The Securities Board of Nepal has requested not to set up a commodity exchange market without taking permission. The board issued a notification on Sunday and made it clear that permission to operate the barter market has not yet been issued.
The board has warned that those conducting illegal activities will be punished as they have received information that the barter market is operating even when the permit has not been issued.
“Recently, the Board has received a number of reports on the barter market being conducted by a company.” “Barter market and related businesses are illegal if operated without permission and will be dealt with, according to prevailing laws,” said the notice.
The board has also requested the general investors not to conduct any business related to the commodity exchange market without permission.
The board has also made it clear that according to Section 3 of the Commodity Exchange Market Act, 2074, no permission has been granted to anyone to conduct the commodity exchange market and its related business.
The board has also informed that the notification regarding the application for prior approval to establish a company to operate the commodity exchange market is suspended as per the short-term order of the Supreme Court.
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