Kathmandu. Securities Board Chairman Santosh Narayan Shrestha has resumed the process of issuing licenses of new stock exchanges.
Chairman Shrestha had called the board meeting after 5 pm on Thursday with the agenda of the new stock exchange only. Five out of six members attended the meeting.
Chairman Santosh Narayan Shrestha, Finance Ministry representative Mahesh Baral, Law Ministry representative Binod Kumar Bhattarai, Rastra Bank representative Rewati Prasad Nepal ICAN representative Nil Saru Magar and expert member Bholanath Dhungana were present in the meeting.
Similarly, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) representative Gokarna Raj Awasthi remained absent. Most of the members present in the meeting advised Chairman Shrestha not to proceed with the licensing process of the new stock exchange immediately. In the meeting, Chairman Shrestha presented the report of the committee formed to study the report on the new stock prepared by Chintamani Siwakoti. In the report prepared by the three employees, they have opined that the license of the new stock should be distributed.
Most of the board members are in favor of not giving licenses. Nepal Rastra Bank (NRB) director and member Nepal has suggested that the Nepal Stock Exchange (NEPSE) should be reformed. Similarly, expert members Dhungana and Saru Magar are worried that the dispute will become controversial. Another member Awasthi, however, has been of the view that a new stock exchange is not required at present.
The High-Level Economic Suggestion Commission led by Rameshwor Khanal has also suggested restructuring nepse on the issue of new stock.
However, Chairman Shrestha has started getting angry with the members saying that the distribution of licenses of the new stock is his main agenda and should not be delayed. The main issue of chairman Shrestha’s appointment is the license of stock.
Of late, the Securities Board has become very controversial. He has been accused of demanding commission by appointing middlemen on the IPO permission issue.
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