PM Dahal directs to halt licensing process of new stock exchange

KATHMANDU, May 12: The license process of the new stock exchange has been stopped under the directives of Prime Minister Pushpa Kamal Dahal. 

Prime Minister Dahal has instructed not to proceed with the process of granting license to the new stock exchange for the time being. 

This comes amid allegations from various quarters that the government was trying to grant licenses for new stock exchanges to certain business houses through policy corruption.

Related story

Investors urge PM Dahal to provide license for new stock exchan...

Prime Minister Dahal called Finance Minister Dr. Prakash Saran Mahat, Chief Secretary Shankar Das Bairagi and Finance Secretary Arjun Prasad Pokharel and instructed in writing to stop the license process immediately.

The preparation of the government had drawn strong opposition in the parliament as several parliament argued that the new stock exchange was a wrong policy to replace the state-owned stock exchange. 

Along with this, Prime Minister Dahal has instructed to stop the licensing process of new stock which is being brought against international practice and intensive discussion, according to the Prime Minister's Press Adviser Govinda Acharya.

Three companies have applied for the new stock exchange, namely Himalayan Stock Exchange, National Stock Exchange and Annapurna Stock Exchange.