4 Companies Apply for the License of Commodities Exchange Market & 3 Companies Apply for Stock Exchange Operation
Sun, Apr 23, 2023 5:02 PM on Stock Market, Latest,
The Securities Board of Nepal (SEBON) published a notice asking qualified institutions to submit applications for licenses to operate commodities exchange markets and stock exchanges within ten days. Today marked the end of the application deadline, which had been set at 10 days.
Four companies have applied for authorization to run the commodity market thus far: Himalayan Commodities and Derivatives Exchange Limited, Multi Derivatives Exchange Limited, Multi Assets and Derivatives Exchange Limited, and Nepal Multi Commodity Exchange Limited. Only two companies will, however, receive operation licenses from the board.
On the other hand, three companies have applied for the new stock exchange license. The Securities Board has received applications from the Himalayan Stock Exchange, National Stock Exchange Of Nepal, and Annapurna Stock Exchange Limited. However, the board will only permit one company to operate stock exchange.
Former presidents of the Federation of Nepalese Chambers of Commerce & Industry (FNCCI), Pashupati Murarka, Bhawani Rana, Shekhar Golchha, and the directors of the Himalayan Reinsurance Company are among the major investors in the Himalayan Stock Exchange.
Likewise, Siddharth Group and Agni Group, which include past Non-Resident Nepali Association presidents Upendra Mahato, Jiba Lamichhane, current president Dr. Badri KC, and Kul Acharya, are the largest investors on the National Stock Exchange.
Following the Supreme Court's approval of the opening of new stock, the great corporate houses are vying for the license in a tough manner.
Based on the applicant's application, the board will evaluate the candidate. Two Commodities Exchange Market applicants will be chosen on the basis of merit and given advance approval for the company to run the barter market in compliance with the applicable law. Likewise, one applicant will be chosen for the Stock Exchange Operation.
Also, the Board shall have sole discretion to accept or reject any and all applications received in accordance with the notice.
