Banker Prithvi Bahadur Pandey and Businessman Kumud Duggad join hands for establishing a Commodities Exchange Company

Banker Prithvi Bahadur Pandey and Businessman Kumud Duggad have joined hands for the establishment of new company. The company awaits permission form the Securities Board for establishment. As per the information received, the company has been named Nepal Mercantile Exchange which will mainly be focused on the commodity exchange business. Apart from Mr. Pandey and Mr. Duggad, Nepal Investment Bank, Duggad Group, Kumari Bank and Investment Capital are the promoters of the company. All of the promoters have 5% shareholding in the company. The paid up capital of the company is set to be Rs 50 crore. Currently, the commodity market in Nepal have been deemed as illegal with the introduction of the new Act. The current companies should be registered under the new Act to perform legally. With the entry of such figures in Commodities companies, it has been believed that the lost sector will regain its glory and will start performing well.