Anyone who wants to operate the securities market shall obtain a license to operate the securities market from the Board in accordance with this Act. (2) No one shall be allowed to operate the securities market or cause securities to be bought, sold or exchanged without obtaining a license from the Board in accordance with this Act and such license No one shall even use the name of the securities market without obtaining it. (3) Notwithstanding anything written in sub-section (2), the Nepal Securities Exchange Market, which is in operation at the time of commencement of this Act, shall operate the securities exchange market in accordance with this Act within one year from the date of commencement of this Act. In order to obtain a permit, an application must be submitted to the board. Within that period, it shall not be considered that there has been any obstacle for the Nepal Securities Exchange Market to operate the securities exchange market in accordance with this Act. (4) If the Nepal Securities Exchange Market does not submit an application to the Board for a license to operate the securities market within the period specified in sub-section (3), after the expiration of that period, the Nepal Securities Exchange Market shall Securities market shall not be allowed to operate. (5) Notwithstanding anything written elsewhere in this section, the company registrar's office shall do so only on the recommendation of the board when establishing a securities market as a limited liability company in accordance with the prevailing company law after the commencement of this Act.