Finance Committee directive to open new license of securities brokers
The Tuesday meeting of the committee gave such instructions.
KATHMANDU: The Finance Committee of the House of Representatives has instructed the Securities Board to immediately open the new license distribution process for stock brokers.
The Tuesday meeting of the committee gave such instructions.
The new securities brokers demanded that 43 new companies start the process for the new securities license and they have invested more than 40 million rupees in the companies they have put into operation and the operating expenses are up to 40 million rupees per month.
Due to the resistance from some committee MPs, the meeting on Jestha 29 (June 12) issued instructions to halt the license distribution procedure.
The committee has also directed that licenses be denied to individuals who do not fit the standards. Santosh Chalise, the group’s President, stated that the committee was formed after the Supreme Court ruled that the process of giving licenses to new securities brokers not be halted.
There are now 50 broker businesses in operation.
