KATHMANDU: The Nepal Securities Board has taken steps to advance the licensing process for new stocks, signaling a potential expansion in the country’s securities market.
The Board of Directors, in a meeting held on Friday, unanimously resolved to seek the guidance of the Ministry of Finance in navigating this crucial development.
Currently, the Nepal Stock Exchange (NEPSE) stands as the sole securities exchange market in the country.
The initiation of the licensing process for a new stock exchange was prompted by emerging requirements, as acknowledged by the government.
Despite initial obstacles, both the Parliamentary Committee and the Supreme Court have cleared the path for the licensing of new stock exchanges.
Prime Minister Pushpa Kamal Dahal, while initially directing a halt to the licensing process, has expressed a positive stance towards granting the license.
In light of this, the Board sought the opinion of the Ministry of Finance.
Surya Krishna Baidya, a member of the Securities Board, stated, “At the board meeting convened on Friday, we decided to consult the Ministry of Finance on the course of action regarding the new stock. The board will proceed based on the guidance provided by the Ministry of Finance.”
The Securities Board had earlier initiated the application process, offering a 45-day window for interested companies to apply for new stock operations.
However, a legal challenge in the form of a writ filed in the Supreme Court temporarily halted the proceedings.
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