NEPSE shortlists 137 hopeful
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KATHMANDU, SEP 25 -
The Nepal Stock Exchange (NEPSE) on Friday shortlisted 137 hopeful stockbrokers
who will move into the second phase of the selection process.
NEPSE also revealed to the media the system that was being used by the selection committee to ensure transparency when selecting prospective stockbrokers.
“We’re strictly ensuring transparency in the selection process,” said NEPSE general manager Shankar Man Singh.
On Aug. 10, NEPSE had asked aspiring stockbrokers who had applied three years ago to contact it to claim their state of eligibility. A total of 162 applicants had done so.
Most of the disqualified candidates were found to have less paid-up capital than stated on their applications. A stockbrokerage firm applying for a license is required to have a minimum paid-up capital of Rs. 2 million if it is a private limited company and Rs. 10 million if it is a public limited company. Meanwhile, other disqualified applicants had either changed the board of directors of their company or merged with listed companies. In a few cases, the applicants were found to have a family member working in existing stockbrokerage firms.
In the past, the selection of new stockbrokers had been halted by different authorities due to various controversies. The selection process to enlist new stockbrokers actually began on Nov. 28, 2007.
The second phase of the selection process will have a written exam to be held on Oct. 9. NEPSE will hold the test at the Institute of Engineering, Pulchok under the optical magnetic readable technology.
Similarly, the selection committee will prepare 30 sets of question papers, out of which a maximum of 10 sets will be finalised by a team of national and international subjective experts. “We have asked the subjective experts to review the sets of questions,” said Singh.
Singh denied that the Commission for the Investigation of Abuse of Authority (CIAA) had ordered NEPSE to hold the process in response to reports that a complaint had been filed at CIAA regarding transparency in the selection.
He said, “We have talked to the CIAA officials in this regard and they are positive about the process.”
Posted on: 2010-09-25 09:23
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