Nepse ready to let new eight brokers trade
KATHMANDU, June 5:
The new brokers selection process is finally drawing to an end as Nepal Stock Exchange (Nepse) is going to issue operating licence to new share brokers.
“Nepse is starting the process from Sunday,” said managing director of Nepse Shankar Man Singh. According to the regulation, the stock brokers have to be issued operating licence within a month of submission of the application.
Securities Board of Nepal (Sebon) had granted license to eight new stock brokers to trade, however, these brokers are waiting for Nepse to give them membership to start the operation since the brokers can start the operation only after Nepse assigns them their unique broker code.
Among the new lot of applicants, Sebon had granted license to Secured Securities, Vision Securities, Dynamic Money Managers, Kalika Securities, Swarnalaxmi Securities, Dakshinkali Investment and Securities, Dipshikha Dhitopatra Karobar Company and Kohinoor Investment and Securities. The first lot of five received the license from Sebon on May 11. The selected brokers were discontent with Nepse delaying the issuance of membership. The delay was caused by Nepse redesigning the format of the application forms, according to the Nepse. “We redesigned the application format to make it up to date as the old form designed 25 years ago did not even ask for email addresses and fax numbers,” Singh said, adding that in the new form the applicants have to give the details about their directors.
The new application also comprises the provisions of Anti-Money Laundering declaration as well. “These extra provisions will ensure that in case of the defaults by the brokerage firm the directors can not run away,” he added.
Moreover, the stock exchange has also decided to train the first lot of eight regarding the operation soon. “We wanted to provide training to all the 27 together and even sought a trainer from neighbouring countries, however that looks not feasible,” he said.
The selection process that had started in November 2007 was interrupted by Commission for Investigation of Abuse of Authority (CIAA) in February 2008 questioning the transparency. Finally, after much delay, the selection test took place last October. Of the 134 examinees that appeared in the exam.
Source: THT
The new brokers selection process is finally drawing to an end as Nepal Stock Exchange (Nepse) is going to issue operating licence to new share brokers.
“Nepse is starting the process from Sunday,” said managing director of Nepse Shankar Man Singh. According to the regulation, the stock brokers have to be issued operating licence within a month of submission of the application.
Securities Board of Nepal (Sebon) had granted license to eight new stock brokers to trade, however, these brokers are waiting for Nepse to give them membership to start the operation since the brokers can start the operation only after Nepse assigns them their unique broker code.
Among the new lot of applicants, Sebon had granted license to Secured Securities, Vision Securities, Dynamic Money Managers, Kalika Securities, Swarnalaxmi Securities, Dakshinkali Investment and Securities, Dipshikha Dhitopatra Karobar Company and Kohinoor Investment and Securities. The first lot of five received the license from Sebon on May 11. The selected brokers were discontent with Nepse delaying the issuance of membership. The delay was caused by Nepse redesigning the format of the application forms, according to the Nepse. “We redesigned the application format to make it up to date as the old form designed 25 years ago did not even ask for email addresses and fax numbers,” Singh said, adding that in the new form the applicants have to give the details about their directors.
The new application also comprises the provisions of Anti-Money Laundering declaration as well. “These extra provisions will ensure that in case of the defaults by the brokerage firm the directors can not run away,” he added.
Moreover, the stock exchange has also decided to train the first lot of eight regarding the operation soon. “We wanted to provide training to all the 27 together and even sought a trainer from neighbouring countries, however that looks not feasible,” he said.
The selection process that had started in November 2007 was interrupted by Commission for Investigation of Abuse of Authority (CIAA) in February 2008 questioning the transparency. Finally, after much delay, the selection test took place last October. Of the 134 examinees that appeared in the exam.
Source: THT
