Laxmi Capital News
Banks and Insurance Companies to join hands for Commodity exchange; Paid up capital to be Rs 68.25 crore

Altogether of 7 commercial banks,2 development banks and 5 insurance companies have agreed to join hands for theestablishment of Derivative business in Nepal.

The proposed company is set tohave an authorized capital of Rs 1 arba and Paid up capital of Rs 68.25 crore.

Commercial banks like SanimaBank, Janata Bank, Siddhartha Bank, Laxmi Bank, Sunrise Bank, NCC Bank and NMBBank will be among the promoters of the company. Similarly, Mahalaxmi BikasBank, Excel Development Bank, Prime Life Insurance, Neco Insurance, EverestInsurance, Premier Insurance, Siddhartha Insurance, CBIL Capital, SwedaInvestment and Gatisheel Investment will also be among the promoter companies.

The company will be establishedand run under the participation of experts in the field of commoditiesexchange.

Company under the name of MDXExchange was the 2nd company to apply in SEBON for establishment. The companywith reputed banks as the major investors is likely to receive permission forestablishment without any hassle.

As per the new law made forCommodities Exchange, a commodity exchange company should have a minimum paidup capital of Rs 50 crore and a promoter’s holding should not exceed by morethan 5% of the total paid up capital.

Source : Sharesansar, 8thApril 2018

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