Today, the Nepal Stock Exchange (NEPSE) has given its final approval for membership to seven new brokers in the second phase. Murahari Parajuli, the Company Secretary and Information Officer at NEPSE, confirmed the addition of these seven new brokers to the stock exchange.
NEPSE Approves Membership for Seven New Brokerage Companies
The Nepal Stock Exchange (NEPSE) has confirmed the membership of seven new brokerage companies. These companies have met the criteria and received approval from NEPSE’s Board of Directors.
Expansion of Brokerage Services
The seven newly approved companies include Bhole Ganesh Securities Limited, Capital Max Securities Limited, Himalayan Brokerage Company Limited, Sun Securities Private Limited, Miyo Securities Private Limited, Sharepro Securities Private Limited, and Property Wizard Limited.
Phase Two Approval
In the second phase, 11 additional companies obtained licenses from the Securities Board of Nepal (SEBON). Mega Stock Markets Limited can now operate as a full securities broker. Nabil Securities Limited, the sole applicant for a broker company with a dealer’s license, also received approval.
Inspection and Testing
NEPSE is currently inspecting the infrastructure of new brokers to ensure compliance with regulations. Brokers are preparing their IT manpower and establishing connections through an Application Programming Interface (API) for testing purposes.
Membership and Business Activities
After receiving NEPSE’s permission, brokers will need to obtain membership from the CDS and Clearing Limited. Once this process is complete, brokers can begin their business activities in the stock market.
Preparations Underway
Brokers are actively managing staff and preparing their infrastructure for smooth operations in the market. They are working to meet requirements and ensure a successful entry.
NEPSE’s Internal Examination
NEPSE’s Board of Directors will conduct an internal examination of the NEPSE-30 index before determining its operational date. This demonstrates NEPSE’s commitment to a well-functioning stock market.
ICRA Nepal Limited has confirmed NIC Asia Bank Limited’s grade. The rating has been removed from the ‘Watch with Negative Implications’ category and moved to the “Issuer Not Cooperating” category, with the following notification for rating withdrawal:
The rating agency has assessed the bank’s NPR 3,000 million subordinated debenture as [ICRANP] LBBB “Issuer Not Cooperating”; it has been withdrawn from watch with negative implications and moved to the issuer not cooperating category with notice of withdraw