Disclosure regime for mandatory disclosures by banks and financial institutions in Nepal
What are the components of the ‘disclosure regime’ in Nepal that require the mandatory disclosures by banks and financial institutions? The objective of this paper was to explore and trace the rules, regulations, and provisions governing disclosure by banks and finance companies listed on Nepal Stock Exchange. The banks and financial institutions had a two-pronged regulatory and monitoring regime requiring them to make disclosures: one as a financial institution and another as a public company. The disclosure regime comprised of accounting standards, directives from Nepal Rastra Bank (NRB), listing requirements of Nepal Stock Exchange (NEPSE), provisions of Companies Act 2006 and Banks and Financial Institutions Act 2006, and requirements placed by Securities Board of Nepal (SEBON). The study makes a significant contribution in understanding the disclosure expectations from banks and financial institutions in a developing country like Nepal.
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