The lawmakers during Monday’s meeting demanded that a sub-committee should be formed to investigate the issue of license issuance for a new stock exchange, brokerage firms, and commodity exchanges.
Earlier on May 21, the Finance Committee had written to the Sebon, seeking the details of the process for issuing licenses for a new stock exchange and stock brokerage firms, and the situation of the implementation of the suggestion report prepared by the committee. Following this, the Sebon responded to the Committee on May 26. Stating that Sebon was issuing licenses for additional stock brokers although the committee had written to it on the matter, lawmaker Padam Giri demanded investigations into it. “The recommendation by the subcommittee under the Finance Committee about issuing licenses for a new stock exchange has not been heard. License for stock brokers was issued the same day or after the committee wrote to the Sebon. The question of transparency in the issuance of licenses is being raised,” he said. Amid allegations from various quarters that the government was trying to grant licenses for a new stock exchange to certain businesspersons, the licensing was stopped after Prime Minister Pushpa Kamal Dahal directed Sebon to halt the process in the second week of May. Three companies have applied for the new stock exchange, namely the Himalayan Stock Exchange, National Stock Exchange, and Annapurna Stock Exchange. However, Sebon has already issued brokerage licenses to 18 firms.
