New Stock Broker Association Nepal Submits Memorandum to KP Oli; Positive Response for Prompt Licensing Procedure Resolution
In line with their continued efforts and series of meetings with officials, the New Stock Brokers Association Nepal recently met with former Prime Minister and leader of the major opposition CPN UML, KP Sharma Oli.
During the meeting, the delegation submitted a memorandum to KP Oli, urging him to take necessary action to lift the temporary ban imposed by the Finance Committee on all licensing procedures for new brokers. They argued that this decision contradicts the Supreme Court verdict.
KP Oli responded positively in the meeting, assuring prompt resolution of the issue. The memorandum presented by the New Stock Brokers Association emphasized the insufficiency of the existing 50 brokers to meet the growing demand of the capital market, providing supporting statistical evidence.
The procedures to award new licenses for brokers have been carried out in accordance with the Open Entry-Open Exit policy, taking into consideration the issued paid-up capital, experience, and qualifications of applicant companies, after a long period of 16 years. Given these circumstances, the decision, which is in the best interest of the capital market and investors, should have been welcomed. However, ironically, the Members of Parliament (MP) who are part of the 24-member Finance Committee hindered the ongoing process.
The members of the Finance Committee also comprises MPs from the major opposition CPN UML.
See list of MPs in the Finance Committee here:
| Members of Finance Committee | ||
|---|---|---|
| S. No | Names of Member of Parliaments (MPs) | Political Party |
| 1 | Anjani Shrestha | Nepal Congress |
| 2 | Ambar Bahadur Rayamajhi | CPN UML |
| 3 | Ganga Karki | CPN Maoist Centre |
| 4 | Tshering Damdul Lama (Bhote) | CPN Maoist Centre |
| 5 | Juli Kumari Mahato (Mahaseth) | CPN UML |
| 6 | Deepak Khadka | Nepal Congress |
| 7 | Deepak Bohora | Rastriya Prajatantra Party |
| 8 | Narayan Prasad Acharya | CPN UML |
| 9 | Narayani Sharma | CPN Maoist Centre |
| 10 | Padam Giri | CPN UML |
| 11 | Purna Bahadur Tamang | Nepal Congress |
| 12 | Bhagwati Chaudhary | CPN UML |
| 13 | Mukta Kumari Yadav | Nepal Congress |
| 14 | Metmani Chaudhary | CPN (United Socialist) |
| 15 | Rana Kumari Balampaki Magar | CPN UML |
| 16 | Ramnath Adhikari | Nepal Congress |
| 17 | Binod Kumar Chaudhary | Nepal Congress |
| 18 | Biraj Bhakta Shrestha | Rastriya Swantantra Party |
| 19 | Bishnu Prasad Paudel | CPN UML |
| 20 | Santosh Chalise | Nepal Congress |
| 21 | Swarnim Wagle | Rastriya Swantra Party |
| 22 | Surya Bahadaur Thapa Chhetri | CPN UML |
| 23 | Gyan Bahadur Shahi | Rastriya Prajatantra Party |
| 24 | Gyanendra Bahadur Karki | Nepal Congress |
Earlier, the association had submitted a memorandum to the Chairman of the Securities Board of Nepal (SEBON) with the same request. Chairman Hamal expressed SEBON's unwavering support for the New Stock Brokers Association Nepal and encouraged them to persist in their efforts, emphasizing the legitimacy of the licensing procedures.
