SEBON Allows Capital Market Institutions to Use CSR Funds for Disaster Relief

The Securities Board of Nepal (SEBON) has allowed capital market-related institutions to use their Institutional Social Responsibility (CSR) funds to contribute to the Prime Minister’s Disaster Relief Fund. The decision comes following the Bhotekoshi River flood in Rasuwa on Bhadra 10, 2083, which caused significant loss of life and property in Rasuwa, Nuwakot, Dhading and other affected areas. The Government of Nepal has established the relief fund to support disaster response, rescue and relief operations. Under the decision, SEBON-licensed institutions, including the Central Depository Company, merchant bankers, credit rating agencies, securities brokers and securities dealers, can deposit amounts from their CSR funds into the Prime Minister’s Disaster Relief Fund. SEBON has also decided that, for the time being, contributions made to the relief fund will be recognized as institutional social responsibility expenditure. The board has urged eligible capital market institutions to contribute from their CSR allocations, helping mobilize additional financial resources for rescue, relief and disaster response in flood-affected areas.