Posibility of getting share brokers' licnece doubles

The possibility of getting share brokers' licence increased to double as half of the aspirant-broker-applicants did not turn up by the end of the last day today to verify their willingness to appear in the exam.

"Though the number might still decrease, 159 applicants -- around half of the total 316 applicants -- contacted Nepse till the last day for verification," informed Shambhu Pant, deputy general manager of the Nepal Stock Exchnage (Nepse). The final list of aspirant share brokers to appear for exam will be published in 10 days.

Nepse is planning to take the exam for the remaining 25 marks next month. "However, the date for the test will be announced after the selection committee meets soon," he said adding that by then the final list of eligible applicants will also be ready.

The 75 marks has already been awarded on the basis of educational qualification, experience and paid-up capital of the brokerage company.

Nepse had published the notice for resumption of the share brokers' selection process on August 10 -- for 27 share brokers -- after a long hiatus of over two years. It has asked the applicants to restate their eligibility for the exam. In the past two years, the status of some applicants might have changed due to various reasons, he added.

When the process was halted in February 2008, Nepse had already selected 316 applicants from a total of 336 applicants but Commission for Investigation of Abuse of Authority (CIAA) asked it to halt the process, questioning transparency. Nepse was under pressure to restart the process.
Currently there are 23 share brokers, out of which only a dozen are actively trading daily. With the increase in number of investors that is estimated at around 100,000 at present the existing number of share brokers is not enough.

BoAN dividend

KATHMANDU: The Board of Director of Bank of Asia Nepal (BoAN) meeting on Sunday decided to give 10.53 per cent cash dividend subject to approval from the central bank and its AGM.