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Kathmandu, Nepal, october 31, 2022: Securities Board of Nepal (SEBON) is going to postpone the ongoing licensing process for the new stock exchange after one of the companies made submission by the official time on Monday.
As application submission deadline set earlier for the new stock exchange is going to end on Tuesday, November 1 and no applications is made by Monday, just a day before the end of the deadline, the SEBON has decided to this effects. However, the extended deadline is not revealed yet.
As no company applied for the license of the new stock exchange by Monday, we have decided to postpone the ongoing licensing process for the new stock exchange; an official at the SEBON said preferring anonymity.
The confusion was created among the aspirant applicants after the High Court gave an interim order to halt the licensing process of new broker companies, stock exchange and commodity exchange on the name of implementing the election code of conduct.
It is said that some industrialists including Rajendra Khetan have shown interests for new broker company. As the High Court gave an interim order to halt the licensing process of new broker companies, no company has filed yet fearing that the court would invalidate their applications.
The Supreme Court (SC), the apex court of the country, however, has issued a directive over the delay for the application procedure for new broker licenses and new stock exchange. As no applications for new stock exchange and commodity market have yet been submitted to the Securities Board, the SC had issued a directive on Friday concerning over the delay for the application procedure for new stock exchange.
In the directives, the SC has stated that the Securities Board of Nepal (SEBON) should not make any delay to begin the process of adding additional stock exchanges. It is said that the SEBON is in the mood to expedite the process to issue licenses for the new stock exchange company.
