Three commodity exchanges of Nepal - NCE, DCX and COMEN Signs MoU; joint application lodged paid-up capital of Rs. 80.6 crore

Nepal Commodities Exchange signed the memorandum of understanding (MOU) with Derivative & Commodities Exchange Nepal Ltd (DCX) and Commodities Exchange Nepal Ltd (COMEN) in Kathmandu on May 2, 2018. This is a significant progress to setup a full-fledged regulated exchange as per the newly enacted Commodities Act 2074. Mr. Sambhu Prasad Ghimire, Mr. Thakur Poudel from proposed NCE, Mr. Dipendra Banskota CEO of DCX, Sabin Bhakta Joshi, Chairman of COMEN were presented at the signing ceremony.

• DCX and COMEN to promote exchange jointly with Nepal Commodities Exchange (NCE) Team
• The partnership will unite the strength of local exchanges and NCE with support from NRN team will promote innovations and development
• The joint application lodged with highest paid up of NPR 80.6 Crore

According to the MOU, DCX and COMEN together with NCE shall join together under a flagship of NCE and lodged into a joint application at SEBON to secure the commodities exchange operator license by inviting most deserving partners/promoters. Accordingly, the joint application was lodged to SEBON on 6^th of May 2018.

A group of genuine NRNs having good experience in the Commodity Market had joined in this venture. A representative from NRNs Dr Badri KC, said that, after signing MOU with DCX and COMEN we are very strong & competitive now. It is a significant move to surge further establishing a robust exchange with the local team who has been involved in this market since inception. Accommodating local operating exchanges and experienced team in a team is such a great milestone and this is a great beginning for all of us.    

President of DCX, Josheph Adhikari said, we are pleased to have signed this MoU with NCE which is one of the most remarkable ties that connects qualified team to run an exchange. The MoU will unify our mutual interests to setup a common platform, help develop our business opportunities, extend our reach and, benefit the investors/traders. Through this association, we will create a competitive market & will be able to leverage knowledge and expertise to support innovations and development we learnt in the last one decade in futures trading". 

COMEN Chairman, Sabin Bhakta Joshi said: "COMEN being a first commodity exchange of Nepal places great value on its collaboration with NME to effectively support a newly regulated market. This MOU is an important development for our business because we are joining together to promote a most transparent and vibrant market.

Dipendra Banskota, CEO of DCX added, the MOU between the existing exchanges is not only a milestone for us but also an additional boon to prove our team stronger than other applications. We are blended with diverse local and international team that makes us easier to setup a complete ecosystem that best fit our country.

Convener, Social Entrepreneurship Development(SED), NRNs Mr. Lok Raj Sharma further added, we are overwhelmed to file a joint application and claims that NCE is fully functional with adequate infrastructures and expertise (both local and international) as asked by SEBON and the exchange will be operative as soon as SEBON gives letter of intent. We are very optimistic being a first application and we managed to lodge our application with NPR 80.6 Crore which is probably the biggest capital base.

About NCE

Nepal Commodities Exchange (NCE) is proposed to be the largest commodities market place of Nepal as per the Commodities Act 2074. The team is backed by a group of Non-Resident Nepalese, a leading global investor, and other leading international market professionals and groups.

About DCX

DCX is a nationwide self-regulated exchange registered under the Companies Act 2006 of Nepal in the year of 2011. DCX facilitate the online trading, clearing and settlement operations for multiple commodity futures markets across the country. DCX involved in trading Gold, Silver, Crude Oil, Natural Gas, Copper.  It has more than 50 registered brokers all over Nepal.

About COMEN

Commodities and Metal Exchange Nepal Ltd. (COMEN) is first registered commodity exchange of Nepal established in 2006. The exchange has played considerable role during its operation period in uplifting of commodity market of Nepal.