Six banks applying for broker license at NEPSE; Find out who they are

After the announcement of last year's Monetary Policy to let banks provide brokerage services, SEBON had been given the responsibility to prepare necessary framework and procedures for it. In regards to the same, the regulation has been formally brought into application from Shrawan 16, 2076.

The receipt of license doen't mean the banks themselves will be providing brokerage services. Like the merchant banking, they will have to establish a subsidiary through which the services will be rendered. The criteria to be fulfilled are:

• 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

According to the spokesperson of NEPSE, so far 6 commercial banks have applied for license. They are:

1. NIC Asia Bank
2. Sanima Bank
3. Global IME Bank
4. Machhapuchchhre Bank
5. Mega Bank
6. Citizen Bank International