Broker license sure for 46 companies, application for new stock exchange to open for 8 more days

KATHMANDU, Dec. 29: 46 companies that applied for a Broker license are certain to get permission granted. After the Supreme Court dismissed the writ petition against the Securities Market Operation Regulations and the Securities Dealers Regulations by the Constitutional Bench Wednesday, it opened the way for the Securities Board to proceed with the old license distribution process. However, the board will not be allowed to proceed with the process of license distribution until the end of another writ in the same case.
It is as if the case against the Securities Market Operation Regulations and the Securities Dealers Regulations has been dismissed. However, another case brought to break the licensing process is still pending in the Supreme Court. "We are 100% confident that the case will also be dismissed," said Ramesh Hamal, chairman of the Securities Board, "As soon as the case is resolved, the board will proceed with the process of distributing more licenses."

Advocate Deepak Mishra filed a writ in the Supreme Court on Asoj 27th against the Securities Market Operation Regulations and Securities Dealers Regulations. The hearing of the same writ is scheduled for next Tuesday. Chairman Hamal said, "If the writ is decided on time, and we get a clean chit, we will proceed with the process of distribution of additional licenses. After completing the process, we give licenses to eligible companies who have applied." Hamal told Ratopati that more homework is needed as no application has been received for the new stock exchange and commodity exchange.
"The application for the broker license was received by Kartik 7. However, before the 45 days specified for stock exchange and commodity exchange were completed, a case was filed in the Supreme Court and an interim order was issued. But a positive decision will come from the Supreme Court. After this, we will go to the process of license distribution again," Chairman Hamal said. "According to the information, the deadline for applying for Stock Exchange and Commodity Exchange is Kartik 15th. Taking this as a basis, we will keep time for the remaining days from the 7th to the 15th and ask for a re-application," he added.

The Board, which amended the Securities Brokers and Securities Dealers Regulations, 2064 for the distribution of licenses, issued a public notice on Asoj 2 and called for applications by keeping 35 days for broker licenses and 45 days for stock exchanges and commodity exchanges.
The board, which aims to improve the securities market by making it more organized and competitive, has prepared to bring at least one more new stock exchange and 3 commodity exchange companies.
On the other hand, the board, which is preparing to distribute more broker licenses, has prepared to distribute licenses to those who come with large capital through the open competitive system. The board's analysis is that this will make the securities market more orderly and competitive.