book setup 2069 nijamati.indd
book setup 2069 nijamati.indd book setup 2069 nijamati.indd
] (Internationalization of Capital market) cfjZos 7flgG5 . kF"hLsf] cGt/f{li6«os/0fsf] dxTjsf af/]df k|sfz kfb} { Sir David Walker eG5g\ –"The process of internationalization in which national barriers are transended by technology, competition and unrestricted flow is basically healthy . This is because it promotes the allocation of capital by competitive merit, through the international of markets and forms that are the most efficient and provides effective meanings for managing risk". 1 kF"hLsf] cGt{/fli6«os/0fsf dfWodaf6 cltsd ljsl;t /fi6«x?sf] ul/aL lgjf/0f Pj+ j[xQ/ cfly{s j[l4b/ dfkm{t cfly{s ljsf; ;Dej x'g] x' Fbf ljsl;t /fi6«x?n] vf;u/L k" FhL / k|ljlwsf] ;xfotfnfO{ t];|f] ljZj ;dIf lj:tf/ u/]sf] kfO{G5 . cGt{/fli6«o ;+u7gx? dfkm{t pknAw u/fO{g] o:tf ;xfotfx?n] pQ/bfloTjsf] ljt/0f, k" FhLsf] ;xhkg cGt{/fli6«o ?kdf cfly{s nufgL ug{ ;+:yf pk/ lg/LIf0f tyf cg'udg, afXo -l;dfkf/_ Jofkfl/s÷Jofj;flos ;+:yfx?sf] lgodg tyf cGt{/fli6«o ahf/;+usf] cfj4tfnfO{ ;Daf]wg u/]sf] x'G5 . t;y{ k"FhLsf] cGt{/fli6«os/0f eg]sf] vf; u/L ljsl;t d'n'saf6 kF "hL k|ljlwnfO{ ljsf;f]Gd'v d'n'sx?df k|jfx u/L lt b]zx?df ;xfotf lj:tf/ ug'{ xf] ;fy} tt\ tt\ d'n'sx? aLrsf] kf/:kl/s ;DaGw a9fpg] Pp6f dfWod klg xf] . ljsf; / k|ljlwsf] k|flKt;+u} zlQm ;DkGg /fi6«x?df b]lvPsf] r/d dxTjfsf+Iffaf6 l;lh{t k|yd tyf bf]>f] ljZjo'4 / To;n] u/]sf] ljgf;kl5 Wj+z ePsf ef}lts ;+/rgfx?sf] k"g{lgdf{0fsf nflu ljleGg cfly{s tyf df}lb|s p2]Zo ;lxt cGt{/fli6«o ;+u7gx? lgdf{0f eP . cfly{s / dfgjLo ;xfotfsf gfddf z'? ePsf] ;xfotf sfo{qmd cGtu{t ;j{k|yd cd]l/sL ;xof]u gLltnfO{ j}b]lzs ;xfotfsf] k|f/De laGb'sf ?kdf lng ;lsG5 . cfˆgf] /fhg}lts ljrf/sf cg'ofoL d'n'sx? jf cfly{s / dfgljo ;xfotf dfkm{t /fhg}lts p2]Zo k'/f u/L k|e'Tj lj:tf/ ug]{ d'Vo p2]Zosf ?kdf cd]l/sL ;xof]u gLlt k|of]u ePsf] b]lvG5 . tyflk ;g\ !(&) df cd]l/sL sf+u|];n] ;xfotf sfg"gnfO{ kf; u/]sf] / o;sf lgDg p2]Zox? ePsf] kfOG5 . 2 • ljZjsf ul/a ;d'bfosf] ul/aL lgjf/0f ug]{, • ljsf;f]Gd'v b]zsf] lbuf] ljsf;sf nflu ;Ifdtf clej[l4 / cj;/ pknAw u/fpg], • ljsf; k|of;sf ;fy–;fy} gful/s cfly{s clwsf/nfO{ pTk|]/0f ug]{, • ljsf;f]Gd'v b]znfO{ cGt{/fli6«o ahf/df PsLs[t ug]{, pNn]lvt p2]Zox? ;lxt nfu' ePsf] cd]l/sL ;xfotf ;DaGwL sfg"gsf] k|efjsfl/tfdf tTsflng 1 Sir Daid Walker, The Internationalization of Capital markets and the Regulatory Response, Graham & Trotman Ltd. 1992 Page. 21 2 uf]kLgfy d}gfnL, /fHo ;+rfngsf cfwf/x?, ;f]kfg dfl;s, l8NnLahf/ sf7df8f}+ @)^^, k[i7 %^! . 148
cd]l/sL /fi6«klt lhDdL sf6{/sf] dfgj clwsf/ ;DaGwL cjwf/0ffn] s]xL xb;Dd kl/jt{g ul/lbPsf] b]lvG5 . ;fdflhs ljsf;sf nflu cfly{s, ef}lts / k|fljlws ;xfotf pknAw u/fpg] ;Gbe{df, ljZj a}Í, cGt{/fli6«o d'b|f sf]if, PlzofnL ljsf; a} +Í h:tf cGt{/fli6«o ljlQo ;+:yfx? ;+:yflkt e} lqmofzLn /x]sf 5g\ . h;sf] k|d'v p2]Zo cfwf/e"t ljsf;sf] ;+/rgfdf ;x'lnot k"0f{ C0f / k|fljlws ;xof]u pknAw u/fO{ u/La d'n'sx?sf] cfly{s j[l4b/ xfl;n ug'{ / cGttM ul/aL lgjf/0fdf ;xof]u k'¥ofpg' g} xf] . j}b]lzs ;xfotfsf] If]q ljz]if u/L lgDg k|sf/ /x]sf] b]lvG5 . • ;+/rgfTds tyf ;+:yfut ljsf; • dfgj ;+;fwg ljsf; • hg;+Vof lgoGq0f dfkm{t ul/aL Go"gLs/0f • ;'zf;g • jftfj/0f ;+/If0f tyf lbuf] ljsf; • dfgj clwsf/sf] ;+/If0f / k|j4{g ;+o'Qm /fi6«;+3Lo k|0ffnL cGtu{t ;g\ !(^$ df ul7t United Nation Conference on Trade and Development ( UNCTAD) n] vf; u/L Jofkf/ / ljsf;sf] dfWodaf6 ljQ, k|ljlw, nufgL tyf lbuf] ljsf;sf If]qdf cfjfh d'vl/t agfPsf] tyf ljsf;f]Gd'v d'n'sx?sf] r'gf}tLx?nfO{ ;Daf]wg ug{sf nflu Pj+ tL b]zx?sf] j[xQ/ cfly{s lxt tyf nfenfO{ cGt{/fli6«o cfly{s ;d'bfodf k'¥ofpg cfjZos ;xof]u u/]sf] b]lvG5 . cltsd ljsl;t /fi6«x?nfO{ ;xfotfsf] dfWodaf6 lt b]zsf ljkGg dflg;x?sf] hLjg:t/ ;'wf/sf nflu ;g\ !(*! df k]l/;df ;DkGg ;Dd]ngn] ljsf; ;xfotfsf] gofF sfo{of]hgf kfl/t u/]klg -h;nfO{ k]l/; sfo{ of]hgf elgG5_ tL d'n'ssf] cfly{s cj:yfdf vf; kl/jt{g Nofpg ;s]g . ;g\ @))) sf] ;+o'Qm /fi6«;+l3o ;x;|fAbL ljsf; nIo -@)))–@)!%_ lgwf{/0f kl5 cGt{/fli6«o ;d'bfosf] Wofg ;xfotf, ul/aL lgjf/0f / dfgj ;+;fwg ljsf;df nlIft ePsf] kfO{G5 . ;g\ @))! df a|;]N; sfo{of]hgf tyf @))@ df df]G6]/]= ;Dd]ngn] ljsf;sf nflu ljQsf] cjwf/0ff cl3 ;f/]sf] kfO{G5 . To:t} ;g\ @))# km]a'|c/L @* df ePsf] /f]d ;Dd]ngn] ljsf; ;xfotfsf] k|efjsfl/tf j[l4 u/L ;x;|fAbL ljsf; nIo xfl;n ug{sf nflu ljleGg ljifo ;d]6L /f]d 3f]if0ff kq hf/L ePsf] / o;n] Aid Harmonization sf nflu dxTjk"0f{ e"ldsf v]n]sf] b]lvG5 . k]l/; 3f]if0ff, @))% (Paris Declaration 2005) j}b]lzs ;xfotfsf] k|efjsfl/tfsf ;DaGwdf ;g\ @ dfr{ @))% df k]l/;df ;DkGg ljsl;t tyf ljsf;f]Gd'v d'n'sx?sf] tkm{af6 k|ltlglwTj u/]sf] dlGq:t/Lo ;Dd]ngnfO{ dxTjk"0f{ ?kdf lng] ul/G5 . vf; u/L o; ;Dd]ngaf6 kfl/t ePsf 3f]if0ffkqnfO{ j}b]lzs ;xfotfsf] k|efjsfl/tfsf] 149
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]<br />
(Internationalization of Capital market) cfjZos 7flgG5 . kF"hLsf] cGt/f{li6«os/0fsf] dxTjsf<br />
af/]df k|sfz kfb} { Sir David Walker eG5g\ –"The process of internationalization in which<br />
national barriers are transended by technology, competition and unrestricted flow is basically<br />
healthy . This is because it promotes the allocation of capital by competitive merit, through the<br />
international of markets and forms that are the most efficient and provides effective meanings<br />
for managing risk". 1<br />
kF"hLsf] cGt{/fli6«os/0fsf dfWodaf6 cltsd ljsl;t /fi6«x?sf] ul/aL lgjf/0f Pj+ j[xQ/<br />
cfly{s j[l4b/ dfkm{t cfly{s ljsf; ;Dej x'g] x' Fbf ljsl;t /fi6«x?n] vf;u/L k" FhL / k|ljlwsf]<br />
;xfotfnfO{ t];|f] ljZj ;dIf lj:tf/ u/]sf] kfO{G5 . cGt{/fli6«o ;+u7gx? dfkm{t pknAw u/fO{g]<br />
o:tf ;xfotfx?n] pQ/bfloTjsf] ljt/0f, k" FhLsf] ;xhkg cGt{/fli6«o ?kdf cfly{s nufgL ug{<br />
;+:yf pk/ lg/LIf0f tyf cg'udg, afXo -l;dfkf/_ Jofkfl/s÷Jofj;flos ;+:yfx?sf] lgodg<br />
tyf cGt{/fli6«o ahf/;+usf] cfj4tfnfO{ ;Daf]wg u/]sf] x'G5 . t;y{ k"FhLsf] cGt{/fli6«os/0f<br />
eg]sf] vf; u/L ljsl;t d'n'saf6 kF "hL k|ljlwnfO{ ljsf;f]Gd'v d'n'sx?df k|jfx u/L lt b]zx?df<br />
;xfotf lj:tf/ ug'{ xf] ;fy} tt\ tt\ d'n'sx? aLrsf] kf/:kl/s ;DaGw a9fpg] Pp6f dfWod<br />
klg xf] .<br />
ljsf; / k|ljlwsf] k|flKt;+u} zlQm ;DkGg /fi6«x?df b]lvPsf] r/d dxTjfsf+Iffaf6 l;lh{t k|yd<br />
tyf bf]>f] ljZjo'4 / To;n] u/]sf] ljgf;kl5 Wj+z ePsf ef}lts ;+/rgfx?sf] k"g{lgdf{0fsf nflu<br />
ljleGg cfly{s tyf df}lb|s p2]Zo ;lxt cGt{/fli6«o ;+u7gx? lgdf{0f eP . cfly{s / dfgjLo<br />
;xfotfsf gfddf z'? ePsf] ;xfotf sfo{qmd cGtu{t ;j{k|yd cd]l/sL ;xof]u gLltnfO{ j}b]lzs<br />
;xfotfsf] k|f/De laGb'sf ?kdf lng ;lsG5 . cfˆgf] /fhg}lts ljrf/sf cg'ofoL d'n'sx? jf<br />
cfly{s / dfgljo ;xfotf dfkm{t /fhg}lts p2]Zo k'/f u/L k|e'Tj lj:tf/ ug]{ d'Vo p2]Zosf<br />
?kdf cd]l/sL ;xof]u gLlt k|of]u ePsf] b]lvG5 . tyflk ;g\ !(&) df cd]l/sL sf+u|];n] ;xfotf<br />
sfg"gnfO{ kf; u/]sf] / o;sf lgDg p2]Zox? ePsf] kfOG5 . 2<br />
• ljZjsf ul/a ;d'bfosf] ul/aL lgjf/0f ug]{,<br />
• ljsf;f]Gd'v b]zsf] lbuf] ljsf;sf nflu ;Ifdtf clej[l4 / cj;/ pknAw u/fpg],<br />
• ljsf; k|of;sf ;fy–;fy} gful/s cfly{s clwsf/nfO{ pTk|]/0f ug]{,<br />
• ljsf;f]Gd'v b]znfO{ cGt{/fli6«o ahf/df PsLs[t ug]{,<br />
pNn]lvt p2]Zox? ;lxt nfu' ePsf] cd]l/sL ;xfotf ;DaGwL sfg"gsf] k|efjsfl/tfdf tTsflng<br />
1 Sir Daid Walker, The Internationalization of Capital markets and the Regulatory Response, Graham & Trotman Ltd. 1992 Page. 21<br />
2 uf]kLgfy d}gfnL, /fHo ;+rfngsf cfwf/x?, ;f]kfg dfl;s, l8NnLahf/ sf7df8f}+ @)^^, k[i7 %^! .<br />
148
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