'No firm has received permission to operate commodity exchange market'
Published: 11:30 am Jan 30, 2023
Kathmandu, January 29
The Securities Board of Nepal (SEBON) has expressed concerns over some companies operating commodity exchange markets without permission over the past few days in the country.
Stating that the board has received information on activities related to commodity exchange being carried out through organisations or companies in recent times, SEBON has warned of legal action against companies involved in such activities without any approval.
Issuing a notice today, SEBON notified that no company has been approved to operate the commodity exchange market and related businesses without its permission, which has not been granted to any company so far.
Although the board had called on companies interested in operating the commodity exchange market to submit their application on September 17 last year, the procedure was halted as per the decision of the Supreme Court. According to Section 3 of the Commodity Exchange Market Act, 2017, no one is allowed to operate the commodity exchange market and related business without obtaining approval from the board.
Stating that SEBON has not permitted anyone to do business related to the commodity exchange market, the board has requested the investors not to get involved in any kind of transactions related to the commodity exchange market and businesses operating without permission.
A version of this article appears in the print on January 30, 2023, of The Himalayan Times.