KATHMANDU, April 22: Himalayan Stock Exchange (HSX) has applied to the Securities Board of Nepal (SEBON) for a new stock exchange license.
HSX, formed by the participation of the big business houses of Nepal under the leadership of the Shankar Group, has applied to the board demanding a stock exchange license. This is the first application for the stock exchange.
Along with Shankar Lal Aggarwal, there are the investment of outgoing President of Federation of Nepal Chamber of Commerce and Industry Shekhar Golchha, former presidents of the federation Pashupati Murarka, Bhawani Rana, Rajendra Khaitan of Khaitan Group, Satish Lal More of Lucky Group, Bibek Dugad of Dugad Group, Shaurabh Jyoti of Jyoti Group and other big businessmen and business houses, in the HSX.
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The exchange in which the investment is made has applied to the Board for a license. Rohit Gupta, Ashish Shrestha, Juni Gurung and Deepak Bhatt are also among those investors in the company.
The period to apply for the license of commodity exchange market (commodity exchange) along with stock exchange is till April 23, 2023. Till Friday, only one application has been received, which is of Himalayan Stock Exchange.
As for the commodity regulation market, no application has been received till Friday. The application period for stock and commodity exchange is till Sunday.
On September 11, 2022, SEBON made the second amendment of the Securities Market Operation Regulations 2064 BS. After revising the same regulation, the Board requested applications for stock exchanges, commodity exchange companies and securities brokers on September 18.
However, advocate Deepak Bikram Mishra filed a writ in the Supreme Court (SC) demanding to stop the license process. Then the SC stopped the licensing process by passing an interim order on October 21.
However, in the second week of April 2023, the SC dismissed the petition from the bench of Justices Anil Kumar Sinha and Sushmalata Mathema, and the license process went ahead.
Earlier, this business group under the leadership of Shankar Group also got the license of Himalayan Re-Insurance Company. The Insurance Authority had decided to grant the license to the company in May 2021. At that time, Kathmandu Re-Insurance, Annapurna Re-Insurance, Prudential Reinsurance and Himalaya Reinsurance and Genuine Re-Insurance had applied for a license.
However, Shankar Group's main investment was Dugad, Khetan Group, along with Shekhar Golcha, Pashupati Murarka, Bhawani Rana's investment, 'Himalayan Re' got the license.
