News Article

Govt forms committee to study the necessity of second stock exchange entity

By Republica

Published: January 25, 2024 08:00 AM

Since the SEBON started process to issue new license, it has invited controversies

KATHMANDU, Jan 25: Amid growing controversy over whether or not to establish the second stock exchange market, the government has formed a committee to study the rationale behind the second institution in the segment.

A Cabinet meeting held on Tuesday decided to form a three-member committee to study the issue. The committee led by former Deputy Governor of Nepal Rastra Bank Chintamani Shiwakoti will include a lawyer and a chartered accountant, informed government spokesperson Rekha Sharma on Wednesday.

Earlier, the government had asked the Securities Board of Nepal (SEBON) to halt the process of licensing the new security exchange after the sector’s regulator initiated the process. The Ministry of Finance had also sought for a detailed study after the SEBON stepped up efforts for establishing the new stock exchange.

After the SEBON called for applications in April 2023, inviting interested entities to open a second institution in the segment, a writ was filed to scrap the decision to issue the license. In response, the Supreme Court permitted the authority concerned to issue the license for the second stock exchange market.

As of now, the three-decade old Nepal Stock Exchange (NEPSE) has been in operation in the country’s stock exchange market. It was established with a joint investment of the government, Nepal Rastra Bank and the then Nepal Industrial Development Corporation and had a working capital of Rs 35 million. Now, the NEPSE has raised its paid-up capital to Rs 1 billion.

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