SEBON Hits Back on Flak Over Legitimate Provisions For Issuance of New Brokerage Licenses ; Claims Allegations Baseless and Fictitious
Tue, May 16, 2023 9:42 AM on Latest,
The Securities Board of Nepal (SEBON) has opened up on criticisms in wake of new provisions for the issuance of new brokerage licenses.
On Monday, SEBON publicised a press release claiming that all allegations made against the board with regards to the efforts underway to issue new brokerage licenses were baseless and fictitious.
Earlier, The Securities Market Operation Regulations 2064 and the Securities Dealers Regulations 2064 had been revised by SEBON and approved by the Council of Ministers to begin the process of awarding new licenses. The Securities Board later had released a notice on Ashwin 2, 2079 with a 30-day deadline in order to carry it out. As a result, 45 companies had submitted applications for stock broker licenses, while one company applied for a stock dealer license.
Following the development, on Baisakh 29 Stock Brokers' Association of Nepal (SBAN) had issued a press release to express their dissatisfaction on the provisions that were brought.
SEBON claims that any and all such attempts made with ill intentions to tarnish the names of reputed institutions is a consequence of limited vision and an effort to establish syndicate and monopoly with regards to the transactions of shares in the capital market.
Referring to the same press release, on Baisakh 31, the New Stock Broker Association Nepal too had expressed similar sentiments and had repudiated all statements made in an effort to malign the Supreme Court (SC) sanctioned provision for new stock brokerage licenses and the good name of all involved authorities including SEBON.
As of late, 43 among 46 applicants that had submitted applications asking for new brokerage licenses have received letter of intent (LOI)/preliminary license.
Read Press Release Here:
