The Nepal Stock Exchange is preparing to recommend the names of 34 hopeful stockbrokers to the Securities Board of Nepal even as the regulatory body is investigating a complaint filed by one of the candidates.
Saral Securities had formally requested SEBON on Oct. 11 to thoroughly check the documents certifying the qualification and experience of the managing director and the directors of aspiring companies before finalising the stockbrokers’ selection process.
Saral Securities has written in its letter to SEBON, “The secondary market had conducted the written examination amid complaints of fake and incomplete documents submitted by aspiring stock brokering companies; hence as a regulatory body, SEBON needs to investigate the facts before finalising the process.”
Saral Securities has also suggested to SEBON to provide a time limit of one week for claims to be made against any applicant’s paperwork.
SEBON chairman Surbir Poudel said, “We have received the complaint, and we are currently looking into the matter.” Defending the delay in the process due to the inquiry, Poudel added that it was better to be late than sorry. “The complaint will give us a chance to correct any mistakes in the process,” he said.
Meanwhile, NEPSE is determined to finish the process within the timeframe set by the selection committee. “We will recommend the names of the best 34 companies to the regulatory body on Nov. 2,” said NEPSE general manager Shankar Man Singh.
The secondary market had set the deadline of Nov. 1 to submit the legal verification of the paid-up capital of applicant companies from the concerned banks and financial institutions. After the paperwork is completed, NEPSE will recommend the names of 34 candidates on the basis of merit.
However, both SEBON and NEPSE are determined to complete the process as soon as possible. With the growth in the number of investors and listed companies, the two bodies have felt the need for additional stock brokers in the security market.
Currently, there are 183 companies listed on the bourse, up from 60 in 1994 when NEPSE was established. However, the number of stock brokers has declined from 32 to 23. With the addition of new brokers, investors are expected to benefit from the resulting competition among brokerage firms.
“We will issue licenses to the best 27 from among the 34 candidates after fulfilling the rest of the procedure,” said Poudel.
The selection process, which began three years ago, has been running into various obstacles from different quarters delaying the process of picking 27 new brokers for the security market.
news source:the kathmandu post
Saral Securities had formally requested SEBON on Oct. 11 to thoroughly check the documents certifying the qualification and experience of the managing director and the directors of aspiring companies before finalising the stockbrokers’ selection process.
Saral Securities has written in its letter to SEBON, “The secondary market had conducted the written examination amid complaints of fake and incomplete documents submitted by aspiring stock brokering companies; hence as a regulatory body, SEBON needs to investigate the facts before finalising the process.”
Saral Securities has also suggested to SEBON to provide a time limit of one week for claims to be made against any applicant’s paperwork.
SEBON chairman Surbir Poudel said, “We have received the complaint, and we are currently looking into the matter.” Defending the delay in the process due to the inquiry, Poudel added that it was better to be late than sorry. “The complaint will give us a chance to correct any mistakes in the process,” he said.
Meanwhile, NEPSE is determined to finish the process within the timeframe set by the selection committee. “We will recommend the names of the best 34 companies to the regulatory body on Nov. 2,” said NEPSE general manager Shankar Man Singh.
The secondary market had set the deadline of Nov. 1 to submit the legal verification of the paid-up capital of applicant companies from the concerned banks and financial institutions. After the paperwork is completed, NEPSE will recommend the names of 34 candidates on the basis of merit.
However, both SEBON and NEPSE are determined to complete the process as soon as possible. With the growth in the number of investors and listed companies, the two bodies have felt the need for additional stock brokers in the security market.
Currently, there are 183 companies listed on the bourse, up from 60 in 1994 when NEPSE was established. However, the number of stock brokers has declined from 32 to 23. With the addition of new brokers, investors are expected to benefit from the resulting competition among brokerage firms.
“We will issue licenses to the best 27 from among the 34 candidates after fulfilling the rest of the procedure,” said Poudel.
The selection process, which began three years ago, has been running into various obstacles from different quarters delaying the process of picking 27 new brokers for the security market.
news source:the kathmandu post
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