Himalayan Stock Exchange (HSX) applies for a license for a new stock exchange

KATHMANDU: The Himalayan Stock Exchange (HSX) has submitted an application for a new stock exchange license to the Securities Board of Nepal (SEBON).

The board has received a request for a stock exchange license from HSX, which was established with the support of Nepal’s major corporations and is headed by the Shankar Group. The stock exchange’s initial application is this one.

Former presidents of the federation Pashupati Murarka, Bhawani Rana, Rajendra Khaitan of the Khaitan Group, Satish Lal More of the Lucky Group, Bibek Dugad of the Dugad Group, Shaurabh Jyoti of the Jyoti Group, and other significant businessmen and business houses have also invested in the HSX alongside Shankar Lal Aggarwal. .

A license application has been submitted to the Board by the exchange where the investment is made. Additionally investing in the business are Rohit Gupta, Ashish Shrestha, Juni Gurung, and Deepak Bhatt.

Up until April 23, 2023, interested parties may submit an application for a license to operate a stock exchange and commodity exchange market. One application—from the Himalayan Stock Exchange—was the only one received up until Friday.

No applications had been received until Friday for the commodity regulation market. Stock and commodity exchange applications are accepted through Sunday.

The Securities Market Operation Regulations 2064 BS were amended for the second time by SEBON on September 11, 2022. On September 18, the Board issued a request for applications for stock exchanges, commodity exchange firms, and securities brokers after revising the same regulation.

However, attorney Deepak Bikram Mishra submitted a writ to the Supreme Court (SC) requesting that the license application process be halted. The SC then issued an interim order on October 21 to halt the licensing process.

However, the SC dismissed the petition from the bench of Justices Anil Kumar Sinha and Sushmalata Mathema during the second week of April 2023, and the license application process continued.

Earlier, this business organization, which was run by the Shankar Group, also obtained a license from the Himalayan Re-Insurance Company. The Insurance Authority had made the decision to issue the company with a license in May 2021. At that time, Kathmandu Reinsurance, Annapurna Reinsurance, Prudential Reinsurance, Himalaya Reinsurance, and Genuine Re-Insurance had submitted applications for a license.

But Dugad, Khetan Group, Shekhar Golcha, Pashupati Murarka, and Bhawani Rana’s investment, along with their investment, helped “Himalayan Re” obtain the license.