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As the Millennium Challenge Account (MCA) Nepal gears up to develop the transmission line project, a single committee under the chairmanship of the chief district officers (CDOs) is being formed in different districts to evaluate the compensation of the land required for the transmission line to be built with the grant of the Millennium Challenge Corporation (MCC) of the US government. Currently, MCA-Nepal, the agency to implement the MCC compact in Nepal, is collecting the details of the land required for the transmission line. The CDO-led committee will assess the compensation to be paid for the land acquired for the construction of the transmission line. The committees will have district heads of the Nepal Electricity Authority as expert members. The Ministry of Finance sent a proposal in this regard to the cabinet last Friday. According to a ministry official, the committees will be formed after the proposal is endorsed by the cabinet. Two laws will have to be taken into account to determine compensation for land required for this project. The land required for the tower of the transmission line should be brought in the name of MCA-Nepal; for that committees under the chairmanship of CDOs are to be formed to determine the compensations, as per the Land Acquisition Act, 2019. However, the land over which the transmission line will be built and lands on both sides do not come under the jurisdiction of MCA-Nepal. Such land will be in the name of the current owner. However, the landowner should be compensated for the land used by MCA-Nepal for building the transmission line. For this purpose, Electricity Act, 1992, and Electricity Regulations, 1993 are attracted. There are provisions in the Act and Regulations to determine the compensation by forming a committee under the chairmanship of an individual appointed by the government. As two different Acts have to be taken into account, two different committees have to be formed for the compensation of land to the people affected by the project. As it is likely to delay the project, a single committee has been proposed to settle the land compensation issue smoothly. MCA-Nepal has to acquire lands in Chitwan, Nawalparasi and Nawalpur, Kavrepalanchok, Kathmandu, Dhading, Makwanpur, Palpa, Rupandehi, and Tanahun for the transmission line project. According to MCA-Nepal, details of the lands are being collected in nine districts except Kathmandu and the process of acquiring land in the capital will start soon. Currently, MCA-Nepal is expediting works related to transmission lines and substations construction. As Nepal government and MCC have agreed to start entry into force of the agreement in August this year, MCA Nepal is speeding up complete the preparatory works.      

Vehicles manufactured in Nepal will get the registration from now onwards. The Department of Transport Management amended the Transport Management Procedures, Directive 2060 on Thursday, paving the way to register vehicles assembled or manufactured in Nepal. Vehicles assembled in the country by bringing parts from abroad or manufactured within the country will get the registration. Issuing a notice on Thursday, the Department of Transport said that the customs declaration (LC) will not be required for such number plates. Earlier, the Motor Vehicle and Transport Management Act-2049 BS and Working Procedure 2060 had made it mandatory to have customs declaration and customs receipt for vehicle registration. Now, the deck has been cleared to register all types of electric and petrol-diesel vehicles made in Nepal. The electric bike ‘Yatri’ made in Nepal had been warning the government to stop its production after it did not get the number plates.  

The Securities Board of Nepal (Sebon) has said that the licenses for a new stock exchange and commodities exchanges will be issued within a month. The board has received applications from three companies for a new stock exchange and four companies for two commodities exchanges. Sebon officials say they are preparing to issue in-principle approval within a month. According to them, the board will start evaluating the companies that have applied for licenses by forming evaluation committees. The Sebon board meeting this week will form two separate committees to assess the applications for stock exchange and commodities exchanges. The board will select the companies based on the recommendation of the committees. "If we do not encounter technical issues, the whole process will be completed in a month," said Sebon Chairman Ramesh Kumar Hamal. According to him, the competing companies will be evaluated based on paid-up capital, business plans, qualification and experiences of their directors, and the technology proposed by them. The companies getting initial permission from the Sebon will have to prepare their necessary infrastructures within six months. Then only, the board will give the final approval. The top corporate groups of the country are in a race to get the license to operate a new stock exchange. Three companies - Himalayan Stock Exchange, National Stock Exchange and Annapurna Stock Exchange - have applied for the license to start a new stock exchange. The major promoters of the Himalayan Stock are Shanker Group and Deepak Bhatta Group. Besides, former presidents of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) - Bhawani Rana, Pashupati Murarka, and Shekhar Golchha along with Rajendra Khetan, Saurav Jyoti, Vivek Dugar, Kumud Kumar Dugar and Amit Kumar More are also the promoters of the Himalayan Stock Exchange. The National Stock Exchange has been backed by non-resident Nepalis (NRNs) businessmen, Agni Group, Kedia Group and Reliance Group. The NRN businessmen Upendra Mahato, Jiba Lamichhane, Badri KC, and Kul Acharya are also shareholders of the company. Deepak Timilsina, Mahesh Kumar Shrestha, Rishi Aggarwal, Ankit Kedia and Ramji Regmi are the other promoters of the National Stock Exchange. Meanwhile, Annapurna Stock Exchange is led by Surendra Raj Wagle and has Ganesh Kumar Shrestha, Mukti Bodh Neupane, Anil Sapkota, Prakash Kumar Shrestha, Shekhar Subedi, Balram Upreti as directors. Making a second amendment to the Securities Market Operation Regulation, 2064 BS on the second week of September 2022, Sebon initiated the process to establish the second stock exchange in the country. On September 18, 2022, Sebon invited applications for a new stock exchange, commodity exchanges, and stock brokerage firms. However, the process stalled for five months after advocate Deepak Bikram Mishra went to the Supreme Court demanding to stop the licensing process. The licensing process was stalled after the apex court dismissed Mishra's writ petition on October 21, 2022. Following the court's verdict, the Sebon on April 13 again invited applications from interested parties for new stock exchange and commodities exchanges. According to Sebon, the new stock exchange should have a paid-up capital of Rs 3 billion, of which 70 percent will be institutional investments. Currently, the Nepal Stock Exchange (Nepse) is the only stock exchange in the country. The government has a majority stake in the Nepse. While there have been talks of bringing strategic investors into the Nepse, the process has not moved ahead.

The government has scrapped licenses of 33 construction companies. Issuing a notice today, the Construction Business Promotion Branch of the Ministry said the licenses of these companies were scrapped automatically as per the Clause 7 (3) of the Construction Business Act-2055 after the construction companies did not renew their licenses for fiscal year 2079/80. The Ministry had urged contractors to renew their licenses within April 13 for the fiscal year 2079/80. The government scrapped the licenses of the construction companied after they did not renew within the deadline.