The new stock exchange of Nepal, ‘The Himalayan Stock Exchange’ has been registered with the Securities Board of Nepal (SEBON). Elite business house Shanker Group has the major investment in the new stock exchange. It was only the stock exchange that applied and the deadline was fixed till April 23.
The Himalayan Stock Exchange’s path was cleared with the verdict coming in its favor at the expense of the bench of Supreme Court Justice Anil Kumar Sinha and Sushmalata Mathema.
Till now, there is only one stock exchange in Nepal, Nepal Stock Exchange (NEPSE). The board thus decided to make the industry more competitive by allowing the second stock exchange to come into the service. It’s expected that the new stock exchange’s arrival will end the monopoly, improve the quality of service and benefit the investors.
Who owns the Himalayan Stock Exchange?
Elite industrialists of Nepal are injecting their resources into the Himalayan Stock Exchange. Shanker Group Chairman Shanker Golyan is the major investor in the company whereas eminent industrialists Pashupati Murarka, Shekhar Golchha, Bhawani Rana, Rajendra Khetan, Amit More, Saurabh Jyoti, Juni Gurung, Ashish Shrestha, Deepak Bhatta, and others have also put their money in the company.
Himalayan Stock exchange is the second stock exchange in Nepal
As per the prevalent law, a new stock exchange in Nepal requires a paid-up capital of Rs 3 billion is required for the new stock. This is with common shares. 70% of the institutional investment is done. Currently, Nepal Stock Exchange is operating with the main investment of the government. Check out: Old website of NEPSE shut down, new website goes live
The Supreme Court opened the process of distribution of new stock exchange, commodity exchange, and securities broker license (permit) which was suspended for about seven months.
Various countries have multiple stock exchanges. The USA has 13, Japan has 4, India has 23, and mainland China has 3. Nepal is soon going to have two stock exchanges.