The Ministry of Finance has proposed to form a supreme authority to monitor and supervise all the sectoral regulating bodies. If the proposal of the Ministry is implemented, there will be an apex body that will regulate the existing and future regulators of such services such as banking and financial services, the capital market, air services, insurance and telecommunication businesses, and legal and accounting services. Finance Secretary Rameshwore Khanal confirmed that the Ministry has started discussion with the other government bodies concerned on the idea of forming such a super regulator. Though he did not clarify the reason behind the concept, senior officers in the Ministry indicated that the idea cropped up after the Institute of Chartered Accountants of Nepal (ICAN) failed to take action against the chartered accountants who were found helping some businesses to swindle billions of rupees in taxes by presenting fake VAT invoices. This was confirmed indirectly by Keshav Acharya, Senior Economic Advisor at the Ministry who complained that similar weaknesses are noticed in some other regulating authorities as well. Finance Minister Surendra Pandey is strongly advocating for such authority. Pandey has been complaining that as the regulators concerned are not  taking actions in time, the government has been forced to come forward and take those actions.