Sebon grants licence to two more brokers
KATHMANDU, May 27:
Securities Board of Nepal (Sebon) has granted license to Secured Securities and Vision Securities to operate as share brokers in the Nepali capital market.
Including the new two brokerage firms, the total numbers of share brokers that are allowed to conduct stock brokerage service have become 31, the capital market regulator said, adding that before it has already granted licence to Dynamic Money Managers, Kalika Securities, Swarnalaxmi Securities, Dakshinkali Investment and Securities, Dipshikha Dhitopatra Karobar Company and Kohinoor Investment and Securities among the new lot of applicants.
Sebon has already granted Letter of Intent (LoI) to 20 aspirant brokerage firms and will grant the license after they fulfill their infrastructures requirements.
The broker selection process that had started some three-and-a-half years ago has finally drawn to an end with Sebon granting license to new brokers for operation.
Earlier in 2007, the capital market regulator had decided to add 27 more brokers to the existing 23 brokers to make it a total of 50 brokers as the share market was on a boom. “The limited numbers of brokers was not sufficient to cater to all the investors at the time of boom forcing the regulator to add more brokers.
However, the process was interrupted by Commission for Investigation of Abuse of Authority questioning transparency of the selection process. The process finally resumed in October 2011.
Though, the selected brokers still need to be granted membership by the Nepal Stock Exchange to start the operation, they are waiting for the green signal from the Nepse.
The stock exchange will have to provide training to the new brokers before letting them start share trading.
Source: THT
Securities Board of Nepal (Sebon) has granted license to Secured Securities and Vision Securities to operate as share brokers in the Nepali capital market.
Including the new two brokerage firms, the total numbers of share brokers that are allowed to conduct stock brokerage service have become 31, the capital market regulator said, adding that before it has already granted licence to Dynamic Money Managers, Kalika Securities, Swarnalaxmi Securities, Dakshinkali Investment and Securities, Dipshikha Dhitopatra Karobar Company and Kohinoor Investment and Securities among the new lot of applicants.
Sebon has already granted Letter of Intent (LoI) to 20 aspirant brokerage firms and will grant the license after they fulfill their infrastructures requirements.
The broker selection process that had started some three-and-a-half years ago has finally drawn to an end with Sebon granting license to new brokers for operation.
Earlier in 2007, the capital market regulator had decided to add 27 more brokers to the existing 23 brokers to make it a total of 50 brokers as the share market was on a boom. “The limited numbers of brokers was not sufficient to cater to all the investors at the time of boom forcing the regulator to add more brokers.
However, the process was interrupted by Commission for Investigation of Abuse of Authority questioning transparency of the selection process. The process finally resumed in October 2011.
Though, the selected brokers still need to be granted membership by the Nepal Stock Exchange to start the operation, they are waiting for the green signal from the Nepse.
The stock exchange will have to provide training to the new brokers before letting them start share trading.
Source: THT
