First Business News Portal in English from Nepal
KATHMANDU: The Election Commission (EC) has asked the Ministry of Finance (MoF) to submit a clarification after the ministry moved forward to issue new licenses to various institutions related to insurance and stock market.
Sending a letter on Friday, the EC asked the MoF to furnish its clarification in the next three days.
The Securities Board of Nepal (SEBON) is 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. Similarly, the Insurance Board has also moved forward to issue licenses to micro insurance companies.
After these entities under the MoF have started their processes, the Consumer Welfare Protection Forum had earlier filed a complaint at the EC, raising questions against these activities forwarded by the government authorities when election code of conduct has already come into effect. On September 28, the EC enforced the code of conduct for the November 20 federal and provincial polls.
The election code of conduct bars the government authorities from approving and operating new programs apart from the ones mentioned in the budget. MR
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