Kathmandu, January 28: Finance Minister Dr. Yuba Raj Khatiwada has said the way would be paved for the Citizen’s Investment Trust (CIT) to expand its investment in the capital market. He expressed his hope the company will increase its investment in the capital market through its subsidiaries This, according to him, would help the CIT to strengthen itself and expand the market.
In a meeting of the Federal Parliament’s Finance Committee held yesterday about the bill to amend the CIT Act, 2047 BS, he said the government was planning to upscale CIT investment in the capital market by establishing its auxiliary companies. “The CIT is an institution for the capital market, not currency market,” he said, adding the necessity of a ‘market maker’ for the same has been realized and CIT’s three billion capital is enough for so,” he said.
As he said, CIT established for the interest of investors is not like a commercial bank and a trustee. The CIT is a general profit-oriented public organization that is supposed to invest its capital safely, according to the Minister who insisted on the safe investment. “It should not be compared with other profit-making organizations.” He advised the CIT and Employee’s Provident Fund to not come up with programs similar to that of the Social Security Fund. RSS
