KATHMANDU, Oct 22: The Supreme Court (SC) has asked authorities concerned not to implement the distribution of licenses of stock exchange, stockbrokers and micro insurance, citing that it will breach the code of conduct of the November 20 election.
Issuing a short term interim order on Friday, the apex court asked the Ministry of Finance, the Securities Board of Nepal (SEBON) and the Insurance Board (IB) to halt the process for now. Earlier, the Election Commission (EC) also had asked these authorities to submit clarification over the issues.
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The SEBON is now in process to issue licenses to new stock exchange companies, stockbrokers, commodity exchange, remote work stations of brokerage companies, specific investment fund managers and credit rating companies, among others. It has received applications from 45 companies for stock brokerages.
Similarly, the IB has also moved forward to issue licenses to micro insurance companies. It has received 31 applications for seven micro insurance companies.
