Machhapuchchhre Bank becomes the first bank to provide application for brokerage license in NEPSE

Wed, Aug 7, 2019 1:39 PM on External Media, Latest, Stock Market,
Machhapuch...

Machhapuchchhre Bank’s subsidiary company, Machhapuchchhre Securities Limited, became the first company to provide application for broker license. The company applied for the license on Tuesday. NEPSE has introduced "Nepal Stock Exchange Limited-Procedure, 2076” for providing recommendation to subsidiaries of Commercial Bank to provide broker services. This procedure will provide base to commercial banks' subsidiaries to obtain license from SEBON to provide broker services. The regulation is to be formally brought into action from Shrawan 16, 2076.

Following are the certain rules that banks should follow for obtaining a broker license:

  • Minimum paid up capital of Rs 2 crores
  • Approval from SEBON in order to get a brokerage license
  • Tax clearance certificate of the respective commercial bank