Nepal Ethical Capital Market AI (NECMA) Framework:  A Conceptual Framework on AI Usage for Capital Market

Nepal Ethical Capital Market AI (NECMA) Framework: A Conceptual Framework on AI Usage for Capital Market | Authorea try { document.documentElement.classList.add('js'); } catch (e) { } var _gaq = _gaq || []; _gaq.push(['_setAccount', 'G-8VDV14Y67G']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })(); Skip to main content Preprints Collections Wiley Open Research IET Open Research Ecological Society of Japan All Collections About About Authorea FAQs Contact Us Quick Search anywhere Search for preprint articles, keywords, etc. Search Search ADVANCED SEARCH SCROLL This is a preprint and has not been peer reviewed. Data may be preliminary. 30 January 2026 V2 Latest version Share on Nepal Ethical Capital Market AI (NECMA) Framework: A Conceptual Framework on AI Usage for Capital Market Authors : Shashank Shree Neupane 0009-0005-8155-8165 [email protected] , Bibek Ropakheti , and Aashish Dhakal Authors Info & Affiliations https://doi.org/10.22541/au.176901889.93816079/v2 309 views 149 downloads Contents Abstract Supplementary Material Information & Authors Metrics & Citations View Options References Figures Tables Media Share Abstract The intersection of Artificial Intelligence(AI), Machine(ML) and Big Data Analytics is changing the paradigm of the global finance. While developed countries are working on High-Frequency Trading (HFT) and algorithm transparency, emerging markets are facing leapfrog paradox, mushrooming among people without required institutional depth or regulatory maturity. This paper analyses this dynamics through perspective of Nepal, high people engagement, high behavioral herding and weak technological infrastructure. The study uses the conceptual and policy based methods integrating Nepal's AI policy, Cyber Security Bylaws and Nepal Rastra Bank (NRB) AI guidelines and aligning with OECD AI principles and European Union's AI Act. We propose Nepal Ethical Capital Market AI (NECMA) framework improvising Technology-Organization-Environment (TOE) theoretical model. The framework argues that ethical governance is not only a compliance but also a prerequisite. The paper recommends policy oriented recommendations for regulators and stakeholders to balance innovation with transparency, fairness, and financial stability. Supplementary Material File (nepal_ethical_capital_market ai_necma_framework.pdf) Download 230.41 KB Information & Authors Information Version history V1 Version 1 21 January 2026 V2 Version 2 30 January 2026 Copyright This work is licensed under a Non Exclusive No Reuse License. Keywords algorithmic trading artificial intelligence capital markets emerging markets finance ethical framework eu ai act herding behavior nepal stock exchange (nepse) oecd ai principles regulatory sandbox sebon systemic risk technology-organization-environment (toe) framework Authors Affiliations Shashank Shree Neupane 0009-0005-8155-8165 [email protected] Department of IT, Presidential Graduate School, Westcliff University View all articles by this author Bibek Ropakheti Department of IT, Presidential Graduate School, Westcliff University View all articles by this author Aashish Dhakal Department of IT, Presidential Graduate School, Westcliff University View all articles by this author Metrics & Citations Metrics Article Usage 309 views 149 downloads .FvxKWukQNSOunydq8rnd { width: 100px; } Citations Download citation Shashank Shree Neupane, Bibek Ropakheti, Aashish Dhakal. Nepal Ethical Capital Market AI (NECMA) Framework: A Conceptual Framework on AI Usage for Capital Market. Authorea . 30 January 2026. DOI: https://doi.org/10.22541/au.176901889.93816079/v2 If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download. For more information or tips please see 'Downloading to a citation manager' in the Help menu . Format Please select one from the list RIS (ProCite, Reference Manager) EndNote BibTex Medlars RefWorks Direct import Tips for downloading citations document.getElementById('citMgrHelpLink').addEventListener('click', function() { popupHelp(this.href); return false; }); $(".js__slcInclude").on("change", function(e){ if ($(this).val() == 'refworks') $('#direct').prop("checked", false); $('#direct').prop("disabled", ($(this).val() == 'refworks')); }); View Options View options PDF View PDF Figures Tables Media Share Share Share article link Copy Link Copied! Copying failed. 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