Kathmandu- A writ has been filed in the Supreme Court over the government’s decision to proceed with the process to open a new stock exchange.

On Tuesday, Krishna Bahadur Thapa filed a writ in the Supreme Court alleging that permission to open a new stock exchange is being granted based solely on the guidelines, rather than the provisions of the law and regulations.

In accordance with the Guidelines on Providing Recommendations by the Board to Establish a Corporate Entity for the Operation of the Securities Market, 2079, the Nepal Securities Board had published a notice on Asoj 2, 2079, inviting applications for a new stock exchange. The writ has demanded that all activities carried out pursuant to the said notice be cancelled and the guidelines also be revoked.

The Cabinet meeting had decided to move forward with the process of the new stock exchange on Poush 20. The work of distributing new licenses had moved forward after the Cabinet meeting decided to send the report prepared by the study committee formed under the coordination of Nepal Rastra Bank Deputy Governor Chintamani Shiwakoti to the Ministry of Finance.

Petitioner Thapa has filed a writ petition in the Supreme Court alleging that permission for the new stock exchange is being granted based solely on the procedure. According to the Supreme Court administration, the writ petition will be heard in the Constitutional Bench.