Banks and Insurance Companies to join hands for Commodity exchange; Paid up capital to be Rs 68.25 crore
Sun, Apr 8, 2018 6:28 AM on Latest, Featured, External Media,
Altogether of 7 commercial banks, 2 development banks and 5 insurance companies have agreed to join hands for the establishment of Derivative business in Nepal.
The proposed company is set to have an authorized capital of Rs 1 arba and Paid up capital of Rs 68.25 crore.
Commercial banks like Sanima Bank, Janata Bank, Siddhartha Bank, Laxmi Bank, Sunrise Bank, NCC Bank and NMB Bank will be among the promoters of the company. Similarly, Mahalaxmi Bikas Bank, Excel Development Bank, Prime Life Insurance, Neco Insurance, Everest Insurance, Premier Insurance, Siddhartha Insurance, CBIL Capital, Sweda Investment and Gatisheel Investment will also be among the promoter companies.
The company will be established and run under the participation of experts in the field of commodities exchange.
Company under the name of Multi Derivative Exchange was the 2nd company to apply in SEBON for establishment. The company with reputed banks as the major investors is likely to receive permission for establishment without any hassle.
As per the new law made for Commodities Exchange, a commodity exchange company should have a minimum paid up capital of Rs 50 crore and a promoter’s holding should not exceed by more than 5% of the total paid up capital.
