Nepal Stock Exchange (NEPSE) has asked stock brokers to reach out to the investors from outside the Kathmandu Valley since NEPSE is planning to introduce online transaction for the investors from outside the Valley beginning from Jan. 15. Not even a single broker has been reported to have shown up anywhere outside the Valley till date.
NEPSE has already asked the brokers to select their choice of locations. In the first stage, brokers have been asked to choose major cities for their operation. "We have already informed the brokers about NEPSE's service expansion plan outside the Valley," said Tanka Paneru, Chairman of NEPSE. "They are free to choose the locations of their choice." He said that NEPSE may fix the location for them if they failed to choose the place by themselves.
A source at NEPSE said to begin with, it is planning to provide platform for share transactions in Pokhara, Chitwan, Birgunj and Biratnagar. The transaction can be carried out through Wide Area Network which requires optical fibre to operate. "We are also considering about working with a few companies regarding the use of optical fibre," said Sankar Man Singh, General Manager of NEPSE.
Brokers said that they were also ready to go venture out of the Valley. "We got the letter from NEPSE regarding this on Monday," said Nanda Kishor Mundada, chairman of Broker's Association of Nepal. He said brokers were interested to go to all the major cities from where online transactions were possible. "Since more than one broker can go to a single city we have to discuss this," he added.
The Securities Business Person Regulation 2007 has also allowed brokers to open branches outside the Valley. But, they need to take permission from Securities Board of Nepal. NEPSE is also seeking to extend the timeframe of transactions as it will take relatively long time for transactions from outside the Valley. "We may review the existing timeframe considering the transactions from outside the Valley," said Paneru.
Source:eKantipur
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Friday, January 8, 2010
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