL;DaGwL ;]jf ;d]tnfO{ ljQLo ;]jf dfgL To;df Eof6 gnfUg] k|:6 kf/]sf] 5 . t;y{ ;]o/ vl/bëlaqmL;DaGwL sfo{ a}+s tyf ljQLo ;+:yfn] u/] klg cGo sDkgLn] u/] klg Eof6of]Uo x'g ;Sb}g . of] ljQLo ;]jf xf] / o;nfO{ oxL ?kdf kl/eflift ug'{k5{ . ca of] ljifo nDAofpg' x'Fb}g eGg] wf/0ff cfdnufgLstf{ tyf ;]o/ a|f]s/sf] 5 . 27 g]K;] :dfl/sf /ht pT;j, @)&$ ;fdfGo l;4fGt d} x]bf{ klg ;]o/ ahf/ / o;sf] sf/f]af/ d"ntM ljQLo ;]jf g} xf] . ToxL a'emfOsf cfwf/df o;cl3 Eof6 gltg]{ ul/Psf] xf] . Eof6sf] d'Vo l;4fGt clGtd sf/f]af/ tyf clGtd k|of]ustf{df s/ nufpg] xf] . t/, Pp6} ;]o/ b}lgs ?kdf w]/}k6s sf/f]af/ ul/G5 . ;fdfGo l;4fGtsf] s'/f ubf{ klg Eof6sf] dd{ / ;]o/ sf/f]af/sf] k|s[lt Pscfk;df d]n vfFb}g . ;]o/ ahf/nfO{ pBf]u, Joj;fo tyf ljQLo If]qsf] nflu k'FhL h'6fpg] Ps ;zQm dfWodsf] ?kdf ;+;f/e/ g} dxTj lbO{ k|fyldstfdf /flvPsf] 5 . xfd|f] h:tf] ev{/ k'FhL ahf/sf] ljsf;df afd] ;/]sf d'n'sdf klg of] If]q Eof6d'Qm g} 5 . ljsl;t d'n'ss} s'/f ug]{ xf] eg] klg sltko b]zdf ;]o/df Eof6 nufP/ ;d]t k'gM x6fPsf pbfx/0f 5g\ . ;fwg / ;|f]t Go"g ePsf] g]kfndf of] ahf/ pBdLn] ;fwg / ;|f]t h'6fpg] ;zQm dfWodsf] ?kdf ljsl;t eO/x]sf] jt{dfg ;Gbe{df Eof6sf] s'/f p7fpg' Tolt ;fGble{s b]lvFb}g . sl/a @) nfv nufgLstf{ /x]sf] g]kfnsf] ;]o/ ahf/ ckl/kSj / ev{/} afd] ;b}{ u/]sf] cj:yfdf /x]sf]n] gLltut e/y]u ug'{kg]{ r/0fd} 5 . oltdfq xf]Og, ;+;f/df ;]o/ ahf/ d'gfkmfsf] ;dGoflos ljt/0f k|0ffnLdf cfwfl/t 5 . of] ahf/nfO{ wgL / ul/aaLrsf] vf8n 36fpg] / ljsf;df ;a}sf] ;xeflutf Pj+ ;|f]tdf ;a}sf] kx'Frsf] l;4fGtaf6 lgb]{lzt 5 . oL ;}4flGts cfwf/ / g]kfnsf] ljBdfg cj:yfaLr xfdLn] o; If]qnfO{ ljefusf lhDd]jf/ kbflwsf/Laf6 oyfzSo rfF8f] P]g tyf lgodaf6} ljQLo ;]jfsf] ?kdf kl/eflift u/L Eof6d'Qm agfpg' cfjZos 5 . k[i7e"ldlt/ hfg] xf] eg] xfd|f] d"No clej[l4 s/ -Eof6_ P]g, lgodfjnL tyf lgb]{lzsfx?df ljQLo If]qnfO{ :ki6;Fu kl/eflift gul/Psf] ;Gbe{df dxfn]vfk/LIfssf] ljefun] o;nfO{ $ jif{cl3 p7fg u/]sf] lyof] . dxfn]vfk/LIfssf] sfof{non] p7fg ul/;s]kl5 s/bftf ;]jf sfof{non] a|f]s/nfO{ Eof6 nfUg] jf gnfUg] ePdf sf/0f b]vfpg eg]sf] lyof] . Tolt a]nf cGo If]qdf !) nfveGbf a9L sf/f]af/ x'Fbf Eof6 nufOof] . t/, a|f]s/ tyf cfdnufgLstf{n] ;]o/ sf/f]af/nfO{ ljQLo ;]jf dfgL Eof6 nufPgg\ . cfly{s ljw]osdf clxn];Dd k'FhL ahf/df Eof6 nfU5 eg]/ pNn]v gul/Psf]n] klg a|f]s/ tyf g]kfn :6s PS;r]Gh -hxfF cy{ dGqfnos} k|ltlglw ;~rfns ;ldltdf /xG5g\_ n] Eof6df btf{ gu/fPsf / ;f] adf]lhd Eof6 gp7fPsf x'g\ . olb of] If]q Eof6of]Uo x'GYof] eg] $ë$ jif{ cGof]ndf kSs} laTb}gYof] . dxfn]vfk/LIfssf] sfof{nosf sd{rf/LnfO{ n]vfk/LIf0fsf] ;dodf ;DalGwt s/ sfof{non] To;a]n} a'emfpg g;Sg' g} ;d:ofsf] vf; h8 xf] . s]xL lbgklxn] dxfn]vfk/LIfsaf6 a]?h' cf}+NofOPsf s]xL a|f]s/nfO{ $ jif{b]lvsf] Eof6 ltg{ kqfrf/ u/]sf] s'/f aflx/ cfO/x]sf] 5 . sf/f]af/sf] cfwf/df $ jif{b]lvsf] Eof6 ltg]{ xf] eg] clwsf+z a|f]s/ sDkgL aGb ug'{kg]{ cj:yf cfpg ;S5 . pgLx?n] xfn;Dd nufgLstf{af6 Eof6 p7fPsf 5}gg\ . o; cjlwdf sltko a|f]s/ vl/bëlaqmL eP/ :jfldTj x:tfGt/0f eO;s]sf 5g\ . ;/sf/n] Ps}k6s Eof6 nufpFbf a|f]s/n] cfkm\gf] ;DklQ a]r]/ ltg'{kg]{ x'G5 . of] cj:yfdf a|f]s/n] cfkm\gf sDkgL aGb ug'{sf] ljsNk /xFb}g . Tof] a]nf k'FhL ahf/sf] xfnt s] x'G5 < uDeL/tfk"j{s ;f]Rg'kg]{ cem dxTjk"0f{ ljifo s] klg 5 eg] g]kfnsf] k'FhL ahf/ / a|f]s/ Joj;fo ev{/ev{/ p7\g vf]h]sf] 5 . clxn] klg k'FhL ahf/df a}+s tyf ljQLo If]qsf sDkgLsf] lx:;f a9L
28 g]K;] /ht pT;j :dfl/sf, @)&$ 5 . jf:tljs If]qsf sDkgLx? ljljw sf/0fn] cfpg ;s]sf 5}gg\ . nufgLstf{df klg pkTosfsf] lx:;f () k|ltzt 5 . k'FhL ahf/df cGo If]qsf sDkgLnfO{ cfslif{t ug{ tyf pkTosfaflx/ Jofks ?kdf lj:tf/ ug{ k"jf{wf/ / k|ljlwsf] ljsf; ug'{ clxn]sf] k|fyldstf x'g' kb{5 . xfdLn] cfly{s ;d[l4sf s'/f ul//x]sf 5f}+ / o;sf nflu k'FhL lgdf{0fsf] cfwf/ k'FhL ahf/ g} xf] eGb} cfPsf 5f}+ . ;d[l4sf] nIo xfl;n ug{ o;nfO{ cem a9fjf lbg' cfjZos 5 . oxL cj:yfdf Eof6sf] s'/f NofP/ cNdNofpg] xf] eg] emG8} hL8LkLsf] xf/fxf/Ldf k'u]sf] ;]o/ ahf/df 3fts kl/0ffd cfpg ;S5 . xfdL s;}n] klg To:tf] kl/0ffdsf] sNkgf u/]sf t xf]Ogf}+ xf]nf ∏ ;/sf/sf] nflu k'FhL ahf/n] pNn]vgLo ?kdf Eof6 ;+sng ul/lbg] / ljsf;df ;xof]u x'GYof] eg] klg o; ljifodf nufgLstf{ af]Ng] lyPgg\ . clxn]sf] ;dodf cl3std eGbf cl3std x'Fbf klg @@ë@# s/f]8 ?k}ofFeGbf a9L Eof6 ;+sng x'Fb}g . t/, o;af6 emG8} @) nfvsf] xf/fxf/Ldf /x]sf nufgLstf{ k|ToIf jf ck|ToIf ?kdf dgf]j}1flgs qf;df kg]{5g\ . :j/f]huf/Lsf] dfWod agfPsf sltko nufgLstf{ ahf/k|lt ljZjf; u'dfO{ ;w}+sf nflu ahf/af6 aflxl/g ;Sg] vt/f b]lvG5 . Tof] ;/sf/sf] 6fpsf] b'vfOsf] ljifo klg xf] . ;du| ?kdf k'FhL ahf/df gsf/fTds c;/ kbf{ k'FhLut nfes/dfkm{t ;/sf/n] k|fKt eO/x]sf] caf}{+ ?k}ofF /fh:j u'dfpg'kg]{ l:ylt k}bf x'g ;S5 . To;}n] ;a} kIfnfO{ dgg\ ubf{ clxn] ;/sf/n] h'g ?kdf Eof6sf] s'/f p7fO/x]sf] 5 / To;nfO{ ;Daf]wg ug{ ;lsPg eg] o;n] ;/sf/ / nufgLstf{ b'j}nfO{ xflg ug]{5 . nufgLstf{nfO{ dgf]j}1flgs c;/ kg]{5 eg] ;/sf/nfO{ cfly{s . clxn] g]kfnsf] k'FhL ahf/ 7"nf] ?kdf km}lnPsf] 5}g . ev{/} emf+lub} u/]sf] k'FhL ahf/df Eof6sf] xf}jf NofP/ nufgLstf{sf] dgf]lj1fgdf c;/ k'âofpg' plrt b]lvFb}g . o; ljifonfO{ /fhgLlts g]t[Tj / sd{rf/LtGqn] ljz]if ?kdf lnP/ ;dod} ;Daf]wg ug'{k5{ . h;n] k'FhL ahf/sf] ljsf; ug{ ;xof]u u5{ . kl5Nnf] $ jif{df Eof6 k|s/0f b]vfpFb} w]/} dflg;n] k'FhL ahf/df rnv]n ub}{ cfPsf 5g\ . casf lbgdf o:tf] gxf];\ eGg] ;du| nufgLstf{sf] rfxgf xf] . o;nfO{ ;/sf/n] l56f]eGbf l56f] ;Daf]wg u/]/ k'FhL ahf/nfO{ Eof6d'Qm / eod'Qm u/fpg'k5{ . clxn]sf] k'FhL ahf/ nufgLstf{sf] dgf]lj1fgdf rln/x]sf] 5 . ;/sf/n] Eof6sf] s'/f p7fpg] xf] eg] g k'FhL ahf/sf] ljsf; x'G5 g ;/sf/n] /fh:j kfpF5 .
29 g]K;] :dfl/sf /ht pT;j, @)&$ k'£hL ahf/df Eof6 M ;d:of / ;dfwfg
æææpQd cof{n cWoIf, ;]o/ nufgLstf{ ;+3 g]kfndf k'FhL ahf/sf] ljsf;qmdnfO{ lgofNbf ;g\ !((# sf] h'g & df lwtf]kq af]8{sf] u7g;Fu} ahf/sf] ljsf; ;'? ePsf] b]lvG5 . ;'?;'?df ;]o/ laqmL ug{' kbf{ laqmLstf{n] gfd / 7]ufgf Pp6f /lh:6/df n]vfO{ vl/bstf{ cfPdf 6]lnkmf]g ;Dks{af6 vl/bëlaqmL ug{] sfd ;DkGg x'GYof] . kl5 @)%) ;fn k';df g]kfn :6s PS;r]Gh :yfkgf ePkl5 cf]kg qmfO{ l;:6daf6 sf/f]af/ x'g yfNof] . xfn %) j6f a|f]s/ sDkgLdfkm{t ;]dLëcgnfOg k|lqmofaf6 g]kfnsf] ;]o/ sf/f]af/ eO/x]sf] 5 . ;'?sf lbgdf cfkm\gf] ;]o/ a]Rg vl/bstf{ s'/]/ a:g'kg{] afWotfaf6 ;]o/ sf/f]af/Lx? è6L Kn; kmf]/∑ cyf{t sf/f]af/ ePsf] rf}yf] lbgdf cfkm\gf] ;]o/nfO{ ?k}ofFdf kl/jt{g ug{ ;Sg] ePsf 5f}+ . o;}aLr, g]kfnsf] k'FhL ahf/df af/Daf/ xnrn Nofpg] c:qsf] ?kdf Eof6n] nufgLstf{nfO{ cTofpg] / t;f{pg] sfd ub{} cfPsf] tYo sFxL st}af6 n's]sf] 5}g . oxL Eof6n] ubf{ lwtf]kq bnfnx?n] ! lbg sf/f]af/ g} aGb u/]/ cfkm\gf] l;lG8s]6 nfu" ul/;s]sf 5g\ . Eof6 jf:tjdf ;]o/ ahf/df nfu" ug{'k5{ ls kb}{g < o;af6 /fHon] p7fpFb} cfPsf] /fh:jdf slt k|ltzt of]ubfg x'G5 < of] sfo{n] g]kfnsf] k'FhL ahf/sf] ljsf; / lj:tf/df ;xof]u k'âofpF5 ls k|lts"n c;/ kf5{ < oL tdfd k|Zgsf] pQ/ pQ/ vf]Hg] k|of; g} gu/L /fHo Psgf;n] Eof6 cnflk/x]sf] b]lvG5 . of] n]vdf Eof6 nfu" ubf{ g]kfnsf] k'FhL ahf/df kg{ ;Sg] gsf/fTds k|efjnfO{ phfu/ ug{ vf]lhPsf] 5 / ;f] ;DaGwdf lgofds lgsfoaf6 ;d:of ;dfwfgsf] nflu cfjZos kxn x'g]5 eGg] ljZjf; lnPsf] 5 . k|ydtM d"No clej[l4s/ -Eof6_ n] ylkFb} hfg] d"Nodf s/ c;'n u/L ;/sf/nfO{ a'emfpg] eGg] cy{ lbG5 . ;f] kl/efiff cGtu{t s'g} ès∑ eGg] JolQmn] g]kfn OGe]:6d]G6 a}+ssf] !) lsQf ;]o/ a]R5, èv∑n] lsG5 . èv∑n] lsg]sf] d"NoeGbf klg sddf a]R5 eg] To;sf] d"No clej[l4 s;/L x'G5 < / p;n] s'g d"Nodf Eof6 ltg{'kg{] xf] < km]l/ of] lg/Gt/ rNb} hfg] k|lqmof xf] . ;]o/ k|df0fkqdf clGtd pkef]Qmf eGg] g} xF'b}g . slxNo} cGTo gx'g] k|lqmofdf /fHon] sltk6s Eof6 lng] < pkef]Uo j:t'df Eof6 nfUg] k|fjwfg ;d]6]sf] cfly{s P]gdf ;]o/ k|df0fkq Eof6 nfUg] j:t' xf] eg]/ sxfF pNn]v ePsf] 5 < ;/f]sf/jfnf pRrkb:y clwsf/Laf6 oL k|Zgsf] lrQa'ñbf] hafkm / kfP cfd nufgLstf{ cfef/L x'g] lyP . ;]o/ sf/f]af/df Eof6 nufpFbf /fHo sf]ifdf ylkg ;Sg] /fh:j guGo 5 eg] gsf/fTds c;/ eofgs b]lvG5 . ljutsf] cg'ejsf] cfwf/df k'FhLut nfes/ % k|ltztaf6 a9fP/ !% k|ltzt k'âofpFbf k'FhL ahf/df lu/fj6 cfP/ /fHon] p7fO/x]sf] /fh:jdf klxn]eGbf &% k|ltzt;Dd lu/fj6 cfPsf] / g]K;] kl/;"rs @(! laGb';Dd cf]ln{Psf] x]Ssf ;a} kIfnfO{ ePsf] x'g'k5{ . ;Defljt xflgëgf]S;flgaf/] ;/f]sf/jfnf;Fu ;/;Nnfx g} gu/L Psnf}6L 9+un] Eof6 nufpg vf]Hg' eg]sf] e'OFdf ePsf] j:t' l6K5' eGbf cfkm\gf] kf]N6fdf ePsf] klg u'dfpg] syf h:t} x'g ;S5 . 30 g]K;] /ht pT;j :dfl/sf, @)&$ g]kfnsf] k'FhL ahf/ dgf]lj1fgaf6 rn]sf] 5 . nufgLstf{sf] dgf]an pRr x'Fbf nufgL klg ljljw If]qaf6 cfpF5 / dgf]an lu/]sf] a]nf nufgL cfpg] ;Defjgf /xFb}g . Eof6 nufpg] xf] eg] nufgLstf{sf] dgf]andf pRr lu/fj6 cfpF5 . xfn k'FhL ahf/n] cf]/fnf] af6f] ;dfPsf] tYo klg s;}af6 n's]sf] 5}g . g]kfnsf] k'FhL ahf/af6 /fHon] vf]h]sf] s] xf] < k'FhL ahf/k|lt ;/sf/sf] wf/0ff s] xf] < of] s'/f k|:6 gu/];Dd g]kfnsf nufgLstf{ ;w}+ cGof]nd} /xg] 5g\ / of] k];faf6} knfog x'g ;S5g\ . ;]o/ ahf/ a9\g' jf 36\g' ;fdfGo s'/f xf] . o;df s;}sf] k|ToIf x:tIf]k x'g' x'Fb}g . slxn] cy{dGqLn] èh'jf3/∑ eg]/ d"Nof+sg ug{], slxn] g]K;] kl/;"rs a9L eof] 36\g'k5{π slxn] 36L eof] a9\g'k5{ eGg] h:tf u}/lhDd]jf/ cleJolQmn] nufgLstf{ kLl8t x'Fb} cfPsf 5g\ . s'g} sDkgLsf] ;]o/ d"Nodf c:jfefljs ptf/r9fj cfpg yfNof] eg] To:tf sDkgLsf] k'FhL, Jofkfl/s of]hgf, gfkmfëgf]S;fg cflbsf] hfgsf/L u/fP/ nufgLstf{nfO{ ;';"lrt u/fpg] h:tf sfd :6s PS;r]Gh / lwtf]kq af]8{ h:tf lgodgsf/L lgsfon] ug'{k5{ . leqL sf/f]af/ /f]Sg ;"rgf r'xfj6 ug]{nfO{ s7f]/ ;hfosf] Joj:yf ug'{k5{ . :jb]zL nufgLstf{ csf{] tfdfsf];L, lrlnd] / sfof{Gjogdf cfpg nfu]sf] a"9Lu08sL xfO8éf]kfj/ l;jd\ l;d]G6, PS;]n h:tf sDkgLdf nufgL ug{ nfnflot 5g\ . ;/sf/L clwsf/Lx? ljb]zL C0fdf sld;g vf]Hg] / ltdLn] rflxF sdfpg] xfdLnfO{ rflxF v} t eGg] h:tf] bl/b| dfgl;stfaf6 dfly p7\g] xf] eg] :jb]zL nufgLstf{n] g} g]kfn agfpg ;S5g\, ljb]zL C0f cfjZos kb}{g . of] ;a g]kfnsf] k'FhL ahf/] g} ;Dej agfpF5 . ;~rosf]if, gful/s nufgL sf]if, b"/;~rf/ k|flws/0f, ladf sDkgL, k'gla{df sDkgL, a}+s tyf ljQLo ;+:yf / cfd g]kfnL ldn]/ k'FhL ahf/dfkm{t b]z ljsf;df of]ubfg ug{] jftfj/0f agfpg ;/f]sf/jfnf kIfn] nufgLd}qL jftfj/0f lgdf{0f ug'{k5{ . ho k'FhL ahf/ ∏
31 g]K;] :dfl/sf /ht pT;j, @)&$ ljQLo ;fIf/tf s;sf] bfloTj < ælbk]Gb| nfld5fg] pkk|fWofks, hglk|o ax'd'vL SofDk; ° ljQLo ?kdf ;r]t gful/sn] g} d'n'ssf] cfly{s ;d[l4df cy{k"0f{ of]ubfg ug{, cf±gf cfjZostfnfO{ ;Daf]wg ug]{ ljQLo ;fwg Nofpg ;]jf k|bfosnfO{ bafa lbg / t'ngfTds ?kdf a9L art u/L nufgLsf nflu kof{Kt ;|f]tsf] Joj:yf ug{ ;S5g\ . g]kfnsf] k'FhL ahf/ kl/kSj gx'g'sf] w]/} sf/0fdWo] ljQLo ;fIf/tfsf] sdLnfO{ Ps dxTjk"0f{ dflgG5 . ljQLo ;fIf/tfsf] dxTjnfO{ ;a}n] :jLsf/ u/] klg of] s;sf] bfloTj xf] / s;n] k"/f ug]{ eGg]df dt}Sotf kfOFb}g . vf;u/L, ljQLo ;fIf/tfsf] dxTj lsg 5 eGg] k|Zgsf] vf]hL ul/Pdf of] bfloTj s;sf] xf] eGg] hjfkm klg ;Fu} xft kg]{5 . ljQLo ;fIf/tfsf] dxÜj ljQLo ;fIf/tfaf6 ;a} pd]/ tyf cfDbfgL ;d"xsf pkef]Qmf nfeflGjt x'g ;S5g\ . cyf]{kfh{gsf] k];fdf nfUb} u/]sf gjk|j]zLnfO{ cfDbfgL, vr{, art tyf nufgLsf] of]hgf agfpg ljQLo ;fIf/tf cfjZos x'G5 . kl/jf/df klg ljQLo cg';fzg sfod ug{ of] ckl/xfo{ x'G5 . Go"g cfo ju{nfO{ klg pknAw ;|f]taf6 clwstd k|ltkmn ;'lglZrt ug]{ tf}/tl/sf yfxf kfpg] dfWod ljQLo ;fIf/tf g} xf] . ljQLo ?kdf ;r]t gful/sn] g} d'n'ssf] cfly{s ;d[l4df cy{k"0f{ of]ubfg ug{ ;S5g\ . cfkm\gf cfjZostfnfO{ ;Daf]wg ug]{ ljQLo ;fwg Nofpg pgLx?n] ;]jf k|bfosnfO{ bafa lbg ;S5g\ . ljQLo ?kdf ;fIf/ pkef]Qmfn] g} t'ngfTds ?kdf a9L art u/L nufgLsf nflu kof{Kt ;|f]tsf] Joj:yf ug{ ;S5g\ . kof{Kt ljQLo ;|f]tn] g} cfly{s j[l4 ;'lglZrt u5{ . xfnsf] ljZjdf pbLodfg cy{tGqdf ;"rgf tyf tflndaf6 ;r]t pkef]Qmfaf6} ljQ ahf/ tyf ;du| cy{tGqsf] ljsf;df 7f]; of]ubfg k'u]sf] xf] . o;}u/L, cfkm\gf] ljQLo ;'/Iffsf nflu ;r]t pkef]Qmf cfkm}+ ;Ifd x'g] tYo klg dgg\of]Uo ljifo xf] . lgofds lgsfonfO{ ;b}j rgfvf] /fVg klg ;r]t pkef]Qmfsf] dxTjnfO{ la;{g ;lsFb}g . o;af6 lgofdssf] cg'udgdf kg]{ cltl/Qm ef/ klg sd x'G5 . /fHoaf6 nufgLstf{nfO{ lzlIft agfpg kof{Kt ;do / ;|f]t nufgL gePsfn] g]kfnsf] k'FhL ahf/df nufgL ug]{ ;+:s[ltsf] ljsf; x'g ;s]sf] 5}g . cy{tGqdf ljQLo ahf/sf] a9\bf] k|efjsf] ;Gbe{df ljQLo ;fIf/tfn] dxTjk"0f{ :yfg /fV5 . of] k[i7e"lddf sltko d'n'sx?df ljQLo ;fIf/tf cleofg /fli6éo:t/sf] sfo{qmd g} ag]sf 5g\ . g]kfndf eg] o;k|lt kof{Kt Wofg k'Ug ;s]sf] 5}g . ;fIf/tfsf] dxÜj a9\g'sf] sf/0f hl6n ljQLo ;fwgx?M ljQLo ;fwgx? ;j{;fwf/0fn] ;lhn} a'ñg] vfnsf sd x'G5g\ . tL ;fwgdf nufgL ubf{ nfg] z'Ns, sld;g, kl/kSj x'g] cjlw k|fKt x'g] k|ltkmn, s/ tyf 5'6 nufotn] o;nfO{ a9L hl6n agfPsf] x'G5 . ;j{;fwf/0fnfO{ Ps} lsl;dsf ljQLo ;fwgsf] u'0f:t/df /x]sf cGt/ klxNofpg' csf]{ r'gf}tLk"0f{ sfo{ xf] .
32 g]K;] /ht pT;j :dfl/sf, @)&$ ljQLo ;fwgdf ljljwtf M ljQ ahf/sf] pbf/Ls/0fn] w]/} lsl;dsf ;fwgx? k|j]z ePsf 5g\ . ;"rgf k|ljlwsf] ljsf;n] nfut Go"g x'g uPsfn] klg To:tf ;fwgx? k|:t't ug{ k|f]T;fxg ldn]sf] 5 . JolQm, ;d"x tyf If]qnfO{ ;'xfpg] u/L klg cg]sf}+ ljQLo ;fwg ahf/df cfpg yfn]sf 5g\ . sfo{zLn hg;+Vof c;Gt'ng M kl5Nnf] ;dodf cyf]{kfh{gdf ;lqmo hg;+Vof / cjsfzk|fKt hg;+VofaLrsf] c;Gt'ng a9]sf] 5 . yf]/} ;lqmo hgzlQmn] w]/}nfO{ kfNg'kg]{ cj:yf cfPsf] 5 . o;n] JolQm tyf kl/jf/ Pj+ /fli6éo:t/d} ljQLo of]hgfsf] cfjZostf 68\sf/f] agfPsf] 5 . Go"g ljQLo ;fIf/tf M ;fdfGo cWoogaf6} klg g]kfndf ljQLo ;fIf/tfsf] :t/ Go"g /x]sf] yfxf kfpg ;lsG5 . ;du| ;fIf/tf g} sd ePsf] cj:yfdf ljQLo ;fIf/tf sd x'g' c:jfefljs xf]Og . ;}4flGts ?kdf ;]o/ ahf/n] nufgLsf] :t/ / pTkfbsTj j[l4 u/L cfly{s j[l4df ;xfotf k'âofpF5 . ;]o/ ahf/n] art b/ a9fpF5 / k'FhLsf] cfbz{td Joj:yfkg ;'lglZrt u5{ . kl/0ffd:j?k a9LeGbf a9L art ;+:yfut If]qtkm{ s]lGb|t x'G5 / cfly{s j[l4nfO{ k|f]T;flxt u5{ . cWoogx?n] cfly{s ljsf; / ;]o/ ahf/aLr ;sf/fTds ;DaGw /x]sf] b]vfPsf 5g\, tfklg oLdWo] s'g klxnf] eGg] s'/f ax;sf] ljifosf ?kdf /lxcfPsf] 5 . s] ;fFlRrs} ;]o/ ahf/ ljsf;n] cfly{s j[l4df e"ldsf v]N5 < k|foM ;j{;fwf/0fn] ;]o/ ahf/nfO{ clwd"Nog ul/Psf] h'jf3/sf ?kdf lrlqt u/]sf] kfOG5 . t/, kof{Kt gLltut tyf ;+/rgfut k"jf{wf/dfkm{t ;]o/ ahf/nfO{ cfly{s ljsf;df dxTjk"0f{ of]ubfg ug]{ ;fwgsf ?kdf pkof]u ug{ ;lsG5 . ;+:yfut tyf ;/sf/L C0fkq;lxt ;a} k|sf/sf cNksfnLg tyf bL3{sfnLg ljQLo cf}hf/sf] sf/f]af/ k'FhL ahf/df x'G5 . oxfF ;fdfGotof ;]o/ eg]/ a'lemg] lwtf]kq tyf C0fkq b'j}sf] sf/f]af/ x'G5 . k'FhL ;+sng tyf ljt/0fdf ;xefuL ;a} dWo:ystf{;lxt oxfF pknAw ljQLo cf}hf/ tyf nufgLstf{nfO{ ;du|df k"FhL ahf/sf] ?kdf a'ñg'k5{ . ;/sf/L tyf lghL If]qsf ;+ul7t ;+:yfn] o; ahf/dfkm{t caf}{+ ?k}ofF a/fa/sf] k'FhL ;+sng u5{g\ . ;/sf/n] klg /fi6é a}+sdfkm{t k'FhL ahf/af6 kof{Kt ljQLo ;|f]t h'6fpF5 . :6s PS;r]Gh, ;]o/ bnfn, a}+s tyf ljQLo ;+:yf, u}/ëa}lsä ljQLo ;+:yf, nufgL sDkgL, ahf/ lgdf{tf, Do'r'cn kmG8, ;"rLs[t sDkgL, laqmL k|aGws, cGt/f{li6éo ljQLo nufgLstf{, ;+:yfut tyf JolQmut nufgLstf{ k'FhL ahf/sf dxTjk"0f{ c+u x'g\ . cy{tGqsf ljleGg If]qaf6 l;lh{t x'g] art k'FhL ahf/sf] cfk"lt{ kIf xf] . o:tf] art ;j{;fwf/0f artstf{, ;+ul7t ;+:yf, ;/sf/, ljb]zL d'n's, a}+s, ;~ro sf]if, ladf sDkgL, ljQLo ;+:yfdfkm{t cfpF5 . ljleGg pBf]u tyf Joj;fodf nfu]sf ;+ul7t ;+:yfn] k'FhL ahf/df pknAw ;|f]tsf] dfu u5{g . ;g\ !(*) sf] bzssf] pQ/f4{df cjnDag ul/Psf] pbf/Ls/0fsf] gLltkl5 :yflkt g]kfn :6s PS;r]Gh lnld6]8 / !) jif{cl3 o;sf] sf/f]af/ k|0ffnLnfO{ ul/Psf] :jrfnLs/0fnfO{ g]kfnsf] k'FhL ahf/ ljsf;df sf]z]9+'ufsf] ?kdf lng'k5{ .
33 g]K;] :dfl/sf /ht pT;j, @)&$ g]kfn /fi6é a}+s, g]kfn lwtf]kq af]8{, g]kfn :6s PS;r]Gh / g];gn a}+lsä 6é]lgä OlG:6Ro'6af6 of] cfjZostf kl/k"lt{ ug{ s]xL kxn ePsf] eP klg xfdL k|f/lDes r/0fd} 5f}+ . g]kfnsf] ljQ ahf/ j[l4sf] ;+3f/df 5 . k|ljlwsf] k|of]u, ;~hfnx?sf] lj:tf/ / k|lqmofut Joj:yfkgdf gljg k|of;x? eO/x]sf 5g\ . ljQLo cf}hf/ / k|lqmof;lxt ljQ ahf/ ;~rfng;DaGwL 1fg tyf r]tgfsf] j[l4n] o; ahf/df nufgLstf{sf] ;xeflutfnfO{ a9fjf lbG5 g} ljQ ahf/sf] dxTjnfO{ cem k|uf9 agfpF5 . cu|k+lQmsf] lgofds g]K;]n] pNn]lvt tYonfO{ übo+ud u/L ljQLo ;fIf/tfsf ljljw kIfnfO{ ;d]6\g] u/L lgoldt ?kdf sfo{qmd ;~rfng ug{'k5{ . sfo{qmddf ;dli6ut cy{tGq, k|fylds tyf bf];|f] ahf/nfuot k'FhL ahf/ ;DaGwL ljifonfO{ ;d]l6g]5g\ . vf;u/L nufgLsf] z}nL tyf /0fgLlt, nufgLstf{sf] dgf]lj1fg, ahf/ ;Da4 ;+:yf, dWo:ystf{, lwtf]kq ahf/, j:t' ahf/, d'b|f ahf/, Do'r'cn kmG8, ahf/ ;Da4 unt cEof;, ahf/ ptf/r9fj, ahf/ ljZn]if0fdf 5nkmn s]lGb|t x'g'k5{ .
34 g]K;] /ht pT;j :dfl/sf, @)&$ ;]o/ ahf/ / nufgLsf ;Defjgf æ/fdhLk|;fb e08f/L ;xfos lgb]{zs, PgcfO8L;L 8]enkd]G6 a}+s lnld6]8 ° g]kfndf ko{6g, s[lif, hn;|f]t, k"jf{wf/, pTkfbgd"ns / ;]jf If]q ;a}n] pT;fxhgs k|ult ug{ ;Sg] 7fpF ePsfn] ;+ul7t If]qnfO{ k'FhL ;+sng / cfdhgtfnfO{ nfesf] c+lzof/ aGg lgs} ;lhnf] 5 . k/Dk/fut ?kdf ;~rfng x'Fb} cfPsf] g]kfnsf] k'FhLahf/ s]xL jif{otf cfw'lgsLs/0ftkm{ cl3 al9/x]sf] 5 . k|fylds ;]o/df cfj]bg eg{ 3G6f}+ nfOg a:g'kg]{ cj:yfsf] cGTo ePsf] 5 . ;]o/ k|df0fkq l;/fgL /fv]/ ;'Tg'kg]{ afWotfsf] cGTo ePsf] 5 . tLg jif{cl3 / clxn]sf] cj:yfdf cfsfz hldgsf] cGt/ cfO;s]sf] 5 . 3/d} a;La;L df]afOnsf] Ps lSnsdf cgnfOg cf:afaf6 cfj]bg ul/Psf] ;]o/ ;f]em} l8Dof6 vftfdf hDdf eO{ nfef+z klg a}+s vftfdf g} hDdf x'g] cj:yf cfPsf] 5 . g]kfnsf] k'FhL ahf/df o:tf ;'ljwf ylkFb} hfg' g]K;] o'jf cj:yfdf k|j]z ug{'sf] HjnGt pbfx/0f x'g\ . ;L8LP; PG8 lSnol/ä lnld6]8sf] :yfkgf, cgnfOg cf:afsf] ;'?jft, a|f]s/sf zfvf b]z}el/ :yfkgf h:tf 36gf g]kfnsf] k'FhL ahf/sf dx¢jk"0f{ 5nfä x'g\ . cf:af nfu" ePkl5 k'FhL ahf/sf] kxFr b]zel/ k'u]sf] 5 . jfl0fHo a}+s k'u]sf :yfgaf6 hgtfn] k'FhL ahf/;DaGwL sf/f]af/ ug{ ;Sg] ePsf 5g\ . cem} klg g]K;]n] ug{'kg]{ sfd w]/} 5g\ . cu|flwsf/ tyf lnnfdLsf ;]o/sf nflu klg cgnfOg cf:afaf6} cfj]bg ug]{, bf];|f] ahf/sf] sf/f]af/ cgnfOgaf6} ug{ ldNg]] h:tf ;'ljwf yk ub}{ hfg'kg]{ b]lvG5 . g]kfnsf] k'FhL ahf/ Tolt ljsl;t gePsf] x'gfn] b]zsf] nflu of] If]q elh{g NofG8s} ?kdf 5 . b]zel/sf hgtfn] ;lhn} lwtf]kq;DaGwL sf/f]af/ ug{ kfpg] ePkl5 b]zdf k'FhL lgdf{0f sfo{ tLj| agL ljsf; lgdf{0f / k"jf{wf/sf sfd km6fkm6 ;~rfng x'Fb} hfG5g\ . cNksfnLg ?kdf ;]o/sf] d"No 36\g' / a9\g' lwtf]kq ahf/sf] ;'Gb/ kIf g} xf] . cNksfnLg ?kdf tn em/]sf] ahf/af6 clQP/ efUg] tyf s]xL dfqfdf ahf/ prflng yfNbf dflQg] k|j[lQnfO{ TofUg] xf] eg] g]kfnsf] lwtf]kq ahf/nfO{ k|r"/ ;Defjgf af]s]sf] nufgL If]qsf] ?kdf lng ;lsG5 . clxn] sf/f]af/ eO/x]sfdWo] cfwfeGbf a9L lx:;f ljQLo If]qsf lwtf]kqn] cf]u6]sf] 5 . o;f] x'g'df ljQLo If]qdfly s]Gb|Lo a}+ssf] lg/Gt/ cg'udg / lg/LIf0f sfod /xL o; If]qnfO{ cg'zfl;t agfO/fVg ;Sg' d'Vo sf/0f /x]sf] 5 . ljQLo If]q h:t} pTkfbgd"ns, hnljB't\, ;"rgf ;~rf/, ;]jf, s[lif tyf ko{6gd'vL pBf]udf klg e/kbf]{ cg'udgsf] Joj:yf / kf/bzL{ n]vf k|0ffnL sfod ug{ ;s] oL If]qdf lbn vf]n]/ nufgL ug]{ lbg kv]{/ ;j{;fwf/0f al;/x]sf 5g\ . g]kfnh:tf] cNkljsl;t b]zdf k"jf{wf/df k|z:t} nufgL ug'kg]{ ePsf] x'Fbf nufgLsf ;Defjfgf k|z:t} x'G5g\ . ;/sf/L 9's'6L, j}b]lzs ;xfotfsf cnfjf b]z lgdf{0f ug{ cfjZos /sd k'FhL ahf/af6} ;+sng ug]{ xf] . nufgLsf If]qx? ko{6g, s[lif, hnljB''t\ tyf pBf]udf k|z:t} /x]sf 5g\ . oL If]qx? Odfgbf/ eP/ k'FhL ahf/df k|j]z u/] eg] b]z / hgtfsf] cfly{s cj:yfdf sfofkn6 x'g w]/} ;do
35 g]K;] :dfl/sf /ht pT;j, @)&$ nfUb}g . g]kfnsf] k'FhL ahf/dfkm{t lwtf]kqdf nufgL u/L dgUo cfo cfh{g ug{ ;lsg] s]xL If]q lgDgfg';f/ 5g\ M ko{6g ca{eGbf a9L hg;+Vof ePsf b'O{j6f ljzfn l5d]sLsf] aLrdf :ofG8ljr h:tf] eP/ a;]sf] b]z g]kfn k|fs[lts ;f}Gbo{ / df}lns snfs[ltsf nflu k|Voft 5 . xfd|f tfn, tn}of, lxdfn, kxf8, dlGb/, snfs[lt, rf8af8, /xg;xgsf] cjnf]sg u/L dgf]/~hg tyf cWoog ug{ a;]{lg xhf/f}+ ko{6s oxfF cfpF5g\ . xfd|f] ko{6g ahf/nfO{ b'O{j6f l5d]sL b]zdf clnstf k|rf/ u/]/ b'j} b]zsf kfFrëkfFr k|ltzt ko{6s leêofpg ;lsof] eg] klg oxfF k|z:t} xf]6n tyf l/;f]6{ vf]lnG5g\ . ToxfF xhf/f}+ g]kfnLn] sfd kfpF5g\ . o;f] x'g ;s]df ;f]N6L xf]6nsf] ;]o/ af/f]af/af6 xf]6nsf] nfef+zdfly o;sf nufgLstf{n] clwsf/ hdfP em}+ cGo ;of}+ xf]6nsf] lwtf]kqdf nufgL u/L ko{6g pBf]uaf6 k|fKt x'g] nfenfO{ b]ze/sf gful/sn] pkef]u ug{ ;S5g\ . s[lif ko{6gkl5 k|r"/ ;Defjgf ePsf] csf]{ If]q s[lif xf] . ljZjel/ g} dfu x'g] ljleGg lsl;dsf h8La'6Lsf w]/} k|hflt g]kfndf kfOG5g\ . ltgLx?sf] Jofj;flos v]tL u/L ljZj ahf/df k'âofpg ;s] b]zdf k|z:t} /f]huf/L k|fKt x'g], ljb]zL d'b|f cfh{g x'g]5 . o:tf sfo{df ;+nUg sDkgLsf] lwtf]kqdf nufgL u/L cfdhgtfn] k|z:t kmfObf p7fpg ;S5g\ . hn;|f]t lbg k|ltlbg al9/x]sf] pmhf{sf] dfunfO{ wfGg / k]6éf]lnod kbfy{sf] lgof{t 36fpg hn;|f]tsf] plrt pkof]u x'g' cfjZos 5 . lj1x?sf] egfOnfO{ cfwf/ dfGg] xf] eg] g]kfn hnljB't\df cfTdlge{/ x'g cem} s]xL jif{ nfU5, h;sf] nflu 7'N7"nf cfof]hgf lgdf{0f x'g' h?/L 5 . dflyNnf] tfdfsf];L hnljB't\ cfof]hgfdf :yfgLo afl;Gbf / sd{rf/Lsf] ckf/ ;xeflutfaf6 hnljB't\k|lt ;j{;fwf/0fsf] ?lr slt /x]5 eg]/ ;xh} a'ñg ;lsG5 . ctM 7'N7"nf hnlhB't\ cfof]hgf lgdf{0f eP hgftfn] k|r"/dfqfdf nufgLsf] cj;/ kfO{ o;sf] nfe;d]t cfkm}+ pkef]u ug{ ;S5g\ . k"jf{wf/ ev{/}dfq /fhgLlts ;+qmd0fsfnsf] ;dflKt eP/ b]z l:y/tftkm{ cl3 a9]sf] 5 . ca aGg] ;/sf/sf] Wofg k"jf{wf/sf] If]qdf hfg] b]lvG5 . ;/sf/sf sltko of]hgf ;fj{hlgsëlghL ;fem]bf/L df]8]n cg';f/ klg lgdf{0f x'g] xFbf o;df ;j{;fwf/0fn] nufgLsf] cj;/ kfpF5g\ . pTkfbgd"ns If]q xfn g]kfn :6s PS;r]Ghdf sf/f]af/ x'g] clwsf+z ;]o/ a}+s / ladf If]qn] cf]u6]sf] 5 . o;df pTkfbgd"ns If]qsf] lx:;f cToGt Go"g 5 . of] If]qsf] klg plrt cg'udg / d"Nof+sgsf] Joj:yf ldnfO{ ltgnfO{ lwtf]kq ahf/sf] lx:;f agfpg ;s] ;j{;fwf/0fn] pTkfbgd"ns If]qdf ;d]t nufgLsf] cj;/ kfpg]5g\ .
36 g]K;] /ht pT;j :dfl/sf, @)&$ ;]jf If]q l;g]df xn, ;"rgf k|ljlw;DaGwL pBf]u, dgf]/~hg :yn nufotn] lbg ;]jf lj:tf/sf] ckf/ ;Defjgf af]s]sf] If]q xf] . hg;+Vof a9\b} hfFbf dgf]/~hg / cf/fd ug]{ 7fpF / ;]jfsf] dfu cTolws a9\5 . o:tf If]qx? klg ;+ul7t eP/ lwtf]kq ahf/df cfP ;lhn} nufgL h'6fpg] cj;/ kfOG5 / cfd hgtfn] klg of] If]qaf6 nfe lng ;S5g\ . ev{/} dfq b]zdf lgjf{rg ;DkGg ePsf] 5 . ca b]z ljsf; / ;d[l4tkm{ a9\g] lglZrt 5 . ;+3Lo ;+/rgfcg';f/ b]z cl3 a9]sf] 5 . hgtfsf] a9\bf] rfxgfnfO{ kl/k"lt{ ug{ ;/sf/n] k'FhLut vr{ k|z:t dfqfdf ub}{ hfg] b]lvG5 . o:tf] vr{af6 hgtfsf] cfocfh{gdf ;'wf/ cfO{ ;j{;fwf/0f gful/s cfkm\gf] artaf6 k'FhL ahf/df nufgL ug{ ;Ifd x'Fb} hfg]5g\ . o;f] x'Fbf ;a} ;+ul7t If]qn] cfjZos k'FhL, k'FhL ahf/af6 ;xh} k|fKt ug{ ;S5g\ / cfdhgtfn] klg o;sf] nfe lng ;S5g\ . t/, o;sf] nflu o'jf x'Fb} uPsf] g]kfn :6s PS;r]Ghn] dxTjk"0f{ e"ldsf v]Nb} hfg'kg]{ b]lvG5 . k|fylds ahf/ h:t} bf];|f] ahf/df klg k"0f{ ?kdf cgnfOg ;]jfaf6} lwtf]kq vl/bëlaqmL ug{ ldNg] agfpg], jfl0fHo a}+snfO{ klg a|f]s/sf] nfO;]G; lbg], k|fylds ;]o/ lgisf;g tyf afF8kmfF8 / bf];|f] ahf/ sf/f]af/df /fkm;fkmsf] ;do 36fpFb} n}hfg] nufot sfd ug{'kg]{ b]lvG5 . To;}u/L, lwtf]kq ahf/sf] lgofds lgsfo g]kfn lwtf]kq af]8{n] ;+ul7t sDkgLnfO{ plrt lgodg / ;'kl/j]If0fsf] Joj:yf ldnfO{ ;j{;fwf/0fsf] nufgL ;'/lIft /fVg d2t k'âofpg' k5{ .
37 g]K;] :dfl/sf /ht pT;j, @)&$ k'£hL ahf/ lzIf0fsf] dxüj / ljlw æz+s/ kf}8]n pkk|fWofks, k[YjLgf/fo0f SofDk;§kf]v/f ° ljQLo ;fIf/tf sfo{qmdn] ljQ ahf/ ;~rfng nufot k|lqmofut ljifodf ;':ki6 kf/]/ ahf/nfO{ nufgLstf{sf] lgs6 k'Çofpg ;xof]u u5{ . of] sfo{qmd nufgLstf{sf nflu dxTjk"0f{ ;xofqL x'g]5 . ljQLo ;fIf/tf ljQLo ;fIf/tf Pp6f k|lqmof xf] . o;dfkm{t ljQLo pkef]Qmf -nufgLstf{_ n] ljQLo cf}hf/, ;+:yf, k|lqmof, cjwf/0ff tyf ;"rgf;DaGwL hfgsf/L lnG5g . o;af6 pgLx? ljQ ahf/sf hf]lvd / cj;/af/] a9L ;r]t eO{ o'lQm;+ut lg0f{o ug{ ;Ifd x'G5g\ . • ;"rgf M pkef]Qmfn] ljQLo hf]lvd tyf cj;/, 5gf]6 tyf kl/0ffd;DaGwL tYo, tYof+s tyf ljifout 1fg k|fKt u/L tbg's"n lg0f{o u5{g] . • lzIf0f M JolQmut pkef]Qmfn] ljQLo zAbfjnL / cjwf/0ffnfO{ a'em]sf 5g\ / ;xL lg0f{o ug{ ;S5g\ eGg] ;'lglZrt ug{ tflnd tyf cled'vLs/0f cfjZos x'G5 . • k/fdz{ M ljQLo ;jfn / cf}hf/af/] ;xL 1fg xfl;n u/L k|fKt ljQLo ;"rgfsf] ;xL pkof]u ug{ ;Ifd agfpg k/fdz{ ;]jfn] dxTjk"0f{ e"ldsf v]n]sf] x'G5 . ;du|df, ljQLo ;fIf/tfnfO{ pkef]Qmf ;+/If0feGbf cnu xf] eGg] a'ñg'k5{ . oBkL oL b'O{ cjwf/0ffaLrdf /x]sf] cGof]Gofl>t ;DaGwnfO{ gsfg{ ;lsFb}g . ljQLo ;jfndf ;"rgfsf] Joj:yf pNn]lvt b'j} cjwf/0ffsf] ;femf ljifo x'g\ . ljQLo lzIff, dfu{lgb]{zg / k/fdz{n] kl/k"/ssf] e"ldsf v]n]sf] x'G5 eg] pkef]Qmf lxt ;+/If0fdf d'Votof sfg'gL / lgodgdf hf]8 lbOPsf] x'G5 . ;]jf k|bfosn] tf]lsPsf] Go"gtd dfkb08 cg';f/ ;]jfu|fxLnfO{ cfjZos ;"rgf pknAw u/fpg], sfg'gL ;'/Iff lbg] tyf ;'wf/fTds Joj:yf ug]{ ljifo pkef]Qmf lxt ;+/If0f cGtu{t k5{g\ . pNn]lvt Joj:yfn] ;j{;fwf/0fnfO{ art tyf nufgL ug{ k|f]T;flxt u5{ . ljQLo ;fIf/tf sfo{qmdn] ljQ ahf/ ;~rfng nufot k|lqmofut ljifodf ;':ki6 kf/]/ ahf/nfO{ nufgLstf{sf] lgs6 k'âofpg ;xof]u u5{ . of] sfo{qmd nufgLstf{sf nflu dxTjk"0f{ ;xofqL x'g]5 . nufgL sf}zn ;DklQnfO{ ;]o/, C0fkq, Do'r'cn kmG8 jf j:t' nufotsf ljQLo cf}hf/df pRrtd k|ltkmn k|fKt x'g] u/L nufgL ug{' a'l4dtfk"0f{ sfo{ xf] . ;kmn nufgLsf nflu hf]lvd tyf k|ltkmnsf] ljZn]if0f, pknAw cj;/, JolQmut cfjZostf, nufgLsf] p2]Zo tyf ;du| cfly{s tyf ljQLo jftfj/0faf/] k|:6 x'g' h?/L 5 . nufgLsf] z}nLaf/] rrf{ ubf{ ;fdfGotof nufgLstf{nfO{ ?9LjfbL, dWodfuL{, cfqmfds, pN6f] wf/df lxF8\g] jf ;lqmo tyf lgliqmodf ljefhg ug{ ;lsG5 .
38 g]K;] /ht pT;j :dfl/sf, @)&$ ?9LjfbL ?9LjfbL nufgLstf{ hf]lvd jxg ug{ rfxFb}gg\ . pgLx? yf]/} k|ltkmn k|fKt x'g] If]qnfO{ ;d]t hf]lvdsf ?kdf lnG5g\ . o;nfO{ k'FhL ;+/If0f z}nL klg eGg ;lsG5 . To;}n] ?9LjfbL nufgLstf{ a9L hf]lvdo'Qm dflgPsf] ;]o/h:tf] ljQLo cf}hf/sf] ;Çf ;/sf/L C0fkq, 6é]h/L laN; tyf /]l6ä Ph]G;Ln] ljZj;gLo eg]sf ;+:yfut C0fkqdf nufgL ug{ ?rfpF5g\ . dWodfuL{ dWodfuL{ nufgLstf{ 7"nf gf]S;fgLaf6 cfkm\gf] ;DklQsf] /Iff ub}{ o;nfO{ a9fpgklÇ nfu]sf x'G5g\ . ;]o/h:tf ptf/r9fjo'Qm nufgLdf yf]/} c+z / lgoldt cfDbfgL x'g] t'ngfTds ?kdf l:y/ ljQLo cf}hf/df pgLx?n] a9L nufgL u/]sf x'G5g\ . pbfx/0fsf nflu cf};t dWodfuL{ nufgLstf{n] #) k|ltzt ;]o/df, ^) k|ltzt C0fkqdf / !) k|ltzt gub jf ;f];/xsf] ;DklQdf nufgL u/]sf x'G5g\ . o;}u/L, pgLx?sf] /f]hfOdf ;]o/ ahf/sf èAn' lrK;∑ tyf cGo a9L ahf/ k'FhLs/0f ePsf ;]o/x? k5{g\ eg] nufgLsf] ;fgf] c+z a9L ptf/r9fjo'Qm cfsf/df ;fgf] ahf/ k'FhLs/0f ePsf] sDkgLsf] ;]o/ klg k5{ . cfqmfds cfqmfds nufgLstf{sf] rf;f] pRr b/sf] j[l4 ;Defjgf ePsf nufgL If]qdf x'G5 . pRr k|ltkmn kfpgsf nflu pgLx? ;fFjf /sdsf] s]xL lx:;f u'dfpg klg tof/ x'G5g\ . pgLx?n] ;]o/ tyf ;]o/df cfwfl/t Do'r'cn kmG8h:tf pRr hf]lvdo'Qm If]qdf &% b]lv (% k|ltzt;Dd nufgL u/]sf x'G5g\ . pgLx?sf] nufgLdf 7"nf ahf/ k'FhLs/0f / ;fgf ptf/r9fjo'Qm sDkgLsf ;]o/ tyf To;df cfwfl/t Do'r'cn kmG8 klg x'G5g\ . clwsf+z cfqmfds nufgLstf{sf] z}nL ;Ç]afhL k|s[ltsf] x'G5 . pN6f] wf/df lxF8\g] nufgLstf{ pN6f] wf/df lxF8\g] nufgLstf{sf] z}nL ahf/df k|rlnt cfdwf/0ffeGbf ljk/Lt x'G5 . pgLx? cfdnufgLstf{n] 5f]8]sf] ;]o/ lsGg] / ;a}n] /f]h]sf] ;]o/ a]Rg tTk/ x'G5g\ . cGo nufgLstf{n] nufgL ug{ g?rfpg] If]q, ahf/ / ljQLo cf}hf/df pgLx?sf] ?lr x'G5 . pRr ptf/r9fjo'Qm ;do tyf ahf/df dGbL cfPsf] b'j} ;dodf o:tf nufgLstf{ a9L ;lqmo x'G5g / ;kmntf k|fKt u5{g\ . oBlk clwsf+z ;do ahf/n] cfFsng u/]sf] d"No ;xL x'g] x'Fbf o:tf nufgLstf{n] ;kmntf xfl;n ug{ a9L d]xgt ug{'kg]{ x'G5 . ;lqmo / lgliqmo z}nL ;lqmo nufgL z}nL eg]sf] ;fdfGotof ahf/n] lbg]eGbf a9L k|ltkmn ;'lglZrt ug]{ xf] . ahf/n] klxrfg ug{ g;s]sf] If]q tyf sDkgL klxNofP/ nufgL ug]{ lg/Gt/ k|of;df ;lqmo nufgLstf{ nfu]sf x'G5g\ . ;lqmo nufgLstf{n] cjnDag ug]{ /0fgLlt ljljw k|sf/sf x'G5g\, o;af6 k|fKt x'g] ;kmntfaf/] eg] ;a}sf] Ps dt kfOFb}g . csf]{lt/ lgliqmo nufgL z}nLdf ahf/ kl/;"rsnfO{ k5àfOG5 . lgliqmo nufgLstf{ bL3{sfnLg k|ltkmnsf] p2]Zoaf6 k|]l/t x'G5g\ . pgLx? nufgL ul/Psf] ljQLo ;DklQ 5f]6f] ;dod} laqmL u/]/ gfkmf 39 g]K;] :dfl/sf /ht pT;j, @)&$ sdfpg vf]Hb}gg\ . o;sf nflu ulx/f] cWoog, w}o{ / ljljwLs[t kf]6{kmf]lnof] cfjZos x'G5 . bL3{sfndf nufgLaf6 kmfOb} x'G5 eGg] o:tf nfugLstf{sf] ljZjf; x'G5 . lzIf0fsf] dxÜj plrt k];fsf] nIo xfdLdWo] w]/}hgf hLjgofkg, dgf]/~hg nufotaf6 l;lh{t bfloTj e'QmfgL ug{ cfjZos /sd h'6fpg sfd u5f}+{ . /sd cfh{g ug]{ ;aeGbf plrt tl/sf To;sf nflu cfjZos ljlzi6Ls[t Ifdtfsf] ljsf; ug{' xf] . o:tf] v'aLsf] ljsf; ug]{ cg]sf}+ tl/sf 5g\ . :j/f]huf/df nfu]sf JolQmx?n] cfkm\gf] kfl/jfl/s Joj;fo ;DxfNg ;S5g\ jf gofF Joj;fo ;'? ug{ ;S5g\ . gofF k|ljlw jf j:t'sf] pTkfbg ug{ ;lsG5 . lstfa n]Vg] jf l;g]df agfpg] klg 5g\ . 7'N7"nf ;+ul7t ;+:yfnfO{ ;DxfNg u/L pRr:t/sf] lzIff xfl;n klg ug{ ;lsG5 . xfdL ;a} ljz]if Ifdtf, ?lr tyf p2]Zo ePsf JolQm xf}+ . xfdLdWo]s} sf]xL s]6fs]6L x'sf{pg 3/d} a:g ?rfpF5f}+, sf]xL ;+ul7t ;+:yfsf] eâofä r9\g rfxG5g\, sf]xL kz'kIfL :ofxfg{ rfxG5g\, sf]xL ;fdflhs ;+:yfdf sfd ug{ rfxG5g\, sf]xL sfof{nosf] rf}3]/fdf a:g g?rfpg] vfnsf x'G5g\ . To;}n}, ;a}sf nflu s'g} Ps k];f plrt xf] eGg ;lsGg . cfkm\gf] ?lr / :jefj cg';f/sf] k];f rog a'l4dQfk"0f{ x'G5 . vf;u/L hl6n k|s[ltsf] k];f, pBf]u tyf Joj;fosf ;Gbe{df of] cem a9L nfu" x'G5 . nufgLsf] p2]Zo art ug{'h:t} plrt If]qdf nufgLsf] lg0f{o ug{' klg plQs} dxTjk"0f{ s'/f xf] . ;a} /sd a}+sdf /fVbf k|ltkmn Go"g x'g ;S5 . nufgLnfO{ ;]o/, C0fkq, 3/hUuf nufotdf ljljwLs/0f ubf{ ;'/Iff tyf pRr k|ltkmn kfpg ;lsG5 . ;]o/, C0fkq tyf 3/hUufdf dfq} nufgL s]lGb|t ubf{ hf]lvd pRr x'g ;S5 / gf]S;fgL a]xf]g{'kg]{ x'G5 . To;}n] hf]lvd Go"g ub}{ k|ltkmn pRr ug]{tkm{ nfUg'k5{ . hf]lvd / k|ltkmn nufgLsf] cfwf/e"t l;4fGt hf]lvd / k|ltkmnaLrsf] ;DaGwdf cfwfl/t x'G5 . nufgL ;Da4 hf]lvdnfO{ ;Defljt cfDbfgL / gfkmf;Fu hf]8]/ x]g{ ;lsG5 . olb tkfO{+ a}+sdf Ps nfv ?k}ofF hDdf ug{'x'G5 eg] o;af6 sd hf]lvd ck]Iff ug{'x'G5 . a}+sx? ;fdfGotof ?9LjfbL x'G5g\ / oxfF art vftfdf /flvPsf] /sdnfO{ ljleGg dfWodaf6 ;'l/Ift ug]{ ul/Psf] x'G5 . pQm vftfdf a}+sn] % k|ltzt jflif{s Aofh lbg] eg]sf] 5 eg] Ps jif{kl5 tkfO{+sf] vftfdf Ps nfv kfFr xhf/ ?k}ofF hDdf ePsf] x'G5 . o;nfO{ Go"g k|ltkmno'Qm nufgL dfGg'k5{ . csf]{lt/, xfdLsxfF ;]o/, 3/hUuf nufot If]qdf nufgL ug]{ k|j[lQdf j[l4 b]lvPsf] 5 . oL If]qdf ul/Psf] nufgLaf6 lglZrt ;d"xn] pRr k|ltkmn kfPsf] 5 . t/, kl5Nnf] ;do oL b'j} If]qdf cfPsf] âxf;n] s]xL nufgLstf{n] gf]S;fgL klg a]xf]g{'k/]sf] 5 . o;sf k5fl8 cg]sf}+ cfly{s tyf u}/cfly{s sf/0f 5g\ . pRr k|ltkmn lbg] oL If]qdf hf]lvd klg pRr g} /x]sf] o;af6 k|dfl0ft x'G5 .
40 g]K;] /ht pT;j :dfl/sf, @)&$ lgodgdf r's]sf lgofds lgsfo æz/b cf]emf kqsf/, b]z ;~rf/ cgnfOg ° s'g} ;+:yfnfO{ sf/afxL u/]sf] To:t} csf]{ ;+:yfn] b]Vg' / dx;'; ug{' k5{ . gfddfqsf] sf/afxL ug{'eGbf gug{' /fd|f] xf] lsgeg] gfddfqsf] sf/afxLn] c?nfO{ klg uNtL ug{ pS;fpF5 . lgofds lgsfon] lgod, sfg'g ldRg]lj?4sf] sf/afxLnfO{ clGtd c:q agfpFb} ;Vt sbd rfNg ;s] unt lqmofsnfkdf sdL cfpg] ck]Iff ug{ ;lsG5 . lwtf]kq ahf/k|lt cfd gful/ssf] rf;f] a9\b} ubf{ k'FhL ahf/;Fu ;DalGwt ;+:yfx? lgodgdf r'ls/x]sf] b]lvG5 . lgofds lgsfo g]kfn lwtf]kq af]8{ / g]kfn :6s PS;r]Ghn] pko'Qm k|ljlw k|of]u ug{ g;Sbf lgodg lkmtnf] x'Fb} uO/x]sf] 5 . ahf/sf] ljsf;;Fu} cfpg ;Sg] hf]lvd Joj:yfkgdf ;/f]sf/jfnf lgsfon] Wofg lbg ;ls/x]sf 5}gg\ . lwtf]kq;DaGwL P]g, @)^# n] sDkgLsf] ;"rgfdf kx'Fr ePsf JolQmnfO{ lwtf]kqsf] d"Nodf c;/ kg]{ u/L ;"rgf ;fj{hlgs ug{ /f]s nufPsf] 5 . P]gn] cflwsfl/s ?kdf sDkgLn] ;"rgf ;fj{hlgs ug{'cl3 lwtf]kqsf] ahf/ d"No k|efljt kfg]{ u/L ;"rgf ;fj{hlgs u/] To:tf] lqmofsnfknfO{ èleqL sf/f]af/∑ dfg]sf] 5 . lwtf]kq;DaGwL P]gsf] bkmf (! n] leqL sf/f]af/nfO{ ck/fw dfGb} bkmf !)! df leqL sf/f]af/df ;+Ung x'g]nfO{ ! jif{;Ddsf] s}b ;hfo x'g] Joj:yf u/]sf] 5 . t/, ahf/df sDkgLn] cflwsfl/s ?kdf lg0f{o ug{'cufj} k|ltkmn;Fu ;DalGwt rNg] w]/} xNnfx? ;fFrf] x'g] u/]sf 5g\ . cg'dfgdfq} x'GYof] eg] w]/} xNnfx? em'6 / s]xLdfq ;xL x'g] lyP . af]g; ;]o/ olt k|ltzt, xsk|b olt k|ltzt, gub nfef+z olt k|ltzt eg]/ ls6fg ug]{x? k|foM ;xL ;flat eO/xFbf ev{/} afd] ;b}{ u/]sf] g]kfnL k'FhL ahf/df leqL sf/f]af/sf] eofgs /f]u nflu;s]sf] efg x'g yfn]sf] 5 . leqL sf/f]af/ eO/x]sf] s'/f gsfg{ g;Sg] eGb} lwtf]kq af]8{sf pRr clwsf/Lx? k|ljlwnfO{ lgodgsf] cf}hf/ agfP o:tf] ;d:of ;dfwfg x'g ;Sg] atfpF5g\ . lwtf]kq Joj;foL -lwtf]kq bnfn, lwtf]kq Jofkf/L tyf ahf/ lgdf{tf_ lgodfjnL @)^$ sf] bkmf @& df lwtf]kq bnfn sDkgL tyf pQm sDkgLsf] ;~rfns, sfo{sf/L k|d'v, k|ltlglw, sd{rf/L tyf lghx?sf] ;uf]ndf /x]sf Psf3/sf kl/jf/sf ;b:on] cfkm" sfo{/t sDkgLaf6 ;]o/ vl/bëlaqmL ug{ gkfpg] Joj:yf 5 . t/, a|f]s/ sDkgLdf sfo{/t sd{rf/Lsf Psf3/sf] cBfjlws l8lh6n tYof+s :6s PS;r]Gh / lwtf]kq af]8{;Fu x'Fb}g . pgLx?n] a|f]s/ sDkgL;Fu sd{rf/L ljj/0f dfu u5{g\, a|f]s/n] klg k]; ug]{ u5{g\ . ljB'tLo sf/f]af/ x'g] ;+oGqdf sfuhdf x'g] tYof+sn] Psf3/sf] sf/f]af/ eP, gePsf] s;/L yfxf x'G5 < s] lgofds lgsfosf] dfGotf ph'/L gkbf{;Dd sf/afxL ug{' x'Fb}g eGg] xf] < ahf/nfO{ lgod;+ut rnfpg / Jojl:yt ug{ lgofds lgsfo k|f]ëPlS6e x'g}k5{ . lgod ;s];Dd 5Ng'k5{ / b08lagf ;'wf/ xF'b}g eGg] dfGotf ljsf; ePsf] xfd|f] b]zdf lgofds lgsfo lgod kfngf u/fpg lgs} ;lqmo x'g' cfjZos 5 . 41 g]K;] :dfl/sf /ht pT;j, @)&$ g]kfn :6s PS;r]Ghsf] tYof+s cg';f/ g]K;]df @)& sDkgL ;"rLs[t 5g\ . tL ;a} sDkgL lwtf]kq af]8{ / g]K;]sf] lgodgsf] bfo/fdf 5g\ . g]K;]df ;"rLs[t sDkgLdWo] ! ;o @^ a}+lsä If]qsf 5g\, h;dWo] jfl0fHo a}+s @&, kmfOgfG; sDkgL #), dfOqmf]kmfOgfG; ##, ljsf; a}+s #^ 5g\ . o:t}, xf]6ntkm{ cf]l/oG6n, ofs PG8 olt, ;f]N6L, tf/fufpF l/h]G;L u/L $ sDkgL ;"rLs[t 5g\ . pTkfbgd"ns ;d"xtkm{ !* sDkgL btf{ x'Fbf klg lgoldt sf/f]af/ ug]{df af]6n;{ t/fO{, lxdfnog l8l:6n/L / o'lglne/ g]kfndfq 5g\ . s]xL ;dob]lv hnljB't\ ;Da4 sDkgLsf] ;]o/ g]kfnL ahf/df a9\bf] qmddf 5 . xfn g]K;]df hnljB't\ ;Da4 !& sDkgL ;"rLs[t 5g\ . o:t}, ;fd"lxs nufgL of]hgf -Do'r'cn kmG8_ !! / cGo ;d"xsf # sDkgL g]K;]df btf{ ePsf 5g\ . cGo ;d"xsf] hnljB't\ nufgL tyf ljsf; sDkgL / g]kfn 6]lnsdsf] lgoldt sf/f]af/ x'G5 eg] g]kfn rnlrq ljsf; sDkgL lnld6]8 sf/f]af/ gx'g] sDkgLsf] ;"rLdf k5{ . 6é]l8ätkm{ ;"rLs[t ePsf $ sDkgLdWo] ljzfn ahf/ / ;fN6 6é]l8ä sf/f]af/ x'g] sDkgL x'g\ eg] g]kfn 6é]l8ä lnld6]8 / g]kfn j]nkm]o/ lnld6]8sf] g]K;]df sf/f]af/ g} x'Fb}g . af]8{ / g]K;]n] lgodg ug{'kg]{ ladf sDkgLsf] ;+Vof @) 5 . Pe/]:6 a}+ssf] cu|flwsf/ ;]o/ klg ;"rLs[t ePsfn] af]8{ / g]K;]n] lgodg ug]{ ;"rLd} k5{ . g]kfndf ePsf %) a|f]s/ sDkgL klg af]8{ / g]K;]sf] lgodg bfo/fdf k5{g\ . dfly pNn]lvtafx]s l3tf]kq af]8{n] @# dr]{G6 a}+s/, ! s]Gb|Lo lgIf]k sDkgL -;L8LP;_, @ qm]l86 /]l6ä sDkgL, ^* 8LkL ;b:o, %% cf:af ;b:o nufotsf] lgodg ug{'k5{ . g]kfn :6s PS;r]Ghsf] k|d'v lgofds lgsfo klg lwtf]kq af]8{ xf] . lwtf]kq af]8{nfO{ lwtf]kq;DaGwL P]g, @)^# n] lgodg / sf/afxL ug]{ kof{Kt clwsf/ lbPsf] 5 . t/, af]8{n] lgodg / sf/afxLsf] cf}hf/nfO{ ahf/sf] lxtdf k|of]u ug{ ;s]sf] 5}g . pQm P]gsf] bkmf $* n] :6s PS;r]GhnfO{ lgb]{zg lbg ;Sg] clwsf/ lbPsf] 5 . ;f]xL bkmfdf lwtf]kq ahf/dfkm{t lwtf]kq sf/f]af/ u/fpg] ;+ul7t ;+:yfn] lwtf]kq ahf/;Fu u/]sf] ;Demf}tf pNn+3g u/]df lwtf]kq sf/f]af/nfO{ :jR5 / lgoldt agfpg nufgLstf{sf] lxtnfO{ Wofgdf /fvL To:tf ;+:yfnfO{ lwtf]kq af]8{n] cfjZos lgb]{zg lbg ;Sg] k|:6 pNn]v 5 . P]gsf] bkmf $% df lwtf]kq af]8{n] lwtf]kq sf/f]af/nfO{ kf/bzL{, :jR5 / lgoldt ?kdf ;~rfng ug{, u/fpg ;j{;fwf/0f nufgLstf{sf] lxtnfO{ Wofgdf /fvL lwtf]kq;DaGwL P]g / P]gcGtu{t ag]sf lgod tyf ljlgod k"0f{ ?kdf kfng ug{ nufpg] / To;sf] cg'udg / ;'kl/j]If0f ug]{ pNn]v 5 . o:t}, lwtf]kq ahf/ ;~rfng lgodfjnL, @)^$ n] g]K;]nfO{ lgodg ug{ ;Sg] clwsf/ lbPsf] 5 . lgodfjnLsf] bkmf @& -%_ df ;"rLs[t sDkgLsf ljQLo ljj/0fsf ;fy} ;]o/ d"Nodf c;/ kg]{ s'g} klg ;"rgf, hfgsf/L tyf ljj/0f lwtf]kq ahf/ -g]K;]_ n] t'?Gt ;fj{hlgs ug{'kg]{ pNn]v 5 . t/, g]K;]n] cflwsfl/s ?kn] ;"rgf ;fj{hlgs x'g'cufj} ahf/df sDkgLsf] ljQLo cj:yf ;DaGwL rrf{ rNg] u5{ . o:tf rrf{ ;fFrf] x'Fbf ahf/nfO{ ;"rgfdf kx'Fr x'g]n] k|efjdf kfl//x]sf] b]lvG5 . lgofds lgsfon] lgodg / sf/afxL;DaGwL yk sfg'g cfjZos eP oyfzSo rfF8f] lgdf{0f ug{'k5{ . t/, ph'/L gkbf{;Dd sf/afxL gug]{ 6é]G8nfO{ a|]s ug{' cTofjZos 5 .
42 g]K;] /ht pT;j :dfl/sf, @)&$ lgodg klxnf ls sf/afxL < ;d:of kG5fP/ ;dfwfg lgsfNg ;lsFb}g . o;}u/L, sf/afxL g} x/]s ;d:ofsf] ;dfwfg gx'g ;S5 . l;w} sf/afxLdf plqg] gLltn] tTsfnsf] kl/l:ylt ;'wf/ u/] tfklg bL3{sfnLg nfe glbg ;S5 . lgofds lgsfosf] klxnf] / dxTjk"0f{ lhDd]jf/L lgoldt lgodg g} xf] . af]8{ / g]K;]sf pRr kbflwsf/L klg cg'udgdfq} ug]{ xf] eg] klg 7"nf] sf/afxL ug{' gkg]{ atfpF5g\ . ;d:ofsf] bL3{sfnLg ;dfwfg kbdf /xg]nfO{ klg yfxf 5 . t/ Jojxf/df tL pkfo sfof{Gjog ePsf] b]lvFb}g . h:tf] lgIf]k ;b:o -8LkL_ n] ;]o/ 6éfG;km/ ug{ 8LcfO{P; -l8kf]lh6 OG;6éS;g l:nk_ clgjfo{ ?kdf lng'k5{ . lgIf]k ;b:on] 8LcfO{P; lnP, glnPsf] cg'udg ug]{ lhDd]jf/L s;sf] < o; ;DaGwdf af]8{, g]K;] nufot ;lqmo gx'g] xf] eg] s[lif ljsf; a}+ssf] vftfaf6 ;f] a}+ssf sd{rf/Ln] s/f]8f}+ /sd cfkm\gf] / cfkmGtsf vftfdf 6éfG;km/ u/] h;/L Ps l8Dof6 vftfaf6 csf]{ l8Dof6 vftfdf ;]o/ 6éfG;km/ gxf]nf eGg ;lsFb}g . w]/} lgod 5g\, h'g af]8{n] cfjZos egL tf]s]sf] 5 . t/, sfof{Gjog eO/x]sf] 5}g . tLdWo] Ps xf], vl/bëlaqmL cfb]z . lgod / ;hfo tf]Sb}df lgod sfof{Gjog x'G5 eGg] x'Fb}g eGg] 1fg kbdf /x]sfnfO{ x'Fbfx'Fb} klg lgodgdf r'Sbf ahf/ / nufgLstf{sf] lxtdf /x]sf sof}+ lgod /2Lsf] 6f]s/Ldf /fv] ;/x ePsf 5g\ . ;dfwfgsf] pkfo k|ljlwsf] k|of]ulagf lgofds lgsfosf] sfd alnof] x'g ;Sb}g . leqL sf/f]af/ klxrfg / sfnf] wg lgoGq0f s]xL hl6n ljifo xf]nf t/ ;fdfGo dfq} k|ljlwsf] k|of]un] Psf3/sf] sf/f]af/ lgoGq0f, k'FhLut nfes/ n'sfpg xtf]T;flxt, vl/bëlaqmL cfb]zsf] sfof{Gjog, a|f]s/ / nufgLstf{aLrsf] cGt/, lgofds lgsfosf sd{rf/Ln] ;]o/ ahf/df ug]{ nufgL lgoGq0f nufot sfd ug{ ;lsg] 7fpF 5 . ahf/nfO{ lbuf] agfpg ;fdfGo em}+ nfUg] ;d:of klg ;dfwfg ug{' h?/L x'G5 . lgoldt lgodg sf/afxLn] unt ug{ lg?T;flxt u/] klg unt k|j[lQ /f]Sg ;Sb}g . lgofds lgsfon] k|f]ëPlS6e eO{ lgoldt lgodg dfq} ug]{ xf] eg] unt ug{ vf]Hg]x? kl5 kg]{ lyP . lgoldt cg'udg gx'Fbf uNtL ug]{ / uNtL gug]{aLrsf] cGt/ g} 5}g, h;n] ubf{ dflg;nfO{ unt ug{'sf] kl/0ffdaf/] vf;} rf;f] gePsf] b]lvG5 . lgofds lgsfosf] :yfkgf g} lgoldt lgodg ug{ ul/Psf] xf] . cg'dltdfq} lbg] sfd ;/sf/n] Pp6f lgsfoaf6 ug{ ;SYof] . pbf/ cy{tGqsf] gLlt cjnDag u/]sf] xfd|f] h:tf] b]zdf lgodgsf] dxTj emg} a9L 5 . b]lvg] u/L sf/afxL sf/afxL ;d:ofsf] ;dfwfg gx'Fbfgx'Fb} klg gfddfqsf] sf/afxLn] ;d:ofnfO{ emg} 7"nf] agfpg d2t u5{ . lgofds lgsfon] s'g} ;+:yfnfO{ sf/afxL u/]sf] To:t} csf]{ ;+:yfn] b]Vg' / dx;'; ug{'k5{ .
43 g]K;] :dfl/sf /ht pT;j, @)&$ gfddfqsf] sf/afxL ug{'eGbf gug{' /fd|f] ∏ lsgeg] gfddfqsf] sf/afxLn] c?nfO{ klg uNtL ug{ pS;fpF5 . lgofds lgsfon] lgod, sfg'g ldRg]lj?4sf] sf/afxLnfO{ clGtd c:q agfpFb} ;Vt sbd rfNg ;s] unt lqmofsnfkdf sdL cfpg] ck]Iff ug{ ;lsG5 . kf/blz{tf :jMkf/blz{tf gx'Fbf;Dd lgofds lgsfo alnof] x'g ;Sb}g . P]g, lgod / sfg'gn] Ps lsl;dsf] kf/blz{tf lbPsf] 5 . P]g, lgod / sfg'g sfof{Gjog ug]{ clwsf/L cem} a9L kf/bzL{ x'g ;Sg' k5{ . lgodg / sf/afxLsf] k|lqmof kf/bzL{ x'g] xf] eg] lgod kfng ug{ ;Dk"0f{ ;/f]sf/jfnf afWo x'G5g\ . ;+:yfuteGbf JolQmut :jfy{n] dxTj kfof] eg] kf/blz{tf klg sd dxTjdf kg{ ;S5 . o; cfn]vdf k|Zgdfq} p7fpFb} ubf{ lgofds lgsfon] s]xL u/]sf 5}gg\ eGg vf]lhPsf] xf]Og . cfn]vsf] rfxgf lgodgdf lgofds lgsfosf] k|of; k|ofKt 5}g dfq} eGg vf]lhPsf] xf] . xfn k'FhL ahf/df k|mG6 nfOg /]u'n]6/L ;+:yfsf] ;+Vof w]/} x'Fbfx'Fb} klg lwtf]kq af]8{ / g]K;]n] lgodg ug{ g;s]sf] u'gf;f] cfO/x]sf] 5 . lwtf]kq af]8{n] jf:tljs If]qsf sDkgLnfO{ k'FhL ahf/df k|j]z ug{ cfXjfg ul//xFbf lwtf]kq ahf/sf lgofds lgsfosf] lhDd]jf/L a9\g] qmddf 5 . a}+s ljQLo ;+:yfnfO{ g]kfn /fi6é a}+sn], ladf sDkgLnfO{ ladf ;ldltn] lgodg ub}{ ubf{ klg leqL sf/f]af/ x'g], ;dod} ljQLo ljj/0f ;fj{hlgs gug]{, n]vfk/LIf0f gu/fpg] nufot ;d:of b]lvg yfn]sf 5g\ . k'FhL ahf/df s]xL ldg]6cl3 / kl5 ldNg] ;"rgfaLr 7"nf] cGt/ x'G5 . gLlt lgdf{0f txdf /x]sf ;Dk"0f{ JolQmnfO{ oL ljifosf] 1fg / hfgsf/L 5 . t}klg k'FhL ahf/nfO{ Jojl:yt agfpg] ;fy{s k|of;df pgLx? nfu]sf] b]lvFb}g . xfd|f] b]zdf k'FhL ahf/sf] nfdf] Oltxf; geP klg xfn k'FhL ahf/k|lt cfd dflg;sf] rf;f] a9\bf] qmddf 5 . o:tf] cj:yfdf ;j{k|yd lkmtnf] lgodgn] ;]o/ ahf/k|lt cljZjf; k}bf ug{ ;S5 . t;y{, lgofds lgsfo cem} a9L rgfvf] x'g' h?/L b]lvG5 . bf];|f], ahf/nfO{ ljZj;gLo agfpg ;lsPg eg] ;/sf/n] k'FhL ahf/df jf:tljs If]qsf sDkgLnfO{ Nofpg u/]sf] k|of; ;fy{s gx'g ;S5 . To;sf/0f k'FhL ahf/df /x]sf] ljZjf;nfO{ arfO/fVg klg lgofds lgsfo cem} a9L ;lqmo x'g' cfjZos 5 .
44 g]K;] /ht pT;j :dfl/sf, @)&$ lwtf]kq ahf/df •;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0fé sfof{Gjogsf] cj:yf æo'j/fh bfxfn ° u}/sfg'gL ?kdf cfh{g u/]sf] ;DklQnfO{ z'4Ls/0fstf{n] ljleGg dfWod ckgfO{ sfg'gL ;|f]taf6 k|fKt ePsf] b]vfpg x/bd nfluk/]sf x'G5g\ . ;DklQ z'4Ls/0f ug{ ;xh / ;/n If]q lwtf]kq sf/f]af/ ;d]t x'g ;Sg] ePsf]n] ;Dk"0f{ lwtf]kq ahf/sf ;/f]sf/jfnfx? o; ;Gbe{df rgfvf] /xg'k5{ . k[i7e"ld ;fdfGo cy{df s'g} klg /fi6ésf] k|rlnt P]g, sfg'gn] ug{ gx'g] egL kl/eflift u/]sf s;"/x? lgotj; u/L u}/sfg'gL dfWodaf6 cfh{g ul/Psf] ;DklQ /fi6ésf] cf}krfl/s If]qdf k|j]z u/fpg' ;DklQ z'4Ls/0f xf] . csf]{ zAbdf u}/sfg'gL sfo{ u/L cfh{g u/]sf] ;DklQnfO{ sfg'gL ;|f]taf6 k|fKt ePsf] b]vfpg To:tf] ;DklQsf] jf:tljs ;|f]t n'sfpg], k|s[lt abNg] jf sf/f]af/ 5Ng] sfo{nfO{ ;DklQ z'4Ls/0f elgG5 . s'g} klg /fi6én] u}/sfg'gL tj/af6 cfh{g ul/Psf] wg, ;DklQnfO{ sfg'gL dfGotf k|bfg u/]sf] x'Fb}g . u}/sfg'gL tj/n] cfh{g ul/Psf] ;DklQ tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL /f]Sg x/]s /fi6én] 5'Ç} P]g, sfg'g th'{df u/]sf] x'G5 . ;+;f/e/L g} ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL;DaGwL r'gf}tL ylkPsf] sf/0f cfh ljZjsf k|foM b]zn] o;sf nflu sfg'gL, ;+/rgfut Pj+ k|lqmofut dfWodaf6 s8fO ug{ yfn]sf 5g\ . g]kfndf ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f ug{ ;DklQ z'4Ls/0f -dlg nfpG8l/ä_ lgjf/0f P]g, @)^$ / lgodfjnL, @) hf/L eO{ sfof{Gjogsf] cj:yfdf 5g\ . ;DklQ z'4Ls/0fsf] k|d'v dfWod ljQLo If]q x'g] ePsf] sf/0f ;Defljt hf]lvdaf6 aRg vf;u/L ljQLo If]q g} a9L rgfvf] /xg'kg]{ x'G5 . g]kfnsf] ljQLo ahf/ ev{/} afd] ;b}{ u/]sf] cj:yfdf 5 . vf;u/L $) sf] bzsb]lv ;'? ePsf] ljQLo pbf/Ls/0fsf] kmn:j?k g]kfnsf] ljQLo If]qdf ljb]zL nufgL;d]t cfslif{t x'g yfn]sf] xf] . o;;Fu} ljQLo ck/fw klg emf+lub} uPsf] / o;n] cft+sjfbL lqmofsnfkdf ljQLo nufgLsf] ;DefJotfnfO{ emg} k|>o lbPsf] xF'bf g]kfnnfO{ ljZjdf sfnf];"rLaf6 arfO/fVg ;DalGwt ;a} kIfsf] plQs} of]ubfg x'g' h?/L 5 . lwtf]kq ahf/ / Anti-Money Laundering/Combating the Financing of Terrorism-AML/CFT sfof{Gjog cj:yf lwtf]kq ahf/n] pTkfbgzLn If]qdf bL3{sfnLg nufgLsf] nflu cfjZos sf]if (Fund) sf] k|aGw ldnfO{ pTkfbgzLn nufgLnfO{ cfslif{t ug'{sf ;fy} ;fgf nufgLstf{sf] nflu nufgLsf] jftfj/0f l;h{gf u/L 45 g]K;] :dfl/sf /ht pT;j, @)&$ pgLx?nfO{ ;d]t cfly{s j[l4af6 nfeflGjt ju{sf] ?kdf ;dfj]z u/fpg] sfo{ ub{5 . g]kfnsf] lwtf]kq ahf/sf k|d'v ;/f]sf/jfnfx? cGtu{t :6s PS;r]Gh, ;"rLs[t sDkgL, dr]{G6 a}+s/, Do'r'cn kmG8, lwtf]kq bnfn, ;L8LP;, lgIf]k ;b:o tyf qm]l86 /]l6ä Ph]G;L cflb ;dfj]z 5g\ . kl5Nnf] ;do lwtf]kq ahf/df nufgLstf{sf] cfsif{0f a9\b} uPsf] 5, h;sf] kmn:j?k ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL;DaGwL hf]lvdsf] :t/ klg j[l4 ePsf] 5 . o;sf/0f g]kfndf of]] If]qdf klg AML/CFT ;DaGwL rf;f] a9\g' :jfefljs aGb} uPsf] 5 . kfngf ug'{kg]{ ljifoj:t' g]kfnsf] ljQLo ahf/sf] If]qaf6 x'g ;Sg] ;Defljt ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0fsf] nflu ljleGg Joj:yf ul/Psf 5g\ . vf;u/L ;DklQ z'4Ls/0f -dgL nfpG8l/ä_ lgjf/0f P]g, @)^$ tyf lgodfjnL, @) df o;;DaGwL Joj:yf ul/Psf] 5 . s]xL k|d'v a'Fbf oxfF k|:t't ul/Psf] 5 M á P]gdf ;"rs ;+:yfsf] ;DaGwdf :ki6 Joj:yf ul/Psf] 5, h; cg';f/ ;"rs ;+:yf eGgfn] ljQLo ;+:yf jf u}/ljQLo k];fsdL{ jf Joj;foLnfO{ ;Demg' k5{ . lwtf]kq ahf/ cGtu{tsf ;"rs ;+:yf eGgfn] lwtf]kq ahf/sf k|d'v ;/f]sf/jfnfx? h:t}M :6s PS;r]Gh, ;"rLs[t sDkgL, dr]{G6 a}+s/, Do'r'cn kmG8, lwtf]kq bnfn cflb ;dfj]z ul/Psf], á ;"rs ;+:yfn] cfkm\gf u|fxssf] :ki6 klxrfg ug'{kg]{ Joj:yf, pRr kb:y JolQm (Politically Exposed Person-PEPs) sf] klxrfg, ;~rflnt sf/f]af/df lglxt x'g ;Sg] hf]lvd klxrfg, d"Nof+sg tyf Joj:yfkg, cfly{s jf sfg'gL p2]Zo :ki6 gb]lvg] hl6n, 7"nf] jf c:jfefljs k|j[lQsf] sf/f]af/ ug]{ u|fxs klxrfg u/L sfg'g sfof{Gjog ug]{ lgsfox?df cfjZostf cg';f/ hfgsf/L pknAw u/fpg'kg]{ Joj:yf /x]sf], á ;"rs ;+:yfn] cfkm\gf] b]z, ef}uf]lns If]q, sfo{ If]q, Joj;fosf] cfsf/, u|fxs, sf/f]af/ tyf hf]lvdsf cfwf/df ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f;DaGwL gLlt tyf sfo{ljlw agfO{ nfu" ug'{kg]{ bfloTj /x]sf], á u|fxs;Fu Jofj;flos ;DaGw sfod ubf{ u|fxs klxrfg tyf ;Dk'li6 ug{ cfjZos sfuhft, ljj/0f tyf hfgsf/L pknAw gu/fpg] jf pknAw u/fPsf] ljj/0f tyf hfgsf/Lsf] cfwf/df u|fxssf] klxrfg tyf ;Dk'li6 x'g g;Sg] u|fxs;Fu ;"rs ;+:yfn] sf/f]af/ ug{ gx'g] Joj:yf /x]sf],
á ljQLo hfgsf/L PsfOn] tf]s]sf] 9fFrfdf ;Ldf sf/f]af/ k|ltj]bg (Threshold Transaction Reporting - TTR) / z+sf:kb sf/f]af/ k|ltj]bg (Suspicious Transaction Reporting - STR) ;do ;Ldfleq k]; ug]{ bfloTj /x]sf] cflb . lwtf]kq sDkgLx?af6 TTR/STR Reporting sf] cj:yf lwtf]kq;DaGwL sf/f]af/ ug]{ vf;u/L lwtf]kq bnfnx?af6 ljQLo hfgsf/L PsfO, g]kfn /fi6é a}+sdf sf/f]af/ ePsf] ldltn] !% lbgleq ;Ldf sf/f]af/ k|ltj]bg (TTR) clgjfo{ ?kn] k]; ug'{kg]{ Joj:yf 5 . 46 g]K;] /ht pT;j :dfl/sf, @)&$ ljQLo hfgsf/L PsfOn] hf/L u/]sf] ;Ldf sf/f]af/ k|ltj]bg dfu{bz{g @)&) tyf lwtf]kq af]8{af6 hf/L ePsf] ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f lgb]{lzsf, @)^( adf]lhd s'g} JolQm jf ;+:yfn] Psk6s jf k6sk6s u/L Ps lbgdf !) nfv ?k}ofF jf ;f]eGbf a9L /sdsf] lwtf]kq sf/f]af/ -vl/b jf laqmL_ u/]sf] cj:yfdf pQm sf/f]af/sf] hfgsf/L tf]lsPsf] 9fFrfdf ;"rs ;+:yfn] ljQLo hfgsf/L PsfOdf k]; ug'{ kg]{5 . ;fy}, s'g} u|fxssf] ;DaGwdf ;"rs ;+:yfnfO{ z+sf nfu]df tf]lsPsf] 9fFrfdf ljQLo hfgsf/L PsfOdf z+sf:kb sf/f]af/ k|ltj]bg (STR) k]; ug'{kg]{ Joj:yf 5 . lwtf]kq sDkgLx?af6 TTR/STR Reporting sf] cj:yfnfO{ lgDgfg';f/ k|:t't ul/Psf] 5 M
lwtf]kq sDkgLaf6 TTR/STR Reporting sf] cj:yf ;+Vof
qm=;+= ljj/0f @)^(´)&) @)&)´)&! @)&!´)&@ @)&@´) @)´)&$
!= TTR Reporting !%,(@! !%,*(^ (,)&% @@,(($ ^),(^!
@= STR Reporting ) ) ) ) )
;|f]tM g]kfn /fi6é a}+s, ljQLo hfgsf/L PsfO o;k|sf/ lwtf]kq bnfn sDkgLx?af6 ljQLo hfgsf/L PsfOdf k]; ug]{ ;Ldf sf/f]af/sf] ;+Vof kl5Nnf jif{df qmdzM j[l4 x'Fb} uO/x]sf] 5 eg] z+sf:kb sf/f]af/sf] ;+Vof z"Go /x]sf] b]lvG5 . lwtf]kq bnfnaf6 k]; ul/Psf] ;Ldf sf/f]af/sf] ;+Vof qmdzM j[l4 x'Fb} hfg'df lwtf]kq af]8{n] sf/f]af/df NofPsf] ;/ntf Pj+ k|ljlwd}qL sf/f]af/ k|0ffnL, lwtf]kq ahf/k|ltsf] cfd gful/ssf] ;r]tgf, ljleGg nufgLstf{nfO{ k|bfg ul/Psf] k|lzIf0f tyf tflnd h:tf tTjx?sf] k|d'v e"ldsf /x]sf] 5 . csf]{tkm{ z+sf:kb sf/f]af/sf] ;+Vof z"Go x'g'n] of] If]qdf ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL;DaGwL hf]lvd g} g/x]sf] b]lvP tfklg of] ;+Vofn] csf]{tkm{ AML/CFT ;DaGwdf lwtf]kq bnfn sDkgLsf] sfof{Gjog cj:yf st} cToGt} sdhf]/ t 5}g eGg] k|Zg l;h{gf u/]sf] 5 . r'gf}tL g]kfndf k'FhL ahf/sf] ;'?jft ljqmd ;Dat !(($ ;fnaf6} ePsf] xf] . pQm jif{ g]kfn a}+s lnld6]8 / lj/f6gu/ h'6 ldnsf] ;fwf/0f ;]o/ lgisf;g u/L lwtf]kq ahf/sf lqmofsnfk ;'? ul/Psf] lyof] . nfdf] ;dosf] cGt/fnkl5 ljqmd ;Dat @)## ;fndf lwtf]kq lgisf;g tyf sf/f]af/nfO{ ;3fp k'âofpg] p2]Zon] lwtf]kq ljlgdo s]Gb|sf] :yfkgf eof] . ;'?df lwtf]kq ljlgdo s]Gb|n] lgofds / ahf/ ;~rfns b'j}sf] sfo{ u/]sf]df ljqmd ;Dat @)%) ;fndf lwtf]kq P]g ;+zf]wg u/L g]kfn lwtf]kq af]8{ u7g ul/of] / lwtf]kq ljlgdo s]Gb|nfO{ g]kfn :6s PS;r]Gh (Nepal Stock Exchange- NEPSE) df kl/0ft ul/of] . ljqmd ;Dat @)^$ df lwtf]kq;DaGwL gofF P]g hf/LkZrft lwtf]kq af]8{nfO{ lwtf]kq ahf/sf] lgodg ug{ yk sfg'gL clwsf/ k|bfg ul/of] . o;k|sf/ lwtf]kqsf] sf/f]af/df ;dofg';f/ kl/isf/ ub}{ cfh cef}lts sf/f]af/sf] dfWodaf6 vl/bëlaqmL ug{ yflnPsf] 5 . o;sf sf/0f u|fxsnfO{ k|ljlwd}qL sf/f]af/sf] dfWodaf6 ;xhtf k|fKt ePsf] t 5, t/ o;n] ;DklQ z'4Ls/0f 47 g]K;] :dfl/sf /ht pT;j, @)&$ tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f;DaGwL hf]lvd eg] ylklbPsf] 5 . pk/f]Qm hf]lvd;Fu} ;"rs ;+:yfsf] bfloTj ;d]t a9]sf] x'gfn] tL ;+:yfn] ljutdf eGbf cem rgfvf] eO{ sfo{;Dkfbg ug'{kg]{ cj:yf pTkGg ePsf] 5 . ljZjsf] s'n ufx{:y pTkfbgsf] sl/a @ b]lv % k|ltzt;Dd ;DklQ z'4Ls/0f;DaGwL ck/fwn] cf]u6]sf] cg'dfg 5 . g]kfn h:tf] ;fgf] / sdhf]/ d'n'sdf t'ngfTds ?kdf o;sf] gsf/fTds k|efj tTsfn kg]{ / cfk/flws JolQm, ;d'x tyf ;+:yfx?sf] cfsif{0fsf] s]Gb| aGg] ;Defjgf b]lvG5 . ;DklQ z'4Ls/0f k|lqmof cGtu{t /sdsf] :yfgfGt/0f (Placement) tyf txsLs/0f (Layering) r/0fdf ;DklQ z'4Ls/0fstf{n] To:tf] u}/sfg'gL ?kdf cflh{t /sdsf] ;|f]t Pj+ pTklQ ;DaGwdf yk cnUofpg] jf b"/L a9fpg] k|of; ub{5 . o;sf nflu p;n] hl6n Pj+ ax'rqmLo ljQLo sf/f]af/sf] ;xf/f lnG5 . z'4Ls/0fstf{n] ;]o/, l8a]Gr/ h:tf lwtf]kq pks/0fsf] vl/bëlaqmL ug]{, cfkmGtsf] gfddf lwtf]kqsf] sf/f]af/ ug]{, :jb]z tyf ljb]zdf /x]sf cfkmGtsf] a}+s vftfdf a}+lsä pks/0fsf] k|of]udfkm{t /sd :yfgfGt/0f ug]{ h:tf lqmofsnfk u/]/ To:tf] /sdsf] :yfgfGt/0f Pj+ txsLs/0f ug]{ ub{5 . o;/L z'4Ls/0fstf{n] u}/sfg'gL ?kdf cfh{g u/]sf] ;DklQsf] txsLs/0fsf] l;nl;nfdf lwtf]kq sf/f]af/sf] klg ;xf/f lng ;Sg] ePsf] x'Fbf ;DalGwt kIf uDeL/ eP/ nfUg' kg]{ b]lvG5 . ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0fsf] If]qdf sfd ub}{ cfPsf] cGt/f{li6éo ;+:yf Asia/Pacific Group On Money Laundering-APG n] ;j{k|yd ;g\ @))% df g]kfnsf] kf/:kl/s d"Nof+sg (Mutual Evaluation) ;DkGg u/]sf] lyof] . tTsflng ;dodf g]kfndf AML/CFT ;DaGwdf gLltut Joj:yf gePsf] sf/0f d'n's sdhf]/ cj:yfdf /x]sf] lyof] . ;DklQ z'4Ls/0f -dlg nfpG8l/ä_ lgjf/0f P]g, @)^$ nfu" ePkZrft g]kfn /fi6é a}+s cGtu{t /xg] u/L ljQLo hfgsf/L PsfOsf] :yfkgf / P]gn] lgb]{z u/]sf sfd sf/afxL x'g yfn]sf] b]lvG5 . ;g\ @)!) df g]kfnsf] bf];|f] kf/:kl/s d"Nof+sg x'Fbf AML/CFT sf] If]qdf ug'{kg]{ sfo{x? k"0f{ ?kn] ;Dkfbg ul/g;s]sf]n] g]kfnnfO{ lg/Gt/ lgu/fgLsf] ;"rLdf /fv]sf] lyof] . pQm d"Nof+sg k|ltj]bg cg';f/ ;g\ @)!@ df ;DklQ z'4Ls/0f tyf cg';Gwfg ljefu (Department of Money Laundering Investigation-DMLI) sf] :yfkgf eof] eg] cGo ljleGg ;+/rgfut ;'wf/sf sfd ;DkGg eP . b'O{ kf/:kl/s d"Nof+sg k|ltj]bgsf] cfwf/df AML/CFT sf] If]qdf sfg'gL tyf ;+/rgfut Joj:yf ul/;lsPsf] kl/k|]Iodf ;g\ @)@) df x'g nfu]sf] t];|f] kf/:kl/s d"Nof+sg d'ntM ljBdfg sfg'g Pj+ ;+/rgfut tTjx?sf] k|efjsfl/tf (Effectiveness) cyjf sfof{Gjog (Implementation) df s]lGb|t x'g] ePsf]n] ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f ;DaGwdf lwtf]kq ahf/sf] If]qn] kfngf ug'{kg]{ gLlt lgb]{zgsf] sf/0faf6 pQm d"Nof+sgdf g]kfnsf] /]l6ädf gsf/fTds c;/ gk'uf];\ eGg]tkm{ lwtf]kq sf/f]af/;Fu ;DalGwt sDkgLx? rgfvf] eO{ cfëcfkm\gf] tkm{af6 ;sf/fTds e"ldsf lgjf{x ug{ ;Sg'k5{ . o;f] x'g g;s]sf] v08df d'n'sn] 7"nf] d"No r'sfpg'kg]{ ;Defjgf /xG5, h;sf] k|d'v c;/ ljQLo If]qdf g} kg]{ lglZrt 5 . o;y{, lwtf]kq sDkgLx?n] AML/CFT sf] ;DaGwdf cfkm\gf sfo{x?nfO{ k|efjsf/L tj/n] cufl8 a9fO{ b]zs} ;fv pRr /fVg] sfo{df of]ubfg k''âofpg' cfhsf] cfjZostf /x]sf] 5 . lgisif{ u}/sfg'gL ?kdf cfh{g u/]sf] ;DklQnfO{ z'4Ls/0fstf{n] ljleGg dfWod ckgfO{ sfg'gL ;|f]taf6 k|fKt
48 g]K;] /ht pT;j :dfl/sf, @)&$ ePsf] b]vfpg x/bd nfluk/]sf x'G5g\ . ;DklQ z'4Ls/0f ug{ ;xh / ;/n If]q lwtf]kq sf/f]af/ ;d]t x'g ;Sg] ePsf]n] ;Dk"0f{ lwtf]kq ahf/sf ;/f]sf/jfnfx? o; ;Gbe{df rgfvf] /xg' k5{ . o;sf ;fy} z+sf:kb b]lvPdf sf/f]af/sf] k|ltj]bg oyf;So rfF8f] ljQLo hfgsf/L PsfOdf k]; ug'{ ;"rs ;+:yfsf] k|d'v bfloTj x'g cfpF5 . ;g\ @)@) df x'g] g]kfnsf] t];|f] kf/:kl/s d"Nof+sg gofF dfkb08 tyf d'ntM sfg'gL Pj+ ;+/rgfut tjdf eGbf klg kl/0ffddf s]lGb|t x'g] ePsf]n] cfufdL lbgdf d'n'snfO{ sfnf];"rLdf kg{af6 hf]ufpg cGo If]qsf ;fy} o; If]qsf] ;d]t e"ldsf /xg] x'G5 . ljQLo If]qsf] ;lqmotflagf d'n'ssf] ;du| ljQLo k|0ffnLdf g} gsf/fTds c;/ kg{ hfg] ;DefjgfnfO{ cfTd;ft ub}{ b]zsf] ;du| lxt / cGt/f{li6éo rf;f];d]t /x]sf] AML/CFT sf] If]qdf lwtf]kq ahf/dfq geO{ ;DalGwt ;a} If]qn] ;sf/fTds of]ubfg k'âofO{ gsf/fTds /]l6äsf] ;DefjgfnfO{ Go"gLs/0f ug{ nflu kg'{ cfhsf] cfjZostf /x]sf] 5 . ;Gbe{ ;fdfu|L != ;DklQ z'4Ls/0f -dgL nfpG8l/ä_ lgjf/0f P]g, @)^$ @= ;DklQ z'4Ls/0f -dgL nfpG8l/ä_ lgjf/0f lgodfjnL, @)&) #= ljQLo If]q ljsf; /0fgLlt -@)∞)&$ë@)&&∞)&*_ $= g]kfn lwtf]kq af]8{sf] ;DklQ z'4Ls/0f tyf cft+sjfbL lqmofsnfkdf ljQLo nufgL lgjf/0f lgb]{lzsf @)^(
49 g]K;] :dfl/sf /ht pT;j, @)&$ kqsf/sf] cf£vfdf g]K;] lghLs/0f æo1 a~hf8] kqsf/, sflGtk'/ b}lgs ° @)%) ;fndf lwtf]kq vl/b¥laqmL s]Gb|af6 g]kfn :6s PS;r]Gh lnld6]8 -g]K;]_ df ?kfGtl/t of] ;+:yf @$ jif{sf] eO;Sbf klg lzz' cj:yfd} 5 . g]K;] :jo+sf] kl/kSjtf / cfw'lgs k|ljlw Pj+ nufgLsf cf}hf/ ;lxt k∏'hL ahf/sf] ljsf; ug{ o;sf] lghLs/0f cfjZos b]lvPsf] xf] . sl/a Ps bzscl3 -d}n] cfly{s kqsfl/tf ;'? ubf{_ b]lv g]kfn :6s PS;r]Gh -g]K;]_ sf] lghLs/0fsf] rrf{ ;'Gb} cfPsf] 5' . lxhf]sf lbgdf oxL ljifodf k6sk6s ;dfrf/ n]lvof] . cfh klg n]lv/x]sf] 5' . nfUb}5, of] ljifon] cfpìbf w]/} lbgdf d]/f] hflu/ hf]ufpg ;xof]u k'âofpg] 5 . ;'?sf jif{df g]K;]sf] lghLs/0f ;DaGwL ;dfrf/ n]lv/xFbf ;f]Ry]+ë g]K;sf] lghLs/0f l5Ç}| xf]nf / cfw'lgs k|ljlwo'Qm g]K;]sf] af/]df è:s'k∑ ;dfrf/ n]Vg kfOPnf . t/, Ps bzs eO;Sbf klg g t Tof] lbg cfof], g ahf/df g]K;]sf] lghLs/0fsf] rrf{ /f]lsof] . a]nfa]nfdf cfpg] / ;]nfpg] g]K;]sf] lghLs/0fsf] rrf{ èc;f/ ;fpgsf] vx/] e]n∑ h:t} nfUg yfn]sf] 5 cr]n . x/]s jif{ cfpg] t/, Ps}l5gdf zfGt x'g] . ljutsf jif{x? eGbf clxn] ;]o/ ahf/sf af/]df s]xL a9L hfGg / a'ñg kfPsf] 5' . lg/Gt/h;f] ;/f]sf/jfnf;ìu 5nkmn ug{ kfPsf] 5' . pgLx?sf] ljrf/, wf/0ff tyf ljZn]if0f ;'Gg, k9\g / x]g{ kfPsf] 5' . kl5Nnf lbgdf nfUg yfn]sf] 5, g]K;]sf] lghLs/0f lgs} hl6n 5 . lsgsL of] èg?rfOPsf]∑ jf ègrfx]sf]∑ lghLs/0f xf] . o;}sf/0f lghLs/0f rrf{df dfq ;Lldt 5 . olt nfdf] ;do;Dd klxnf] r/0fsf] sfd;Dd klg x'g ;s]sf] 5}g . s'g} sfd ug{sf nflu OR5f / Ifdtf dfq eP/ xF'b}g, leq}b]lvsf] tTk/tf klg rflxG5 . lsg rflxof] lghLs/0f < xfn g]K;]df ;/sf/, /fi6é a}+s / PgcfO{8L;L ljsf; a}+ssf] ;]o/ :jfldTj 5 . tLdWo] klg 7"nf] ;]o/ ;/sf/sf] 5 . o;sf/0f g]K;]sf] cWoIf / k|d'v sfo{sf/L clws[t ;/sf/n] lgo'Qm ub}{ cfPsf] 5 . of] g} 7"nf] sdhf]/L xf] . kl5NNff] ;dodf v'nf k|lt:kwf{sf cfwf/df cWoIf / k|d'v sfo{sf/L lgo'Qm ug]{ elgP klg Jojxf/df ;/sf/df /x]sf] bnsf] sfo{sQf{ elt{s]Gb| ag]sf] 5 . oxL sf/0f g]K;]n] ;DalGwt ljifodf lj1 / ;Ifd g]t[Tj kfpg ;s]sf] 5}g . ;+:yfdf sfd ug]{ sd{rf/L hlt ;Ifd / Odfgbf/ eP klg g]t[Tj ;an gx'Fbf /fd|f] sfd x'g ;Sb}g . g]K;]sf] cfw'lgsLs/0f, k"0f{ ?kdf ljB'tLo sf/f]af/, lghLs/0f nufot sfd ;dodf k"/f x'g g;Sg'df plNnlvt sf/0f k|d'v x'g\ . clxn] g]K;]df oxL ePsf] xf] . g]K;]nfO{ cfw'lgs, k|ljlwd}qL / k"0f{ ?kdf ljB'tLo sf/f]af/df n}hfgsf nflu lghLs/0f cfjZos b]lvPsf] xf] . xfn g]K;]sf] ;~rfns ;ldltdf /fi6é a}+s, cy{ dGqfno, PgcfO{8L;L nufotsf] k|ltlglwTj 5 . o;sf/0f s'g} ;ë;fgf] lg0f{osf nflu klg tL ;a} lgsfosf] ;xdlt rflxG5 . x/]s
50 g]K;] /ht pT;j :dfl/sf, @)&$ lgsfosf] s'g} g s'g} :jfy{ /xG5 . kl/0ffd l56f]ë5l/tf] s'g} klg lg0f{o x'g ;s]sf] 5}g . o:tf] ljlw / k|lqmofaf6 5'6sf/f kfpg klg g]K;]sf] lghLs/0f ckl/xfo{ ePsf] xf] . ;fgf]eGbf ;fgf] sfddf nflu klg ;/sf/sf] d'v tfSg] k|j[lQ cGTo ug{, Jojl:yt / ;'b[9 agfpg, /fd|f] ;+:yfut ;'zf;g sfod ug{ klg g]K;]sf] lghLs/0f cfjZos ePsf]] xf] . k|lqmofut l9nf;':tL, sd{rf/L o'lgogx?sf] cj/f]w, sd{rf/Ldf sfd gug]{ k|j[lQ nufot sf/0f ;/sf/L :jfldTjsf ;+:yfgx? ;d:ofdf k/]sf w]/} pbfxf/0f xfdL;fd' 5g\ . g]K;]df klg ToxL k|j[lQ gbf]xf]l/of];\ eGg] p2]Zon] lghLs/0fsf nflu cfjfh p7fOPsf] xf] . t/, Ps 8]9 bzsotf ePsf pGglt, k|ult x]bf{ ckjfb -cfn+sfl/s rdTsf/_ afx]s l5Ç} g]K;]sf] lghLs/0f c;Dej 5 . ;a} ;/f]sf/jfnfn] cfkm\gf] :jfy{ / nfeeGbf dfly p7]/ ;+:yf / ;du| /fi6ésf] lxtsf lglDt leq}b]lvsf] tTk/tfn] sfd u/]df dfq lghLs/0f ;Dej 5 . cGoyf lghL If]qsf] nufgLdf gofì, cfw'lgs k|ljlwo'Qm cGt/fli6éo :t/sf] :6s PS;r]Gh :yfkgfdf l9nfO x'G5 . g]K;] h:tf ;+:yfdf ;/sf/ / /fi6é a}+ssf] ;+/If0f /xFbf lau|g] ;Defjgf /xG5 . o:tf] cj:yfdf To:tf ;+:yfsf] k|lt:kwL{ Ifdtf sdhf]/ x'G5 . o;sf/0f g]K;]df /x]sf] ;/sf/ / /fi6é a}+ssf] ;]o/ ljlgj]z ug'{kg]{ cfjfh p7]sf] xf] . ;/sf/ / /fi6é a}+ssf] gfddf /x]sf] ;]o/ lghL If]qnfO{ a]Rg'k5{ . To;f] ePdf g]K;] cTofw'lgs / k|ljlwd}qL x'g;S5 . cGt/f{li6éo hutdf /fd|f] ;+:yfut ;'zf;g ePsf] kl/kf6LnfO{ èa]:6 k|flS6;∑ dflgG5 . o;sf/0f ljZj a}+s, cGt/f{li6éo d'b|f sf]ifnufot bft[ lgsfon] g]kfndf klg To:t} k|sf/sf] ;'emfj lbPsf 5g\ . pgLx?n] cy{ dGqfno / /fi6é a}+snfO{ k6sk6s g]K;]sf] ;]o/ lghL If]qnfO{ a]Rg ;'emfpFb} cfPsf 5g\ . pgLx?s} ;'emfj tyf cfly{s / k|fljlws ;xof]udf ag]sf] k~rjifL{o ljQLo ljsf; /0fgLltdf g]K;]df /x]sf] ;/sf/ / /fi6é a}+ssf] ;]o/ ljlgj]z ug]{ / To;sf] g]t[Tj lwtf]kq af]8{n] ug]{ s'/f pNn]v ePsf] xf] . t/, xfn;Dd To;af/] s;}sf] Wofg hfg ;s]sf] 5}g . o;}sf/0f pQm Joj:yf sfof{Gjog x'g ;s]sf] 5}g . @)## ;fndf ;]So'l/6L vl/bëlaqmL s]Gb| :yfkgf ePkl5 ;/sf/L C0fkqsf] b}lgs vl/bëlaqmLsf] Joj:yfaf6 lwtf]kq ahf/sf] ;+:yfut ljsf;sf] ;'?jft ePsf] xf] . pQm s]Gb|nfO{ lwtf]kq vl/bëlaqmL P]g, @)$) nfO{ )$( df ;+zf]wg u/L @)%) ;fndf g]kfn :6s PS;r]Gh lnld6]8 -g]K;]_ df ?kfGt/0f ul/Psf] xf] . xfn;Dd klg of] ;+:yf ;/sf/L :jfldTjsf] ?kdf ;~rflnt 5 . o;sf/0f :yfkgfsf] @$ jif{;Dd klg g]K;] cem} lzz' cj:yfd} 5 . cfw'lgs k|ljlw / nufgLsf cf}hf/ ;lxt kì'hL ahf/sf] ljsf; ug{ klg g]K;]sf] lghLs/0f cfjZos b]lvPsf] xf] . lsg eO/x]sf] 5 l9nfO < g]K;]sf] lghLs/0fsf nflu OR5f / Ifdtf eP klg tTk/tfsf] cefj b]lvPsf] 5 . o:tf] tTk/tf ;/sf/, /fi6é a}+s, af]8{ / :jo+ g]K;]df klg b]lvPg . aflx/ l7Ss kfg]{ t/, leqL ?kdf lghLs/0f ug{ grfxg] k|j[lQsf sf/0f lghLs/0f hl6n aGb} uPsf] xf] . oxL sf/0f lghLs/0fsf] rrf{ rn]sf] sl/a 8]9 bzs;Dd klg k|lqmof ;'? x'g ;s]sf] 5}g .
51 g]K;] :dfl/sf /ht pT;j, @)&$ o;cl3 ;/sf/sf gLlt tyf sfo{qmddf klg g]K;]sf] lghLs/0f / cfw'lgsLs/0faf/] pNn]v x'Fb} cfPsf] 5 . t/, tL ;a} gLlt / sfo{qmdd} ;Lldt 5g\ . sfof{Gjog r/0f;Dd k'u]sf 5}gg\ . ;a}h;f] ;/f]sf/jfnfsf] rfxgf gePs} sf/0f g]K;]sf] lghLs/0f cl3 a9\g g;s]sf] xf] . g]K;] lghLs/0f x'g g;Sg'df lwtf]kq af]8{, cy{ dGqfno, /fi6é a}+s / g]K;] ;a} lhDd]jf/ 5g\ . lghLs/0fsf ;DaGwdf oL ;a} lgsfo lhDd]jf/ gePs} sf/0f o:tf] cj:yf cfPsf] xf] . klxnf], o; jif{b]lv nfu" ePsf] k~rjifL{o ljQLo ljsf; /0fgLltdf klg ;/sf/ / /fi6é a}+ssf] :jfldTjdf /x]sf] g]K;]sf] ;]o/ ljlgj]z ug]{ / To;sf] g]t[Tj af]8{n] ug]{ pNn]v 5 . /0fgLlt nfu" ePsf] sl/a Ps jif{ eO;Sbf klg af]8{n] s'g} k|lqmof ;'? u/]sf] 5}g . a? lghL If]qsf] nufgLdf gofì :6s PS;r]Gh Nofpg hf]8an ul//x]sf] 5 . To;sf nflu cy{ dGqfnosf] cg'dlt dfu]sf] 5 . t/, g]K;]sf] lghLs/0fsf ;DaGwdf k~rjifL{o ljQLo ljsf; /0fgLltn] k|bfg u/]sf] lhDd]jf/L axg ug{]tkm{ ;f]Rg;Dd klg EofPsf] 5}g . gofì :6s PS;r]Gh Nofpg ;xdlt dfUb} af]8{n] cy{ dGqfnodf k7fPsf] kqdf elgPsf] 5, èljut #ë$ jif{b]lv g]K;]sf] lghLs/0f ug]{ elgP klg xfn;Dd pQm sfo{ cl3 ga9]sf] tyf lghL If]qsf $ j6f sDkgLn] PS;r]Gh ;~rfngsf nflu lwtf]kqdf lgj]bg cfPsfn] g]K;sf] lghLs/0f sfo{ lglZrt ;dodf k"/f ug]{ u/L tTsfn cl3 ga9fOPdf ;a} b[li6sf]0faf6 pTs[i6 gofì sDkgLnfO{ cg'dlt lbg] .∑ o;sf/0f af]8{n] g]K;]sf] lghLs/0f rfx]sf] 5}g . bf];|f], lghLs/0fsf ;DaGwdf ;/sf/n] klg s'g} sbd cl3 a9fPsf] 5}g . g]K;]df g]kfn ;/sf/sf] %* k|ltzt ;]o/ :jfldTj 5 . ut j}zfvfdf -lwtf]kq af]8{sf] @% cf}+ jflif{sf]T;j sfo{qmddf_ cy{dGqL 1fg]Gb|axfb'/ sfsL{n] g]K;]df /x]sf] ;]o/ lghL If]qnfO{ a]Rg ;/sf/ OR5's /x]sf] atfP . t/, xfn;Dd klg ;]o/ laqmLsf nflu sbd rflnPsf] 5}g . ;g\ @)!% df g]K;]sf] lghLs/0f ;DaGwL k|:tfj cy{ dGqfnodf k]; ePsf] lyof] . kl5 cy{ dGqfnos} Ps ;x;lrjn] lghLs/0f;DaGwL k|ltj]bg k|fKt gePsf] eGb} g]K;];ìu k'gM k|ltj]bg dfu] . g]K;]af6 w]/} cl3 g} cy{ dGqfnodf k|ltj]bg k]; ePsf] hjfkm kfPkl5 tL clwsf/Ln] km]l/ cBfjlws u/]/ k7fpg';\ eGg] lgb]{zg lbP . To;kl5 g t g]K;]n] k|ltj]bg cy{ dGqfno k7fPsf] 5, g cy{n] dfu]sf] g} 5 . of] s'/f ;fj{hlgs eP klg s;}n] v08g u/]sf 5}gg . g]tf tyf dGqLsf] /fhgLlts OR5fzlQm / èAo'/f]q]m;L∑sf] ?lr gx'ìbf k|lqmof ;'? x'g g;s]sf] xf] . /fhgLltsf] glhs a;]/ ljleGg lsl;dsf nfe p7fpg afgL k/]sf] sd{rf/LtGqsf] OR5fzlQm gx'g' o;sf] k|d'v sf/0f xf] . ;/sf/L :jfldTjdf /x]sf] ;]o/ lghL If]qnfO{ a]Rbf g]K;]sf] cWoIf tyf ;LO{cf] lgo'lQmdf cfkm"x?sf] xfnLd'xfnL x'Fb}g, To;f] x'ìbf g]K;]nfO{ cfkm\gf] rfxgf cg';f/ rnfpg kfOFb}g, ;]o/ ahf/df rnv]n ug{ ;lsFb}g . oL / o:tf sf/0fn] ubf{ cfkm\gf] ana'tfn] EofP;Dd cfkm"nfO{ xfgL x'g] sfd k|zf;gn] ub}{g . o;}sf] df/df g]K;]sf] lghLs/0f klg ?dlnPsf] 5 . t];|f], g]K;]sf] lghLs/0fdf /fi6é a}+ssf] klg leqL ?rL b]lvFb}g . ut j}zfvdf -lwtf]kq af]8{sf] @% cf}+ jflif{sf]T;j sfo{qmddf_ ueg{/ lr/~hLjL g]kfnn] g]K;]df /x]sf] /fi6é a}+s ;]o/ l5Ç} a]Rg] s'/f u/] . nuQ} ;f]wk'5 ug{ Psk6s g]K;]df sd{rf/L klg k7fP . sl/a Ps dlxgfcl3 /fi6é a}+sn] g]K;]df Pp6f kq k7fof] . To;df n]lvPsf] lyof]ë ;/sf/;ìu ;dGjo u/L ljlgj]z k|lqmof cl3 a9fpg" .
52 g]K;] /ht pT;j :dfl/sf, @)&$ g]K;]df #% k|ltzt ;]o/ :jfldTj /x]sf] /fi6é a}+sn] kqdf cfkm\gf] :jfldTjsf] ;]o/ s] slt ;dodf, slt d"Nodf laqmL ug{ rfx]sf] xf], To;sf] k|lqmof s] x'g] < s]xL v'nfPsf] 5}g . hals g]K;] ;~rfns ;ldltdf /fi6é a}+saf6 b'O{hgf sfo{sf/L lgb]{zsn] k|ltlglwTj u5{g . o;sf/0f lghLs/0f k|lqmof ;DaGwdf g]K;]df s'g} tof/L gePsf]af/] pgLx? hfgsf/ 5g\ . o:tf] cj:yfdf k|lqmof ;'? ug{ eg]/ g]K;]nfO{ kq k7fpg' g} ;]o/ laqmL ug{ grfxg' xf] . o;sf] cy{ g]K;]n] k|lqmof ;'? u/]g eg]/ /fi6é a}+s klG5g vf]h]sf] dfq xf] . leq}b]lv ;]o/ laqmL ug{ rfx]sf] eP d"No, ljlw / k|lqmof;lxt v'nfP/ ;"rgf lgsfNg' kYof]{ . o;sf/0f /fi6é a}+sn] klg g]K;]sf] lghLs/0f grfx]sf] :ki6 a'leG5 . g]K;] lghLs/0f ePdf clxn] kfpFb} cfPsf] nfe u'Dg] 8/ /fi6é a}+ssf ljlzi6 txsf sd{rf/LnfO{ 5 . rf}yf], lghLs/0f k|lqmofdf :jo+ g]K;]sf] pRr Joj:yfkg OR5's 5}g . oxL sf/0f ^ dlxgf;Dd klg lghLs/0f;DaGwL cWoog k|ltj]bg ;fj{hlgs x'g ;s]sf] 5}g . cy{ dGqfnosf] lgb]{zgkl5 ut c;f/df g]K;]n] lghLs/0f;DaGwL k|ltj]bg cBfjlws ug{ k/fdz{bftf lgo'Qm uâof] . k/fdz{bftfn] k|ltj]bg g]K;]df a'emfO;s]sf] 5 . k|ltj]bgdf g]K;]sf] lghLs/0fsf nflu ljb]zL ;fem]bf/ vf]Hg]b]lv, k'ìhL j[l4;Ddsf ljleGg ljlw ;'emfOPsf] 5 . k|ltj]bg pk/ !ë@ k6s g]K;] ;~rfns ;ldltdf 5nkmn eO;s]sf] 5 . t/, k/fdz{bftfn] a'emfPsf] k|ltj]bgdf pNn]v ePsf] lghLs/0f zAb /fVg], g/fVg] ljifodf ljjfb xF'bf k|ltj]bgn] clGtd ?k kfpg ;s]sf] 5}g . ;ë;fgf ljjfb ldnfP/ cl3 a9\g'sf ;f6f] lemgfëdl;gf s'/fdf clNemP/ ;do dfq v]/ kmfln/x]sf] 5 . o;sf] cy{ :jo+ g]K;] klg lghLs/0fsf nflu OR5's 5}g eGg] xf] . lghLs/0fsf nflu plNnlvt ;a} ;/f]sf/jfnfeGbf g]K;] a9L lhDd]jf/ x'g'kg]{ xf] . s;nfO{ s;/L, slta]nf, emSemsfpg'kg]{ xf], lghLs/0fsf ljlw / k|lqmof s] s] x'g ;S5g\ < o;af/]df cWoog u/L ;/sf/ / /fi6é a}+snfO{ a'emfpg ;Sg'kg]{ xf] . t/, c? g} cfP/ lghLs/0f ul/b]nfg\ h:tf] u/]/ a;]sf] 5 g]K;] . oxL sf/0f ^ë& dlxgf;Dd klg Pp6f cWoog k|ltj]bg ;fj{hlgs x'g ;s]sf] 5}g . oL / o:tf sf/0fn] g]K;] :jo+sf] klg lghLs/0fdf ?lr gb]lvPsf] k|:6 x'G5 .
53 g]K;] :dfl/sf /ht pT;j, @)&$ cfw'lgs k|ljlw;lxtsf] u'0f:t/Lo ;]jf ælji0f' a]Njf;] kqsf/, gful/s b}lgs ° :6s PS;r]Gh h;sf] :jfldTjdf eP klg To;n] cfw'lgs k|fljlw;lxtsf] u'0f:t/Lo ;]jf lbPsf] 5 ls 5}g eGg] g} d'Vo s'/f xf] . clxn] eO/x]sf]] :6s PS;r]Ghn] To:tf] ;'ljwf lbg ;s]g eg] csf]{ :6s PS;r]Gh cfjZos k5{ . t/, clxn]s} :6s PS;r]Gh cfw'lgs k|fljlw;lxt ;/n, l56f]5l/tf] / u'0f:t/Lo ;]jf lbg] af6f]df cu|;/ 5 / lgs6 eljiodf To:tf] ;'ljwf pknAw u/fpF5 eg] lsg csf]{ rflxof] <
k|ljlw ljsf;;Fu} ljZj ahf/df ;~rflnt :6s PS;r]Gh sDkgLx? klg dh{ x'g k'u]sf 5g\ . l5d]sL d'n's ef/tdf kl5Nnf]k6s o'gfO6]8 :6s PS;r]Gh aDaO{ :6s PS;r]Gh;Fu dh{ eof] . !(*) sf] bzs;Dd ef/tdf @^ :6s PS;r]Gh lyP . t/, clxn] d'VotM 7"nf] sf/f]af/ ug]{ :6s PS;r]Gh hDdf b'O{j6fdfq 5g\ . aDaO{ :6s PS;r]Gh -aLP;O{_ / g];gn :6s PS;r]Gh OlG8of -PgP;O{_ dfqn] Tolt 7"nf] ;]o/ sf/f]af/ wflg/x]sf] 5 . cd]l/sf, Sofg8f nufotsf :6s PS;r]Gh klg dh{/ / PlSjlh;gdf uPsf lyP . k'FhL klg a9L rflxg] / u'0f:t/Lo ;]jf klg lbg g;s]kl5 pgLx?n] dh{/ / PlSjlh;gsf] af6f] cjnDag u/]sf x'g\ . s]xL jif{cl3;Dd :6s PS;r]Ghx? PsLs/0f ug]{ nx/ ljZjJofkL ?kd} rNof] . hfkfgsf] 6f]lsof] / cf];fsf :6s PS;r]Gh Ps eP . Go'lhNofG8 / c:6é]lnof PS;r]Ghn] ;femf sf/f]af/ k|0ffnL pkof]u ub}{ cfPsf 5g\ . ef/tdf c+u|]hx?sf] zf;gsfnb]lv g} d'Vo Jofkfl/s s]G›x?df :6s PS;r]Gh ;~rfngdf lyP . aDaO{ :6s PS;r]Gh Pl;ofs} k'/fgf]dWo] Ps xf] . ljZj ahf/df :6s PS;r]Gh dh{/ / PlSjlh;gdf uO/x]sf] a]nf g]kfndf eg] :6s PS;r]Gh yKg'kg]{ cfjfh p7\b} cfPsf] 5 . ePsf]nfO{ s;/L Jojl:yt / ;do ;'xfpFbf] agfO{ u'0f:t/Lo ;]jf lbg ;Ifd agfpg] eGg]df uxg 5nkmn x'g'kg]{df yk :6s PS;r]Ghsf] cfjZostfaf/] ax; rnfOPsf] 5 . To;f] t ljZjsf 7'N7"nf ahf/x?sf] pbfx/0f lbP/ g]kfndf yk :6s PS;r]Gh cfjZos 5}g eGg]x?sf] c8fg klg sd ts{k"0f{ 5}g . g]kfn /fi6é a}+sn] r'Qmf k'FhL tLgb]lv @% u'0ff;Dd k'âofpg'kg]{ gLlt NofPkl5 a}+s tyf ljQLo ;+:yfx? dh{/df uPh:t} k|ljlwdf ljZjn] km8\sf] df/]kl5 :6s PS;r]Ghx? dh{/df uPsf x'g\ . sDKo'6/, OG6/g]6sf] ;'ljwf gx'Fbf a|f]s/x?n] s/fP/} ;]o/ lsga]r ug'{kg]{ afWotf lyof] . g]kfndf klg gf} jif{cl3;Dd To;}u/L sf/f]af/ x'GYof] . k|ljlwsf] ljsf;;Fu} lj:tf/} a|f]s/ sDkgLx?n] cfˆg} sfof{nodf a;]/ ;]o/ lsga]r ug{ yfn] . clxn] klg a|f]s/sf] sfof{noaf6} sf/f]af/ x'G5 .
54 g]K;] /ht pT;j :dfl/sf, @)&$ ljZjsf cGo d'n'sdf ;]o/ sf/f]af/ cgnfOgaf6 x'g yfn]sf] nfdf] ;do ePsf] 5 . g]kfndf klg cgnfOgaf6} sf/f]af/ ug]{ tof/L g]kfn :6s PS;r]Ghn] ul//x]sf] 5 . ;DejtM cfufdL cfly{s jif{b]lv g]kfndf klg cgfnfOgaf6} ;]o/ lsga]r x'G5 . To;a]nf clxn] h:tf] ;]o/ lsga]r ug{ a|f]s/ sDkgL uO/xg' kb}{g . of] sfd nufgLstf{n] 3/d} a;]/ ug{ ;S5g\ . k|fljlwn] b'/L 5f]6\ofpFb} uPsf] 5 . g]kfns} s'/f ug]{ xf] eg] sl/a Ps bzscl3 ;]o/ vl/b ug{ :6s PS;r]Ghdf hfg' kYof]{ jf a|f]s/nfO{ ToxLF e]6]/ èof] sDkgLsf] ;]o/ olt lsQf lslglbg' kâof]∑ eGg'kg]{ cj:yf lyof] . clxn] nufgLstf{x? sDtLdf %) j6f a|f]s/ sDkgLdf uP/ jf 3/d} a;]/ kmf]gsf e/df ;]o/ sf/f]af/ ug{ ;Sg] ePsf 5g\ . la/fnf] sfnf] xf];\ jf ;]tf], p;sf] sfd d';f dfg]{ xf] . /äsf cfwf/df la/fnf]nfO{ /fd|f] jf g/fd|f] eGg'eGbf d';f dfg{ ;Sg] Ifdtfsf cfwf/df p;sf] d"Nof+sg ug'{k5{ eg] h:t} :6s PS;r]Gh h;sf] :jfldTjdf eP klg To;n] cfw'lgs k|fljlw;lxtsf] u'0f:t/Lo ;]jf lbPsf] 5 ls 5}g eGg] g} d'Vo s'/f xf] . clxn] eO/x]sf]] :6s PS;r]Ghn] To:tf] ;'ljwf lbg ;s]g eg] csf]{ :6s PS;r]Gh cfjZos k5{ . t/, clxn]s} :6s PS;r]Gh cfw'lgs k|fljlw;lxt ;/n, l56f]5l/tf] / u'0f:t/Lo ;]jf lbg] af6f]df cu|;/ 5 / lgs6 eljiodf To:tf] ;'ljwf pknAw u/fpF5 eg] lsg csf]{ rflxof] < of] ;Gbe{df k|ydtM ;flassf] :6s PS;r]GhnfO{ s;/L ;'wf/ ug{ ;lsG5 eGg]lt/ Wofg lbg' cfjZos x'G5 . eO/x]sf] :6s PS;r]GhnfO{ ;'b[9 ug{ k|rlnt sfg'g, gLltëlgod afws 5g\ eg] To;df ;'wf/ ug'{k5{ . ;/sf/L :jfdlTjsf] g]kfn :6s PS;r]GhnfO{ ;'b[9 lgsfosf ?kdf pEofpg rfNg'kg]{ sbdaf/] gLltëlgdf{tf tyf nufgLstf{aLr Jofks 5nkmn x'g' h?/L 5 . ;/sf/L :jfldTjsf] g]kfn :6s PS;r]GhnfO{ oxL cj:yfdf jf ;fj{hlgsëlghLë;fem]bf/L -kLkLkL_ df]8ndf nu]/ jf lghLs/0f u/]/ jf cGo s'g} dfWodaf6 klg yk ;'ljwf;DkGg agfpg ;lsG5 eGg]lt/ ;f]Rg' h?/L 5 . g]kfn :6s PS;r]Ghn] cfufdL cfly{s jif{b]lv cgnfOg sf/f]af/ ug{ ;lsg] Joj:yf ldnfpFb}5 . o:tf] ;'ljwf pknAw eP nufgLstf{sf nflu cfufdL lbg cem} ;xh x'g]5g\ . o:tf] ;'ljwf k|ljlwn] lbPsf] xf] . k|fljlwsf] e/k"/ pkof]u ub}{ hfg ;s] 6f9f klg glhs x'g ;Sg] ;do cfPsf] 5 . clxn] g]kfndf Pp6fdfq} :6s PS;r]Gh 5 . kl5Nnf] ;do o:tf] :6s PS;r]Gh csf]{ klg rflxof] eg]/ a;x rnfOPsf] 5 . o; ljifodf xr'jfdf geO{ uxg 5nkmn u/]/ lgSof]{ndf k'Ug'k5{ . oxfFg]/ ;Demg'kg]{ s'/f s] klg xf] eg] clxn]sf] g]kfn :6s PS;r]Gh lghL If]q tof/ gePkl5 g} ;/sf/n] :yfkgf u/]sf] xf] . csf]{ :6s PS;r]Ghsf] cfjZostfaf/] ax; rnfpFbf pma]nf ;/sf/n] cfXjfg ubf{ lghL If]qn] a]jf:tf u/]sf] tYonfO{ klg gh/cGbfh ug'{ x'Fb}g . gfkmfsf] ;Defjgfn] csf]{ :6s PS;r]Ghsf] k|;+u lgsflnPsf] x'g ;Sg]tkm{ klg ljrf/ ug}{k5{ . g]kfn :6s PS;r]Gh @)%) ;fndf g]kfn ;/sf/, g]kfn /fi6é a}+s tyf g]kfn cf}Bf]lus ljsf; skf]{/];g -xfn PgcfO8L;L ljsf; a}+s_ sf] :jfldTjsf] nufgLdf :yfkgf ePsf] xf] . pma]nf g]kfn :6s PS;r]Ghdf ^@ j6f ;"rLs[t sDkgL lyP . tL sDkgLsf] ;]o/ sf/f]af/ ug{ @% hgf a|f]s/ sDkgLnfO{ dfq cg'dlt lbO{ sf/f]af/ ;'? ul/Psf] lyof] . clxn] g]kfn :6s PS;r]Ghaf6 dfGotf k|fKt %) a|f]s/ sDkgLn] b]zsf ljleGg 7"nf ;x/df ;]o/ sf/f]af/sf] ;'ljwf lbO/x]sf 5g\ . @)%) ;fnb]lv v'nf af]nsaf]n•f/f ;]o/ sf/f]af/ x'Fb} cfPsf] lyof] . :yfkgfsf] !$ jif{kl5 cyf{t @)^$ To:tf] k4lt lj:yflkt u/L sDKo'6/dfkm{t sf/f]af/ ug{ yflnof] . sl/a @@ jif{;Dd ef}lts
55 g]K;] :dfl/sf /ht pT;j, @)&$ ;]o/dfq sf/f]af/ eP . @)&@ b]lv cef}ltsLs[t lwtf]kqsf] sf/f]af/ ;'? ePsf] 5 . s]xL JolQmsf] :jfy{ l;4 ug{ csf]]{ :6s PS;r]Gh vf]Ng lbOof] eg] d'n's / ;]o/ ahf/sf nflu b'ef{Uo x'g]5 . nf]stGqdf :j:Yo k|lt:kwf{ x'g}{k5{ . o;n] ;a}nfO{ kmfObf k'âofpF5 . t/, Jofj;flos v]ndf b'O{eGbf a9L v]nf8L eP k|lt:kwf{ x'G5 / ;]jfu|fxL nfeflGjt x'G5g\ eGg] lgod Jofkf/sf ;a} If]qdf nfu" x'Fb}g . t;y{, cfkm\gf] :jfy{ k"/f ug{ ;dfhnfO{ e|ddf kf/]/ ;/sf/L ;DklQsf] gfz ug]{ k|of; s;}n] ug'{ x'Fb}g . ahf/ ;~rfng ubf{ kf/bzL{ x'g'k5{, hf]lvd Go"gLs/0f ug{'k5{, ahf/ ;xefuLsf] clwsf/ /Iff x'g'k5{ eGg] s'/f lwtf]kqsf] bf];|f] ahf/ ;~rfng ug]{ cGt/f{li6éo dfkb08, lwtf]kq ahf/ lgofds lgsfox?sf] cGt/f{li6éo ;+:yf cfOP;sf] d"n dfGotf xf] . o:tf dfkb08 k"/f ug'{k5{ . o;df larng cfpg' x'Fb}g . :6s PS;r]Gh h:tf ;+j]bgzLn lgsfox?sf] ;~rfng hf];'s}n] ug{ xF'b}g, ;Sb}g eGg] ljZjJofkL dfGotf 5 . ;+:yfut ;'zf;gsf] pRr d"No, dfGotf sfod ug{ g;Sg] kIfnfO{ :6s PS;r]Gh ;~rfng ug{ lbg] xf] eg] ;du| ljQLo k|0ffnL g} hf]lvddf kg]{ ;Defjgf x'G5 . ;]o/ sf/f]af/ eg]sf] ;DklQsf] x:tfGt/0f xf] o;sf k5fl8 Hofb} uDeL/ Pj+ cToGt} ;+j]bgzLn ef}lts, sfg'gL, k|fljlws tyf ;+:yfut ;+/rgf cfjZos x'G5 eGg] s'/fnfO{ klg cf]em]ndf kg{ lbg' x'Fb}g . clxn] ;~rfngdf /x]sf] g]kfn :6s PS;r]Ghdf emG8} !% ca{ ?k}ofFeGbf a9Lsf] ;/sf/L ;DklQ 5 . To;nfO{ hf]lvddf kfg'{ plrt x'g} ;Sb}g . otf, g]K;]n] klg ;'ljwf;DkGg / cGt/f{li6éo :t/sf] ;]jf lbg] k|0ffnLsf] ljsf; ›'t ultdf ug'{k5{ . o;df s;}sf] c;xdlt /xFb}g . ;/sf/L ;+:yf ePsf]n] g]K;]n] lgofds lgsfonfO{ 6]/]g eGg] cf/f]k klg nufpg] ul/G5 . ;/sf/L :jfldTjsf] ePs}n] g]K;] k'FhL ahf/sf] ljsf;df afws ePsf] xf] eg] o;sf] lghLs/0f ug]{ ljsNk afFsL 5 . rLg / ef/tdf g]kfnsf] eGbf s}of}+ u'0ff 7"nf] cy{tGq / hg;+Vof 5 . t/ b'j} d'n'sdf cGt/f{li6éo :t/sf :6s PS;r]Gh b'O{ëb'O{j6f dfq} 5g\ . g]kfnsf] xsdf ljutsf] t'ngfdf k'FhLs/0f a9] klg l5d]sL d'n's;Fu t'ngf ubf{ of] cToGt} Go"g b]lvG5 . xfn g]K;]df ;"rLs[t !(^ sDkgLdWo] &) k|ltzteGbf a9L a}+s tyf ladf sDkgL 5g\ . pTkfbgd"ns pBf]ux? kof{Kt dfqfdf ;"rLs[t ePsf 5}gg\ . o;n] klg a}+s tyf ljQLo ;+:yfsf] ar{:j sfod ug{ ;3fp k'âofpg] sfd u/]sf] 5 . g]K;]n] leêofpg nfu]sf] k"0f{ :jrflnt k|0ffnL ;~rfngdf cfPkl5 ;]o/ ahf/sf] kx'Fr k|To]s gful/s;Dd k'Ug]5 . b]zleq / aflx/ ;a}lt/ g]K;]sf] kx'Fr k'Ug]5 . cNksfnLg / bL3{sfnLg of]hgfsf ;fy g]kfn :6s PS;r]GhnfO{ Jojl:yt ug'{k5{ . Pp6f :6s PS;r]Ghn] wfGg g;Sg] cj:yf cfPdfq ljsNk vf]Hg'k5{ . ef/tdf b'O6f / rLgdf rf/j6f :6s PS;r]Gh 5g\, g]kfndf lsg Pp6f dfq} eg]/ klg k|Zg ul/G5 . csf]{ :6s PS;r]Gh rflxof] eGg]x?n] o;nfO{ cy{tGqsf] cfjZostfsf] ?kdf k|:t't ug{ vf]h]sf 5g\ . g]kfnsf] xsdf, jf:tjdf ;du| cy{tGqsf] cfsf/, k'FhL ahf/df dfu / cfk"lt{sf] cj:yfnfO{ x]g]{ xf] eg] Pp6} :6s PS;r]Gh klg a9L xf] ls eGg'kg]{ cj:yf 5 . sl/a !^ va{sf] k'FhLs/0f 5 . pTkfbgd"ns sDkgLx? cem} klg ;j{;fwf/0fnfO{ ;]o/ hf/L u/]/ g]K;]df ;"rLs/0f x'g ;s]sf 5}gg\ . ;"rLs/0fdf a}+s tyf ljQLo ;+:yfsf] dfq afx'No 5 . g]kfnsf] k'FhL ahf/df clxn]sf] cfjZostf gofF :6s PS;r]Gh xf]Og cfw'lgs k|fljlw ;lxtsf] u'0f:t/Lo ;]jf xf] .
56 g]K;] /ht pT;j :dfl/sf, @)&$ A Glimpse of Nepal Stock Exchange Limited (With Birds Eye Observations) æææPrabin Pandak Assistant Manager, NEPSE
1. Introduction
Nepal Stock Exchange Limited (NEPSE) is the one and only company in Nepal having the nature of business to carry out the activities of stock exchange, incorporated as public limited company under Company Act, 2063 and operated, regulated under Securities Act, 2063 till date. This profit making company with paid up, issued and authorized capital of Thirty CroreNepalese rupees owned by majority shares ofGovernment of Nepal (GoN), operated in secondary market is an integral part of the Nepalese capital market. NEPSE is headed by its Board of Directors(BoD) where members are represented from the owners/promoters and independent expert including Chief Executive Officer(CEO). The chairman is appointed by GoN. The ownership pattern and the composition of BoD of NEPSE have been depicted in the table below:
Table No. 1: Ownership1 and Composition of BOD2 of NEPSE
S. N. Representation/ Ownership Holder Ownership Number 1 Among the Promoters Group Government of Nepal (GON/MoF) 58.66 % 2 Nepal Rastra Bank(NRB) 34.60 % 2 NIDC Development Bank(NIDC) 6. 12 % 1 Member Brokers 0. 62 %
2 Other - Independent - 1 CEO - 1 Total Numbers of BOD Members - 7
2. Brief History
The history of NEPSE dates back to the share floated by Biratnagar Jute Mills Ltd. and Nepal Bank Ltd. in the year 1937 AD. However, after a long gap, the national industrial policy paved the way to the development of securities markets with the establishment of Securities KharidBikri Kendra Limited(SKBKL) in 2033 BS (1976). SKBKL started secondary transaction of securities in 1981, limited to the government bonds till 1983 and led to the establishment of Security Exchange Board of Nepal (SEBON) in 2050 (1993) and conversion of SKBKL into Nepal DhitoPattraBinimaya Bazar Ltd. in the same year with the objective of operating and managing secondary transactions of
1 Annual Report 2015/16, NEPSE, (p. 20). 2 Rule 18, Articles of Association of NEPSE. 57 g]K;] :dfl/sf /ht pT;j, @)&$ securities came in existence. Similarly, Securities Transaction Regulation, Securities Listing Byelaw provisioned to bring Transaction Byelaw, Membership of Securities Market and Transaction Byelawin operation. In 2005, Securities Related Ordinance, 2004 was framed and enacted, and finally, in 2063, Securities Act, 2063 (2007) was promulgated as another mile-stone in the history of securities market in Nepal. In the mean time, the transaction system of NEPSE has also been modernized. Open-Out-Cry System was completely replaced by Automated Transaction System (ATS) in 2064 (2007).Nepal DhitoPattraBiminaya Bazar Ltd. was officially pronounced as only Nepal Stock Exchange Ltd. converting nature of company from service motive to profit motive. In 2067, Central Regulationand Mutual Fund Regulation, Securities Transaction, Clearing and Settlement Byelaw and other related laws have been enacted.
3. Objectives3
The objectives set forth to be achieved by NEPSE are as follows:
• To carry out work as stock exchange so as to ensure dynamism, liquidity and accessibility in internal capital mobilization for the institutional development of capital market in Nepal. • To create the opportunity to infuse ownership by contributing in the development of industries and business corporations in private sectors. • To carry out the measures for the healthy transactions of the securities issued by GON or corporate bodies incorporated as per the prevailing law with the prime priority of welfare of investors. • To conduct regular study and inspection of securities transaction, management and operation of stock market, welfare and securities of investors and so on and provide opinion time to time to SEBON and other relating bodies. • To make other arrangement relating to the management and operation of securities market. • Carry out various activities so as to increase the assets of NEPSE. • To earn profit from own business activities.
4. Functions
NEPSE carries out some functions so as to achieve the aforementioned objectives. Such functions are mentioned as below:
• Listings of securities prescribed by SEBON and manage transaction place or system of such securities including arrangement for emergency situation • Conduct inspection, surveillance and any act to ensure the market as transparent, fair and regular manner for the promoting welfare and protection of investors • To get its members to fully comply with this Act and the Rules and Bye-laws framed under this Act and legal arrangement as per the need • Activities relating to membership of NEPSE and recommend for broker license including cancellation such members • Arrangement of central depository system or any system relating to clearing and settlement of securities transaction • Arrangement of tangible and intangible assets
3 Section 3, Memorandum of Association of NEPSE. 58 g]K;] /ht pT;j :dfl/sf, @)&$ • Conduct research and development activities, human capital management along with any functions as may be required for the operation of the stock exchange
5. Current Status
The current status of NEPSE is identified as under: A. Present Market Status The current status of NEPSE with major areas has been depicted in table below:
Table No. 2: Present Market and Technological Status of NEPSE Amount in Crore
Details Present Market Status Fiscal Year Fiscal Year 2016/17 2015/16 2014/15 (First 8 Months) Transaction Amount 13234.03 16395.77 6533.15 Transaction Numbers 801095 831997 477278 Market Capitalization 153692.81 189013 9894039 NEPSE Index 1355.23 1718.15 961.23 Percentage of Market 59.13 84.10 46.57 Capitalization in GDP Number of Listed Companies 212 274 232 Number of Human Capital (permanent) 274 325 336 Technological Status7 Server Used Database Server 2012 NEPSE App ensure Market depth on mobile Testing Phase Reliable Power Back Up Recently Delivered Network Device capacity 100 Mbps to 1000 Mbps
Source: Economic Survey 2016/17 and 2015/17, MOF. B. Financial Status The present financial status of NEPSE, in brief, is shown below:
Table No. 3: Present Financial Status of NEPSE Amount in Rs.
Details Fiscal Year 2015/16 Investment in share and other 519197944.88 Cash at Bank 1527575688.17 Profit 489657751 Cumulative Profit 1564096 000
4 As per the Attendance Record of NEPSE, 2074 5 State Owned Enterprises Information 2074: Yellow Book, p 249. 6 State Owned Enterprises Information 2073: Yellow Book, p 246. 7 Annual Report, 2015/16, NEPSE. 59 g]K;] :dfl/sf /ht pT;j, @)&$ Net worth 1564096000 Earnings per Share 163.22 Total operating income (Interest 72883136, Commission 783415782 661791118 and Other48741528) Operating Cost Ratio 9.21% Employees Productivity Ratio 211.73 Administrative Expenses Ratio (Administrative Exp./Total Exp.) 81.94%
Source: Annual Report of NEPSE, 2015/16. C. Legal Status NEPSE is a public limited company incorporated under Company Act, 2063 and operated under Securities Act, 2063. Its regulator is SEBON, a competent authority established by GON. The autonomy of NEPSE versus Control by GON is always in issue. D. Market Coverage and Potentiality The present market coverage and the potentiality of NEPSE's business growth are presented below:
Table No. 4: Market Coverage and Potentiality of NEPSE
S. Particulars Total Market Market Coverage Market Remarks N. Potentiality
1 Public Total Number of Number of Listed Number Of Non Only 15% of Limited Public Ltd.8 Public Ltd.9 Listed Public Ltd. Public Ltd. Companies Companies are 1350 212 1137 listed
2 Private Total Number of Registered Non registered OTC Market's Limited Private Ltd.10 highly prospect if Company viable 150894 0 150894
3 Listing of Real Sector, Highly dominated Considerable companies manufacturing by Banking and presence of sector wise companies, Financial Institution, manufacturing Banking and Few Hydro, Hotel companies Financial and Others Institution, Hydro, Hotel and Others
3 Area Of Securities and Securities Commodities Business Index, Right Renounce commodities Index
8 OCR Progress Report till 2073, p 1. 9 NEPSE, "Company Listing", NEPSE Web, accessed August 9, 2017, http://www.nepalstock.com.np/ company/index/11/stock- name// 10 OCR Report, p 1. 60 g]K;] /ht pT;j :dfl/sf, @)&$
4 Investors Nepalese Nepalese Citizen Foreigners and Possibility of high Citizen, NRN exploration Foreigners and NRN
Analysis of Current Status
The appreciable present market status of NEPSE has been amazingly increased in fiscal year 2016/17 as compared to the fiscal year 2015/16. Market capitalization and index growth reflect the same trend and effects of the causative variables. Fluctuation of listed companies' numbers has no any meaningful relation to the growth of economy and strength of NEPSE. The advancement of technology in NEPSE is improving. However, it has a far long way to reach at the level of modern global stock exchange.
NEPSE, being sound financial company with positive and attractive earning per share, has remarkable ratio of profit to capital. The majority of operating income generated from commission. The operating cost is acceptable; employees are mobilizing in productive ways. However, the administrative cost bears the huge pie in total expenses.
Being state owned enterprise, it should go in line with the government plan, policy, mission and vision as well as proceduresrespecting the government directives; order and any provisions communicated via authorized source i.e. FMD and PEs Coordination Division, MOF.
Unexplored areas of business reflect huge potentiality yet to be explored due to its initial stage growth, incomplete legal mechanism and other factors.
6. SWOT of NEPSE
After analyzing the various interplaying and ecological factors that affect NEPSE, the strength and weakness along with opportunity and threat are presented below:
Strength Weakness • Monopoly Market • Incomplete legal infrastructure • High potential and growing market • Under developed market • Strong regulation • Sub standard at international level • Technology based • Lack of international reorganization • Sound financial condition • Insufficient skilled manpower • Strong promoters like MOF and NRB • Limited autonomy • CDS and Clearing Ltd. as the sole subsidiary of • Less practiced and less followed corporate NEPSE good governance • Global cooperative mechanism • Non diversity of listed shares • Global standard for market operation • Non compliance, weak surveillance • Low financial literate investors • Limited access of market to public • Urban centered system Opportunity Threat • Attraction of NRN and foreign investors as per the • Growth of multiple investment instruments commitment made on WTO like mutual fund, margin trading, loan on
61 g]K;] :dfl/sf /ht pT;j, @)&$ • Growth of multiple investment instruments like share etc mutual fund, margin trading, loan on share etc • Growing demand of another stock exchange • Access of market in rural area based on • Dominance of listing by banking and federalism which creates ample of avenues. financial sectors • Growing business i.e. transaction. • Obligation of anti-money laundering and • Enhancement of technology in NEPSE to ensure involvement terrorist financing. online trading • Rapid changing in technology and legal • Extension of capital market at international level provisions. (cross border trading and listing) • Challenge in ensure the excess of capital • Incorporation of innovation e.g. technological, market. techniques and managerial and legal system. • Deficit in utilization of capacity • Growing awareness and attraction of citizen in • Socio-political criminal nexus capital market.
7. Major Challenges and Problems
The major challenges that come while operating the are briefly outlined as below: • Challenge to modernize the secondary capital market (internet based fully automated trading system) making competitive, dynamic, modern, reliable and liquid. • Providing the quality broker service at poor infrastructure. • Establishment of effective, fair and transparent system related to transfer, payment and transactions. • Diversifying the investments and listed companies. • Building sound and transparent infrastructural system for the investment. • Low level of financial literacy. • Disclosure of price sensitive information. • Under developed bond market. • Creating and establishingthe system of coordination between money and capital markets, regulators and promoters along with other stakeholders.
The most crucial problems that hinder to make our dream capital market true are identified as below: • Traditional (semi automated) trading, clearing, settlement system • Manual interface of trading system with depository, clearing and settlement system. • Limited access of capital market (urban centered) • Insufficient measures to assure transparency, integrity, building trustworthiness and increasing investor's confidence • Weak good governance and poor corporate culture • Lack of prompt and accurate disclosure of price sensitive and other public information • Poor security management system • Limited international network • Incomplete infrastructure for modern capital market • Sub/under utilization of capacity and potentiality of market • Non-diversity in listing companies
62 g]K;] /ht pT;j :dfl/sf, @)&$ • High transaction cost and long procesure • Incomplete legal mechanism • Poor coordination among the stakeholders/regulators • Low financial literate investors • Traditional ownership structure • Inefficient utilization of recourses • Lack of skilled human capital and traditional human resource management policy and techniques as well as lack of expert • Weak and ineffective surveillance
8. Major Areas of Strategic Reform
The major areas of strategic reform have envisioned and presented in the following • Technological enhancement of Trading, settlement, clearing and depository of securities system • Brokers members policy • Scope of business and market accessibility • Data security system • Disclosure of information, transparency assurance and ensure corporate good governance principles • Listing criteria and procedure • Financial mechanism • Human capital management, structure of organization • Legal infrastructure, amendment of existing laws • Surveillance provisions, mechanism
9. Suggestions for Reform
The suggestions for the betterment of the existing situation while addressing the identified problems so as to endeavor the directions of NEPSE towards international standard are as below:
S.N. Major Areas Suggestions for Reform 1 Technological enhancement of • International standard infrastructure should be build Trading, settlement, clearing and • High technology trading software which ensures depository of securities system Internet Based Fully Automated Online Trading System should be deployed • Automated post transaction activities should be upgraded and established to ensure auto interface with trading software and system • Existing trading software should be migrated to OTC market securities transaction. • Viability study regarding registration of Private Ltd. in OTC market should be started. 2 Scope of business • Real sector companies, small investors and foreign and And market accessibility national institutional investors attraction via offering
63 g]K;] :dfl/sf /ht pT;j, @)&$ various facilities and ensuring competency. • Broker license should be provided to commercial banks as well • Initiation for the securities transaction of private limited company should be started. • Capital market operation and regulation mechanism should be strengthening. • Combined software for commodity and securities trading should be deployed. 3 Brokers membership policy • Membership of broker should be made Open entry and exit policy so as to strengthen surveillance and break the glass-sealing status of securities businessperson. 4 Data security system • Alternative DRC (disaster recovery center) in foreign country should be promptly arranged for the reliability of market. 5 Disclosure of information, • Principles of Corporate Good Governance should be transparency assurance and well adopted corporate good governance • Efficient mechanism for the disclosure of information (price sensitive and public) should be established. • Corporate culture should be realized, internalized and practiced at high moral and ethical standard 6 Listing criteria and procedure • Compulsory of listing of public limited company should be made. • Rebate on tax or introducing other facilities/subsidies for listing of manufacturing and import substitute companies should be provided. • Promote sectoral diversity of securities listing by other appropriate measures. • Code of conduct and stronger financial disclosure mechanism for listed companies should be assured. 7 Taxation area • VAT should not be imposed in trading of securities. • Instead of existing capital gain tax imposition policy, transaction tax should be implemented for the fair and reduced cost of transaction cost. 8 Legal infrastructure, amendment • Review existing legal provisions and administrative of existing laws mechanisms should be promptly developed • Securities Act, 2063, Commodities Act, 2074 including other legal mechanisms should be amended, if required, provisioned. 9 Human capital management & • Organization culture respecting high ethical and moral structure of organization values should be promoted. • Performance based reward system should be established • Capacity building trough training, motivation as well as talent reorganization. • Liberalization and world standard pattern should be followed while restructuring NEPSE
64 g]K;] /ht pT;j :dfl/sf, @)&$ Financial mechanism • Reduction of administrative expenses • More avenues of sources of income should be explored • Effective utilization of resources considering the norms, policies of the government should be done. 10 Surveillance provisions, • Surveillance mechanism should be strengthen mechanism and • New techno-based On-Site and Off-Site Supervision/inspection/monitoring mechanism for surveillance should be brought • Team relating to surveillance and settlement of disputes, as per the byelaw, should be formulated • Coordination with SEBON regarding the matters of surveillance should be strengthening.
10. Conclusion
Despite diversified problems, NEPSE is committed to carry its functions for expanding pie of potentiality and well trust as well as efficiency. For this it is focusing on the core values like economic liberalization, poverty alleviation, social justice, sustainable and efficient management & operation of resources and the need and measures that are to be taken for the development of it for the promotion of the economy so as to ensure the prosperous Nepal and sustainable development and economic growth via ensuring the fairness, transparency, integrity and good corporate governance principles in modern, dynamic, strong and competent secondary capital market in order to assure the integration of nation's economy with the world economy.In a nut shell, if we reform the structure, process, working environment and culture of human assets, then we can achieve the Mission of "Attraction of national saving and investment along with foreign investment and investors, NRN and development of accessible innovative capital market",which ensures"Sustainable economic growth through strong, dynamic, trustworthy and sustainable capital market" that ultimately paves the way of developing prosperous capital market.
65 g]K;] :dfl/sf /ht pT;j, @)&$ How prices are determined in the stock market?
æææ Sabin BikramPantaAssistant Professor Kathmandu University School of Management
William Feather once said: One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute (smart). How’s the market? Is that stock still a buy? When should I sell? These are the questions investors ask most often. Investors know that picking the right stocks at the right time makes a big difference. Even in the catastrophic market of 1929–1932, when the average stock fell by 90 percent, Scott Paper and Minnesota Mining rose in price.Therefore, the fundamental questions of investing in the stock market is; how some investors gain while some other lose by buying and selling the same stock is still unresolved to the large extend. By theory, the stock prices are determined by the supply of and demand for them, and stock prices adjust to keep supply and demand in balance. At a deeper level, however, stock prices are set by a combination of other factors that no analyst / fund managers can consistently understand or predict. A number of economic models assert that stock prices reflect the long-term earning potential of companies. It is important to note that stock market is a collection of millions of investors with diametrically opposing views. This is because when one investor sells a particular stock, someone else must be willing to buy it. Since both investors cannot be correct, it is an adversarial system. In short, one investor will profit and the other will suffer loss. But how one person makes a right decision and other one makes wrong for the same stock? To answer this mystery, we need to solve few important questions i.e. why stock market behaves the way it does? And second, can investors ‘predict the stock price based on its behavior? How much do we know about how people in the real world arrive at decisions and make choices and under what circumstances? How great are the differences between the theoretical assumptions and the real world? Do investors understand the different between value and price? Let’s look into the first question i.e. why stock market behaves the way it does. The search for the answers goes back to 1900, when Louis Bachelier, a French mathematician, in his dissertation titled “The Theory of Speculation tried to answer this question. His extraordinary piece of work, was the first effort ever to employ theory, including mathematical techniques, to explain why the stock market behaves as it does. He made the first theoretical attempt to value such financial instruments as options and futures, which had active markets even in 1900. And he did all this in an effort to explain why prices in capital markets are impossible to predict. Bachelier recognizes that market movements are difficult to explain, even after the fact, and that they often generate a self-reinforcing momentum. After Bachelier, the quest to answer the above two questionsis still unresolved. One of the reasons can be the gap /differences between the theoretical assumptions and the real world practices. Neo classical economists argue that freer and more liquid markets are bound to deliver improved economic efficiency. Such arguments build on one of the most important theoretical propositions in economics-that if all markets existed and operated in a perfectly informed and rational fashion, 66 g]K;] /ht pT;j :dfl/sf, @)&$ maximum economic efficiency would inevitably be attained. Hence, the entire underlying structure of capital market rests on one overriding assumption-i.e. investors have no difficulty in making optimal choices in the bewildering jumble of facts, rumors, discontinuities, vagueness, and black uncertainty that make up the real world around us. In short, investors are rational being and market is efficient. All assumptions of neo classical theories represents an idealized world in which markets work smoothly without impediments such as transaction costs, taxes, asymmetry of information, or indivisibilities. However, the major problem of neo classical theories is; academics proposed theories without knowing the practice and investors’ started using it (mathematical models) without knowing the assumptions behind it. Therefore, gap / differences exist between theoretical model and the practices. The gap between academic research and investment practice was more visible during 1950s to 1980. Above arguments begs to answer a new question i.e. why the gap exists? There could be different reasons. One possible reason is the market imperfection. By theory, capital market should follow the fundamentals of the company. This essentially means that company’s balance sheet should be the sole determinant of the demand and supply of the price of the securities. However, all capital markets in the world are in fact, imperfect to the different degrees and subject to surges of exuberance and then despair, which take prices far from rational equilibrium levels. This can result in inefficient misallocation of capital resources and capital market to imperfection. As a result and in reality, investors do face difficulty in making optimal choices in the bewildering jumble of facts, rumors, discontinuities, vagueness, and black uncertainty. This is what makes the stock trading interesting as well as risky. The best way to reduce market imperfections by ensuring more transparent information, by encouraging more participants to enter the market, and by “completing” markets with new types of contract. Second reason can be the difference between value and price. Nobel Laureate Paul Samuelson recognized the jumble that stock prices presented as an unexplored variation on a theme that runs throughouteconomic-theory—the difference between price and value. Economists agree that “value” refers to something that liesbehind, or beneath, the prices observed in the marketplace;prices gyrate around “true value.” But what is this “truevalue”? The reason stock prices jump around so much, and the reasonstocks are considered such a risky investment, is that there isnothing clear-cut about their value.Some academicians believe that prices are determined by the “noise” which creates the gap between real value and the market price. Noise arises as people buy and sell on what they believe is information but is really rumor, badly analyzed information, misinformation, or hunch. Nobel Laureate Fischer Black, suggests that many people trade on noise simply because they enjoy fooling around and trading on hunches. Others are not even aware that they are trading on noise—they believe they are trading on reliable information. As pointed out by Black, “Noise” is what makes our observations imperfect. The interesting fact is even people who have accurate information are uncertain about whether they are trading on information or on noise. Noise gets in the way of keeping observed prices in line with shadow prices or intrinsic values. More specifically, when traders act on noise, they push prices away from intrinsic values. For the regulatory prospective, noise in the market is not a bad. It is the primary motivation for market activity. And when that happens, people with reliable information have an advantage. Noise trading makes the market lively and liquid. In the developed capital markets, even though noise and behavioural biases do play roles in determine the stock price but they are largely influenced by the fundamentals of the companies and general macroeconomic climate of the country. In these markets, analysts,fund managers and investment bankers analyze the fundamentals of the stocks before executing any trading. Investors are attracted to stocks of companies they expect will earn substantial profits in the future; because
67 g]K;] :dfl/sf /ht pT;j, @)&$ many people wish to buy stocks of such companies, prices of these stocks tend to rise. On the other hand, investors are reluctant to purchase stocks of companies that face bleak earnings prospects; because fewer people wish to buy and more wish to sell these stocks, prices fall.These markets are highly liquid because of high level of investors’ awareness, strong enforcement of regulatory policies, large institutional investors and listed companies. As a result, the bid and ask spread is also low that closes the gap between real price and the market value of the stock. Nepali prospective In Nepal, even though we do not have many empirical evidences, but based on trading practices, characteristics of the market and past record,we can fairly assume that investors do not care too much about the difference between value and price while trading the securities. It is mostly all about price than the value as our market is dominated by speculators than long term and institutional investors.Speculators buy an overvalued stock, hoping to sell and make a profit before its price drops. They are practitioners of the “Greater Fool Theory.” They believe that they shall find a fool greater than themselves willing to pay more for their stock.We have observed that, during a bull period in the NEPSE, investors’ tend to forget the classic warning: past performance may not be indicative of future results. Thus, human emotions can create greater fools and propel a bull market way beyond any sort of reasonable metric – until, of course, the tide changes direction towards the bear side. So, knowing or unknowingly we are practicing “Greater Fool Theory” in Nepali capital market more than any other markets. Based on these factors, , prices in Nepali capital market are mostly determined by three factors i.e. i) the momentum investingii)noise and iii) the behaviour bias rather than fundamental. Momentum investing is an investment strategy whereby the investor buys securities with high recent returns and sells those with low recent returns, in the expectation that past trends will continue. Some researchers equate momentum investing, which is a manifestation of magical thinking and herd behavior, with the Greater Fool Theory. They rushed to buy more shares, and the increased demand, in turn, drives prices higher still. Speculators then added to this upward pressure by purchasing shares in the expectation they will be able to sell them later to other buyers at even higher prices. This was continued till the end of the bullrun. During the bullish period in NEPSE investors’ belief that one can make money by speculating on future prices, because there will always be a “greater fool” who will be willing to pay more than what they paid, even if they paid too much. Therefore, momentum strategy led to application of Greater Fool Theory. Hence, during the surge in the NEPSE, investors’ have shown typical momentum behavior. However, the problem with momentum investing is that it can create a noise and bubble in the market. Lastly, Nepali investors tend to fall into predictable patterns of destructive behavior. In other words, they make the same mistakes repeatedly. Specifically, many investors damage their portfolios by under- diversifying; trading too frequently; following the herd; favoring the familiar (known company stock, and glamour stocks); selling winning positions and holding onto losing positions (disposition effect); and succumbing to optimism, short-term thinking, and overconfidence (self-attribution bias) The combination of noise, momentum investing and behavior bias combined with less liquid nature of the market, is creating a large bid ask spread and substantial gap between real value and market price of the stock in Nepal. As a result, we have witnessed speculative bubbles and burst several times in the past in the Nepali capital market.The important lesson is as Richard Russell, the famous Dow Theorist says, “The market always does what it is supposed to – just not always when.” It is important to note that the opinion expressed in this article is based on observations only. Therefore, further empirical verification is required to understand the phenomena.
68 g]K;] /ht pT;j :dfl/sf, @)&$ Macroeconomic Modulation of Stock Market: Testing for Long-Run Equilibrium in Nepal æææDipendra Karki* Ph.D. Scholar Kathmandu University School of Management (KUSOM), Kathmandu, Nepal Author’s corresponding e-mail: [email protected]
Abstract This study empirically examines the macro-economic factors on the stock market performance in Nepal. It considers the annual data of four macroeconomic variables; real GDP, inflation, interest rate and broad money supply from 1994 to 2016 and attempts to reveal the relative influence of these variables on stock prices represented by ‘NEPSE Index’. Empirical results obtained from OLS estimations reveal that the performance of stock market is found to respond positively to real GDP, inflation and money supply, and negatively to interest rate. More importantly, cointegrating evidence cannot be found between macroeconomy and stock market which suggests that stock price movements in Nepal are not explained by the macroeconomic variables. It supports random walk hypothesis in Nepali capital market. These findings help to design policies to stabilize or stimulate the capital market in Nepal. Key words: Stock Market, Macroeconomy, Long-run Equilibrium
INTRODUCTION The overall development of the economy is a function of how well the stock market performs and empirical evidences have proved that development of capital market is indispensable for economic growth (Avadhani, 1996). It is through this segment that the country’s exposure to the outer world is most readily felt. The relationship of economy and Stock price has always been a subject matter of controversial debate. The pricing implication has come into attention since the publication of seminal work of Markowitz (1952) – the mean-variance portfolio theory. Since then, the stock prices volatility has received a great attention from both academicians and practitioners as it can be used as a measure of risk in financial markets. Establishing the empirical link between volatility and macroeconomic variable has proven to be very challenging. Some studies find strong evidence that stock volatility increases during economic recessions (Bernanke, 1983). It seems that pricing volatility does not follow any pattern and not affected by economic variable. In some cases, it is closely related with macroeconomic variables and in some cases macroeconomic variables have no impact upon volatility. Varying evidences of relationship between macroeconomic variables with stock prices were widely documented in the existing literature. Researchers were successful in finding a relationship between stock prices and the different macroeconomic indicators in countries like Lithuania (Pilinkus, 2009), Turkey (Kandir, 2008), and Jordan (Maghayreh, 2003). While in the context of less developed economies, like Asian markets macroeconomic factors can’t be reliable indicators for stock market price movements because of the inability of stock markets to fully capture information about the change in macroeconomic fundamentals (Fung and Lie, 1990). The relevance of the studies conducted on
69 g]K;] :dfl/sf /ht pT;j, @)&$ the developed economies is yet to be seen in the context of smaller, developing and under- developed capital markets like Nepal.
Statement of the Problem Nepalese stock market has passed through different stages. Major political changes occurred during this period and the market has jumped to all time high 1881.45 points on July 31, 2016 from all-time low of 292.31 points on June 15, 2011. What factors are responsible for these changes in volatility? Every individual specially related with stock market in this or that way, tries to get answer to these questions. Graham (1973) pointed out that stocks do well or poorly in the future because the businesses behind them do well or poorly-nothing more, and nothing less. Indeed in some markets, prices exhibit common movements that are hard to explain by movements in fundamentals (Watanabe, 2008). If fundamentals are not influential, then what else is responsible for changing stock prices over time? Schwert (1989) correlated these changes to the volatility of macroeconomic variables. Though there is no unanimous conclusion, the majorities of literatures establish a link between macroeconomic volatility and stock market prices. Thus, to sum up, the study basically deals with following research issues: ° What is the direction and magnitude of causal relationship between stock market prices and macroeconomic variables in Nepal? ° Is there any long-run equilibrium relationship between stock market prices and macro-economy of Nepal?
REVIEW OF LITERATURE The modern study on the behavior of stock market prices can be traced back to 1930, when Fisher explained how the market rate of interest and inflation affected the stock prices (Fisher, 1930). Several extensions have been made on this model incorporating several macro-economic and other structural variables in determining the stock prices. Some important models are: Dow Theory (1932), Efficient Market Hypothesis (1970), and Random Walk theory (1973). Chen, Roll, and Ross (1986) found a long-term equilibrium relationship between stock prices and relevant macroeconomic variables in the US stock market. They demonstrated that the macroeconomic factors could significantly explain stock returns. Mukherjee and Naka (1995) also found the long-run equilibrium relationship between the Japanese stock market and the macroeconomic variables such as exchange rate, money supply, inflation, industrial production, long-term government bond rate and call money rate. Pethe and Karnik (2000) indicated that not a single pair of variables tested was cointegrated and there was no evidence to suggest that a revival of the stock market, in the sense of rising share prices, could be a leading indicator of the economy in India. Ibrahim and Aziz (2003) found a positive long-run relationship between Malaysian stock prices and industrial production. Kandir (2008) revealed significant effects of exchange rate and interest rate on stock returns. Similarly, inflation rates were found positively related and interest rate related negatively to the stock prices in Turkey. The study by Abu-Libdeh and Harasheh (2011) indicated a significant relationship between the macroeconomic variables and stock prices. However, the causality analysis negated any kind of causal relationships between macroeconomic variables and stock prices. The study by Osamwonyi and Osagie (2012) examined the yearly data of several macroeconomic variables; interest rates, inflation, exchange rates, fiscal deficit, GDP and money supply to study the short-run dynamics as
70 g]K;] /ht pT;j :dfl/sf, @)&$ well as long-run relationship between the stock market index and the selected macroeconomic variables. The major finding was that macroeconomic variables influence stock market index in Nigeria. Though there are number of studies found in developed capital markets, only few empirical works are available in the context of Nepal. G.C. and Neupane (2006) provided the empirical evidence of long-run integration and causality of macroeconomic variables and stock market indicators in Nepal. Baskota (2007) concluded that there is no persistence of volatility in Nepalese Stock Market and stock price movements are not explained by macro-economic variables. Bhattarai and Joshi (2009) documented both short-run and long-run interdependence among stock index and some macroeconomic variables. Shrestha and Subedi (2014) revealed that the performance of stock market is found to respond positively to inflation and broad money growth, and negatively to interest rate. The findings in the context of Nepal also vary across the studies as in the case of developed capital markets.
RESEARCH METHODOLOGY Based on the literature review the conceptual framework of the study is presented as follows: Figure 1: Conceptual Framework for Macroeconomic Factors Influencing Stock Prices.
Real GDP (RGDP)
Inflation (INF)
Changes in the Shift in Price of NEPSE Index stocks (NI) Interest Rate (IR)
Broad Money Supply (M2)
Research Design This study adopts descriptive and causal comparative research designs to deal with the macroeconomic factors influencing stock prices. From an ontological stand point, it follows positivism research paradigm which assumes that there is universal single truth and reality is out there (Jennings, 2001).
Nature and Sources of Data This empirical research based on secondary data. The necessary annual data related to macroeconomic variables are collected from CBS and NRB, whereas stock market data are collected from NEPSE. The study uses the time series data for the total period of 23 years from fiscal year 1994 to 2016. The following data as shown in Table 1 are taken for the study.
71 g]K;] :dfl/sf /ht pT;j, @)&$ Table 1: Variables and their Description Variable Description Unit NI NEPSE Index GDP Annual real GDP (Base year = 2000/01) Rs in million Inflation Annual growth Percent Interest Rate Weighted average 91 days T -bills rate, Annualized Percent M2 Broad Money Supply Rs in million
Methods of Data Analysis The study used descriptive statistics, correlational analysis, and time series econometric models as the methods of analysis. First, the OLS regression equation has been estimated;
NI = α + β1 RGDP + β2 INF + β3 IR + β4 M2 + ε ….(1) Where,
NI = NEPSE Index, RGDP = Real gross domestic product, INF = Inflation, IR = Interest rate,
M2 = Broad money supply, t = 1994-2016,
α = Constant term, ε = Stochastic error term. Long-Run Equilibrium Analysis: (i) Unit Root Test: The Augmented Dickey-Fuller (ADF) test of stationarity has been performed both on the levels and the first differences of the variables (Dickey & Fuller, 1981). A series is integrated of order d, I d if it can be difference d times to achieve stationarity.