With the fresh appointments, total number of licensed stock brokers including existing 23 has reached to 37.[break]
New companies obtaining broker licenses are Dakshinkali Investment and Securities, Vision Securities, Kohinoor Securities, Secured Securities, Swarna Laxmi Securities, Dipshikha Securities, Sumeru Securities, Creative Securities, Linch Securities, Sunny Securities, South Asian Bulls, Dynamic Money Manager Securities and Imperial Securities.
Out of 432 aspirants for the brokerage license, 34 were recommended by Nepse some months ago to Securities Board of Nepal (Sebon), the security market regulator, to grant permission to 27 new stock brokers to bring the total number of broker to 50.
Speaking at the licenses distribution program organized at Nepse, Shurbir Poudel, chairman of Sebon, urged both new and old stockbrokers to strengthen their professional capacity to revive slowing stock market.
"You stock brokers, both old and new ones, shouldn´t feel discouraged given the persisting slowdown in the capital market. It is the right time you can demonstrate your professionalism by becoming more competent and competitive in the coming days," said Poudel. Stating that Nepal´s small stock market can not support 50 brokers, he urged stock brokers to strengthen their competitiveness and expand their market base.
Tanka Paneru, Chairman of Nepse, urged the new brokers to create their market instead of relying on the existsing market which is far smaller compared to the number of share holders.
He also said new stock brokers will be inducted in share transaction with the introduction of Central Depository System (CDS) by mid-August this year.
Shankar Man Sigh, general manager of Nepse, asked stock brokers including the newly-appointed ones, to work in a fashion that brings stability in the share market.
Anjan Raj Poudel, president of Stock Brokers Association of Nepal (SBAN) and Bharat Ranabhat, a newly-appointed stock broker, stressed on the need to take initiatives to bring the slowing stock market back on track.
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