Improving Corporate Governance in Nepalese Financial Institutions to Promote

Total Page:16

File Type:pdf, Size:1020Kb

Improving Corporate Governance in Nepalese Financial Institutions to Promote http://researchcommons.waikato.ac.nz/ Research Commons at the University of Waikato Copyright Statement: The digital copy of this thesis is protected by the Copyright Act 1994 (New Zealand). The thesis may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: Any use you make of these documents or images must be for research or private study purposes only, and you may not make them available to any other person. Authors control the copyright of their thesis. You will recognise the author’s right to be identified as the author of the thesis, and due acknowledgement will be made to the author where appropriate. You will obtain the author’s permission before publishing any material from the thesis. Improving Corporate Governance in Nepalese Financial Institutions to Promote Growth and Performance A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at The University of Waikato by SANJEEV ACHARYA 2018 Abstract This study investigates the impact of corporate governance practices on the performance of commercial banks in Nepal. Specifically, the analysis focuses on the relationship between corporate governance mechanisms and financial performance. It explores the influence of corporate governance policies, guidelines and directives issued by the central bank, Nepal Rastra Bank, and self-initiatives implemented by the commercial banks. The research undertaken in this thesis is important to stimulate economic growth and to encourage a more equitable sharing of growth. The lack of proper development of corporate governance and monitoring of financial systems results in a failure to capitalise on growth opportunities when they arise. A lack of capital is a major inhibitor to development, and enhanced governance will be a major fillip in promoting investor confidence, leading to a deeper and more efficient capital market in Nepal. There are many untapped opportunities in Nepal and a well-developed capital market will attract more local and foreign investors. An improved capital market will alleviate unemployment, and the balance of payments deficit, help to restrain the brain drain and help foster financial stability, strengthen risk management and ultimately contribute to a strong financial system. A significant portion of Nepalese people, variously estimated to be around 30 per cent, do not have access to formal financial services and rely on informal service providers. There are many providers who take advantage of high interest rates, with financial frauds gaining recurring coverage in the news ii media. These issues are not specific to the informal sector; they also occur in the formal financial sector. There have been several corporate governance failures in Nepali banks including the Nepal Development Bank Limited, the first Commercial Banks of Nepal-Nepal Bank Limited, Nepal Bangladesh Bank, Lumbini Bank, Gurkha Development Bank, United Development Bank, giving rise to demands for greater transparency and accountability in the way banks are controlled and managed. Good corporate governance builds the platform for a smooth, faster, easier and reliable financial system, clarifying responsibilities, fostering transparency and fairness to encourage greater individual accountability. Although various corporate governance mechanisms have evolved in developed countries, their applicability in a low-income country such as Nepal may not be efficacious due to differences in political, cultural, social and economic factors. Hence this thesis addresses the requirement for an evidence-based study that evaluates the best fit corporate governance mechanisms applicable for the Nepalese banking sector. Panel data were collected from all commercial banks’ annual reports, central bank reports and world development indicators. The time period for the study commences in 2003, after the period of Maoist insurgency, and ends in 2012, prior to the devastating earthquake. The analysis proceeds using quantile regression, which is appropriate given the distributional properties of the data. This thesis contributes to the existing literature of corporate governance and bank performance in several ways. First, it contributes with a precis of how iii corporate governance developed in Nepal during severe political turmoil, including civil wars. Second, the method used is more robust than approaches reported in prior research and the careful diagnostics potentially provide useful guidance for other low-income country studies. Third, the present study recommends possibilities to improve corporate governance practices of financial institutions in Nepal by formulating good policies, processes and robust regulatory and supervisory systems. These improvements will ultimately lead to strengthening institutional structures, which in turn will foster various opportunities for sustainable development, not only in the banking sector but the economy as a whole. The findings indicate that corporate governance does affect the financial performance of commercial banks in Nepal. The results indicate that corporate governance structures, e.g., board size, existence of CFO, percentage of minority directors and the percentage of female directors have statistically positive effects on performance, while the percentage of external directors has a negative impact on bank performance. The findings from this study provide guidance to assist with policy formulation by highlighting the key areas that foster good governance, which in turn can improve the financial performance of the Nepali banks. The formulation and implementation of laws, regulations and policies by the government and central bank will enhance financial capability, reduce banking failures and build trust amongst depositors to help and develop more sustainable sources of financing. iv Acknowledgements I would like to express my sincere gratitude to my chief supervisor Professor Stuart Locke, who has been a tremendous mentor for me. I would like to thank him for encouraging my research and for encouraging me to grow as a researcher. His advice on both my research and career has been invaluable. I would especially like to thank my co-supervisor Dr Geeta Duppati for her helpful comments and detailed feedback. I could not have imagined having a better advisor and mentor for my PhD study. I am thankful to Dr Nirosha Hew Wellalage for guiding me with her knowledge and expertise in econometrics and STATA. Her comments and suggestions were invaluable in improving the quality of my thesis My sincere thanks to the Finance staff and postgraduate students from the School of Accounting, Finance and Economics, Faculty of Management, University of Waikato for their comments and suggestions at seminars and their collegial support. I thank our Administrator Ms. Denise Martin who organised the research facilities and assisted me with the practical things that make becoming a PhD so much easier. The support of Mr Clive Wilkinson, Management Librarian, is acknowledged with much gratitude for his prompt and patient support over a range of thesis-related issues, including database access, formatting, referencing and more. My proof reader Jennifer Buckle and Alison Robertson v painstakingly guided me in the many subtleties of English appropriate for a thesis. Special thanks to my family. Words cannot express how grateful I am to my father Professor Ram Chandra Acharya without whose motivation I would not have commenced a PhD. He is the best father, supporting me through the ups and downs of my life as a PhD student. I am similarly blessed by my mother Sita Devi Acharya for her care and concern across the geographical distances that separate us. Her prayers for me have sustained me this far. I would also like to acknowledge my siblings Sama Acharya and Dr Samir Acharya for all the motivation, support and sacrifices they made for me. It is appreciated. I would also like to thank my beloved wife Pratiksha Nepal Acharya for supporting me in everything, and especially through those sleepless nights she spent with me in my office. I can’t thank her enough for encouraging me throughout this experience. Similarly, I would also like to acknowledge the support of my local guardian, my brother Chandra Sharma for his guidance throughout my PhD journey. Finally, I thank my God Shiva, for keeping me safe and encouraged through the many travails of research and writing. Your guidance day by day brought me so far and I will keep trusting you with my future. Thank you. vi Table of Contents Title page Abstract ................................................................................................................................................ii Acknowledgements ........................................................................................................................ v List of Figures ................................................................................................................................. xv List of Tables ................................................................................................................................. xvi List of Abbreviations .............................................................................................................. xviii 1. Chapter One ..............................................................................................................................1 1.1 Introduction ....................................................................................................................1
Recommended publications
  • Economists Paint a Bleak Picture of Economy As Virus Hits Harder
    WITHOUT F EAR OR FAVOUR Nepal’s largest selling English daily Vol XXVIII No. 191 | 8 pages | Rs.5 O O Printed simultaneously in Kathmandu, Biratnagar, Bharatpur and Nepalgunj 35.0 C 13.0 C Thursday, September 03, 2020 | 18-05-2077 Nepalgunj Jomsom Economists paint a bleak picture of economy as virus hits harder With rising virus caseload, authorities are tightening curbs which could result in a massive economic contraction. PRITHVI MAN SHRESTHA end of the last fiscal year 2019-20, KATHMANDU, SEPT 2 down around Rs17 billion. “This suggests that there has been In normal times, the country’s com- greater recovery of existing loans than mercial banks would be busy issuing new loans,” said Bhuvan Dahal, chief loans right and left at the start of executive officer of Sanima Bank. every new fiscal year. In mid-July, The government on July 21 decided lenders would be bracing for a hectic to lift the lockdown. season. As the country saw a massive spike “That is the time importers seek in the Covid-19 caseload, local admin- loans for importing goods targeting istrators imposed prohibitory orders the Dashain and Tihar festivals,” said in various districts, shutting down Gunakar Bhatta, spokesperson for businesses and factories again. Nepal Rastra Bank. “But the report I Kathmandu, Lalitpur and Bhaktapur, have received shows that banks have the three districts in the Kathmandu been hardly issuing loans since the Valley, too were put under prohibitory fiscal year started.” orders effective August 19 midnight, When the current fiscal year started shattering hopes of an economic on July 16, the entire country was in recovery.
    [Show full text]
  • D.N.Shah & Associates
    D.N.Shah & Associates Membership No.200 COP No. 164 Chartered Accountants The Institute of Chartered PAN No. 301330714 Nayabaneswar, Kathmandu, Nepal. Accountants of Nepal. 01-5553879,5 I 8501 I Date: - 2075.09.29 INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RADHI BIDYUT COMPANY LIMITED (RBCL) We have audited the accompanying financial statements of Radhi Bidyut Company Limited, (hereinafter collectively referred to as the "the Compffiy"), which comprise the Statement of Financial Position as at 32"d Ashad,2075116th July,2018), and alio the Statement of Profit or Loss and other Comprehensive Income, the statement of Changes in Equity and the Statement of Cash Flows for the year ended and a sunmary of Significant Accounting Policies andNotes to the financial statements, MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMMNTS Management is responsible for the preparation presentation and fair - of these financial statements iii accordance with Nepal Financial Reporting Standards (NFRS), and for such internal conrrol as management determines is necessary to enable the preparation of financial statements that are free foom material misstatement, whether due to tiaud or error. AUDITOR'S RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Nepal Standards on Auditing.. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment.
    [Show full text]
  • Nepal Rastra Bank in Fifty Years Part I
    Front Cover Inside Page “While expressing our unflinching faith in multi- party democracy, we would like to mention that economic and institutional reforms will continue. Efforts at reforms in the utilisation of public expenditure and public service delivery will be made more effective. Banking discipline will be restored. Measures will be adopted towards the effective implementation of the poverty reduction strategy and the anti-corruption drive. Sustainable development is now our national agenda.” – His Majesty King Gyanendra Bir Bikram Shah Dev Nepal Rastra Bank in Fifty Years Nepal Rastra Bank Kathmandu, Nepal July 2005 © 2005 Nepal Rastra Bank Central Office Baluwatar, Kathmandu Nepal Website: http://www.nrb.org.np All rights reserved. The statements, findings, interpretations, opinions, and conclusions in the articles contained in this publication are those of the authors themselves and do not necessarily reflect those of the Nepal Rastra Bank. Cover Design : Mr. Sundar Shrestha Interior Design : Mr. Amar Ratna Bajracharya Editorial Assistance : Mr. Sanu Bhai Maharjan Printed at : Sajha Prakashan, Pulchowk, Lalitpur. His Majesty King Gyanendra Bir Bikram Shah Dev Her Majesty Queen Komal Rajya Laxmi Devi Shah Governor Bijaya Nath Bhattarai Foreword On the auspicious occasion of the 59th birthday towards qualitative improvement in the ongoing celebrations of His Majesty King Gyanendra Bir expansion of the financial system based on market- Bikram Shah Dev and also to mark the Golden oriented healthy competition have definitely added new Jubilee Year of the establishment of the Nepal Rastra milestones in developing and nurturing a financial Bank (NRB), this publication, ‘Nepal Rastra Bank in system that would surely contribute to the sustainable Fifty Years’, has been brought out incorporating growth of the economy with overall macroeconomic articles outlining the accomplishments of the NRB stability.
    [Show full text]
  • Central Banks As Economic Institutions: a Roundtable Debate
    Central Banks as Economic Institutions Roundtable Debate∗ ∗∗ Willem H. Buiter Professor of European Political Economy European Institute London School of Economics and Political Science, Universiteit van Amsterdam, NBER and CEPR ∗ These notes are based on my contribution to the Roundtable Central Banks as Economic Institutions, held in Paris at the headquarters of the Saint-Gobain Group, on November 30 and December 1, 2006, at the Conference Central Banks as Economic Institutions, organised by the Cournot Centre for Economic Studies. I would like to thank the Centre Cournot and the organiser for their invitation and their hospitality. ∗∗ © Willem H. Buiter, 2007 Introduction As my starting contribution to this Roundtable debate, I shall address three issues: 1. Some implications of globalisation for central banking. 2. The objectives of the central bank. 3. Operational independence and accountability and the case for the minimalist central bank.1 1. Globalisation and central banking In a world with floating exchange rates, international coordination between national central banks (NCBs) for normal (non- crisis) monetary policy purposes is, for all practical purposes, redundant. Co-ordination between NCBs could make sense if monetary policy were an effective instrument for fine-tuning the business cycle. However, the lingering belief in the effectiveness of monetary policy as a cyclical stabilisation instrument is, in my view, evidence of the ‘fine tuning illusion’ or ‘fine tuning fallacy’ at work. In a world with unrestricted international
    [Show full text]
  • Modernizing the Public Equity Market in Nepal
    Framing the Issues: Modernizing the Public Equity Market in Nepal JOHN SCHELLHASE, STACI WARDEN ABOUT THE MILKEN INSTITUTE CONTENTS The Milken Institute is a nonprofit, nonpartisan think tank. 2 INTRODUCTION AND OVERVIEW For the past three decades, the Milken Institute has served as a catalyst for practical, scalable solutions to global challenges by connecting human, financial, and 5 PART I FOUNDATIONS FOR CAPITAL MARKET DEVELOPMENT: educational resources to those who need them. Guided by a conviction that the POLITICAL AND MACROECONOMIC STABILITY AND A STRONG, STABLE BANKING SECTOR best ideas, under-resourced, cannot succeed, we conduct research and analysis and convene top experts, innovators, and influencers from different backgrounds and 7 Political and Macroeconomic Stability competing viewpoints. We leverage this expertise and insight to construct programs 8 The Banking Sector and policy initiatives. 13 PART II DEVELOPING THE NEPSE: ATTRACTING ISSUERS, These activities are designed to help people build meaningful lives in which EXPANDING THE INVESTMENT BASE, AND IMPROVING THE they can experience health and well-being, pursue effective education and TRADING ENVIRONMENT gainful employment, and access the resources required to create ever-expanding 14 Attracting Issuers opportunities for themselves and their broader communities. 25 Attracting Investors 31 Improving the Trading Environment and Increasing Liquidity ABOUT THE GLOBAL MARKET DEVELOPMENT PRACTICE 37 PART III OWNERSHIP, GOVERNANCE, AND REGULATION The Milken Institute’s Global
    [Show full text]
  • Apêndice a País Código MIC Identificação Do Mercado/MTF
    Apêndice A Código País MIC Identificação do Mercado/MTF ALBANIA XTIR TIRANA STOCK EXCHANGE ALGERIA XALG ALGIERS STOCK EXCHANGE ARGENTINA XBUE BUENOS AIRES STOCK EXCHANGE ARGENTINA XMAB MERCADO ABIERTO ELECTRONICO S.A. ARGENTINA XMEV MERCADO DE VALORES DE BUENOS AIRES S.A. ARGENTINA XMTB MERCADO A TERMINO DE BUENOS AIRES S.A. ARGENTINA XBCM BOLSA DE COMMERCIO DE MENDOZA S.A. ARGENTINA XROS BOLSA DE COMERCIO ROSARIO ARMENIA XARM ARMENIAN STOCK EXCHANGE AUSTRALIA XNEC STOCK EXCHANGE OF NEWCASTLE LTD AUSTRALIA XASX ASX OPERATIONS PTY LIMITED AUSTRALIA XSFE SYDNEY FUTURES EXCHANGE LIMITED AUSTRALIA XYIE YIELDBROKER PTY LTD AUSTRIA XNEW NEWEX OESTERREICHISCHE TERMIN- UND AUSTRIA XOTB OPTIONENBOERSE, CLEARING BANK AG AUSTRIA XWBO WIENER BOERSE AG AZERBAIJAN XIBE BAKU INTERBANK CURRENCY EXCHANGE BAHAMAS XBAA BAHAMAS INTERNATIONAL STOCK EXCHANGE BAHRAIN XBAH BAHRAIN STOCK EXCHANGE BANGLADESH XCHG CHITTAGONG STOCK EXCHANGE LTD. BANGLADESH XDHA DHAKA STOCK EXCHANGE LTD BARBADOS XBAB SECURITIES EXCHANGE OF BARBADOS BELGIUM XBRU EURONEXT BRUSSELS BELGIUM XEAS NASDAQ EUROPE BERMUDA XBDA BERMUDA STOCK EXCHANGE LTD, THE BOLIVIA XBOL BOLSA BOLIVIANA DE VALORES S.A. BOTSWANA XBOT BOTSWANA STOCK EXCHANGE BRAZIL XBVP BOLSA DE VALORES DO PARANA BRAZIL XBBF BOLSA BRASILIERA DE FUTUROS BRAZIL XRIO BOLSA DE VALORES DO RIO DE JANEIRO SOCIEDADE OPERADORA DO MERCADO DE BRAZIL XSOM ATIVOS S.A. BRAZIL XBMF BOLSA DE MERCADORIAS E FUTUROS BRAZIL XBSP BOLSA DE VALORES DE SAO PAULO BULGARIA XBUL BULGARIAN STOCK EXCHANGE MONTREAL EXCHANGE THE / BOURSE DE CANADA XMOD MONTREAL
    [Show full text]
  • “Impact of Regulation and Supervision on Nepalese Banking Sector ”
    International Journal of Business and Management Review Vol.4, No.7, pp.60-81, September 2016 ___Published by European Centre for Research Training and Development UK (www.eajournals.org) EFFECTS OF MONETARY POLICY ON BANK LENDING IN NEPAL Neelam Timsina Dhungana Director, Nepal Rastra Bank, Research Department, Central Office, Baluwatar, Kathmandu, Nepal. (Currently, Ph.D. Scholar, Mewar University, Rajasthan, India) ABSTRACT: Bank lending and monetary transmission mechanism are closely interlinked phenomena. Banks cannot be efficient in their performance without analyzing the impact of monetary policy actions. On the other hand, central bank cannot take appropriate policy actions without having appropriate knowledge of bank lending behavior. This study attempts to find out the impact of monetary policy actions such as cash reserve ratio, open market operations and bank rate on bank lending. In the study, panel data of 24 commercial banks during the period of 1996 to 2015 were collected and analyzed using descriptive statistics, correlation and regression analysis. This analysis shows that open market operations and cash reserve ratio have negative impact but bank rate has positive impact on bank lending. Therefore, the central bank of Nepal should rely mostly on open market operations and cash reserve ratio for monetary operation. Further, the study recommends that central bank should hold cash reserve ratio constant as a cushion for the borrowers from fluctuating lending rates by commercial banks. However, since excessive borrowing will have inflationary effect in the economy, the study recommends that central bank commit commercial banks to open market operations to control short term interest rate and money supply in the economy.
    [Show full text]
  • Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
    GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time.
    [Show full text]
  • 1.2 District Profile Kailali English Final 23 March
    "Environmnet-friendly Development, Maximum Use of Resources and Good Governance Overall Economic, Social and Human Development; Kailali's Pridefulness" Periodic District Development Plan (Fiscal Year 2072/073 − 2076/077) First Part DISTRICT PROFILE (Translated Version) District Development Committee Kailali March 2015 Document : Periodic District Development Plan of Kailali (F/Y 2072/73 - 2076/77) Technical Assistance : USAID/ Sajhedari Bikaas Consultant : Support for Development Initiatives Consultancy Pvt. Ltd. (SDIC), Kathmandu Phone: 01-4421159, Email : [email protected] , Web: www.sdicnepal.org Date March, 2015 Periodic District Development Plan (F/Y 2072/073 - 2076/77) Part One: District Profile Abbreviation Acronyms Full Form FY Fiscal year IFO Area Forest Office SHP Sub Health Post S.L.C. School Leaving Certificate APCCS Agriculture Production Collection Centres | CBS Central Bureau of Statistics VDC Village Development Committee SCIO Small Cottage Industry Office DADO District Agriculture Development Office DVO District Veterinary Office DSDC District Sports Development Committee DM Dhangadhi Municipality PSO Primary Health Post Mun Municipality FCHV Female Community Health Volunteer M Meter MM Milimeter MT Metric Ton TM Tikapur Municipality C Centigrade Rs Rupee H Hectare HPO Health Post HCT HIV/AIDS counselling and Testing i Periodic District Development Plan (F/Y 2072/073 - 2076/77) Part One: District Profile Table of Contents Abbreviation ....................................................................................................................................
    [Show full text]
  • Mauritius's Constitution of 1968 with Amendments Through 2016
    PDF generated: 26 Aug 2021, 16:39 constituteproject.org Mauritius's Constitution of 1968 with Amendments through 2016 This complete constitution has been generated from excerpts of texts from the repository of the Comparative Constitutions Project, and distributed on constituteproject.org. constituteproject.org PDF generated: 26 Aug 2021, 16:39 Table of contents CHAPTER I: THE STATE AND THE CONSTITUTION . 7 1. The State . 7 2. Constitution is supreme law . 7 CHAPTER II: PROTECTION OF FUNDAMENTAL RIGHTS AND FREEDOMS OF THE INDIVIDUAL . 7 3. Fundamental rights and freedoms of the individual . 7 4. Protection of right to life . 7 5. Protection of right to personal liberty . 8 6. Protection from slavery and forced labour . 10 7. Protection from inhuman treatment . 11 8. Protection from deprivation of property . 11 9. Protection for privacy of home and other property . 14 10. Provisions to secure protection of law . 15 11. Protection of freedom of conscience . 17 12. Protection of freedom of expression . 17 13. Protection of freedom of assembly and association . 18 14. Protection of freedom to establish schools . 18 15. Protection of freedom of movement . 19 16. Protection from discrimination . 20 17. Enforcement of protective provisions . 21 17A. Payment or retiring allowances to Members . 22 18. Derogations from fundamental rights and freedoms under emergency powers . 22 19. Interpretation and savings . 23 CHAPTER III: CITIZENSHIP . 25 20. Persons who became citizens on 12 March 1968 . 25 21. Persons entitled to be registered as citizens . 25 22. Persons born in Mauritius after 11 March 1968 . 26 23. Persons born outside Mauritius after 11 March 1968 .
    [Show full text]
  • International Directory of Deposit Insurers
    Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7
    [Show full text]
  • August, 2019 2Nd Annual Report 2075/76
    Presented By: Fund Manager Presented To: Unit Holders, Fund Supervisors & SEBON Annual Report of Sanima Mutual Fund for the FY 2075/76 as per rule number 42(1) of prevailing Mutual Fund Regulations, 2067 August, 2019 2nd Annual Report 2075/76 • Sanima Mutual Fund Mutual Fund Narayanchaur, Naxal, Kathmandu, Nepal • Registered Office: Sanima Bank Limited Fund Sponsor Narayanchaur, Naxal, Kathmandu, Nepal • Registered Office: Sanima Capital Limited Fund Narayanchaur, Naxal, Kathmandu, Nepal Manager • Registered Office: Sanima Capital Limited Depository Narayanchaur, Naxal, Kathmandu, Nepal • CA. Tirtha Raj Upadhyay • Dr. Hemanta Kumar Dabadi Fund • Mr. Khyam Narayan Dhakal Supervisors • Mr. Lalit Bahadur Basnet • Mr. Madhav Prasad Dhakal 1 2nd Annual Report 2075/76 Sr. No. Index . 1. Fund Manager Report 2. Independent Auditors Report 3. Balance Sheet 4. Income Statement 5. Statement Of Cash Flows 6. Statement Of Changes In Equity 7. Annexures 8. Significant Accounting Policies 9. Notes To Accounts Sanima Capital Limited Registered/Corporate Office: Narayanchaur, Naxal, Kathmandu, State Number 3, Nepal. Email: [email protected] Tel: +977-1-4428956/57 │Fax: +977-1-4428958 Website: www.sanima.capital 2 FUND MANAGER REPORT REPoRTFRoMsAN|MACAP|TALL|M|TEDToTHEUN|THoLDERSoFTHE SCHEME(S) OF SANIMA MUTUAL FUND Dear Unit holders, 2nd Report of It gives us great pleasure to communicate with you and present to you the Annual 31' Sanima Mutual Fund ("the Mutual Fund" or "the Fund") for the financial year ended Ashad 2076 (6th July, 2019), (.FY 2O75t7 6" / "review period") along with the audited financial statements of the Scheme(s). Mutual sanima Bank Limited ("the Fund sponsor" or "the Sponsor") had registered "Sanima various Fund" with the securities Board of Nepal (SEBON) with the objective of introducing SchemesintheNepa|esecapitalMarketthroughitssubsidiarycompanySanimacapita| ,.the Limited (..the Fund Managei' and Depository,'), and commenced its operations' ,1.
    [Show full text]