Section 57
Application For License To Carry On Dealing In Securities
(1) A company or body desirous of carrying on dealing in securities has to make an application to the Board for a license to carry on securities business, in such form and accompanied by such details, documents and fees as may be prescribed.
(2) The application to be made pursuant to Sub-section (1) shall specify the following matters:- (a) Type of securities business and services to be provided, (b) If an agent is to be appointed to carry on securities business and if such business is to be carried on in collaboration with others, matters pertaining thereto, (c) In the case of those business persons, as prescribed, who are allowed to carry on business only upon obtaining a membership of a stock exchange, a recommendation letter of the concerned stock exchange, (d) Grounds proving the ability to carry on the proposed securities business and such other information as may be specified by the Board.
(2) The application to be made pursuant to Sub-section (1) shall specify the following matters:- (a) Type of securities business and services to be provided, (b) If an agent is to be appointed to carry on securities business and if such business is to be carried on in collaboration with others, matters pertaining thereto, (c) In the case of those business persons, as prescribed, who are allowed to carry on business only upon obtaining a membership of a stock exchange, a recommendation letter of the concerned stock exchange, (d) Grounds proving the ability to carry on the proposed securities business and such other information as may be specified by the Board.
Securities Act, 2063 (2007)
Chapter - 2
Section 3: Establishment Of BoardSection 4: Board To Be An Autonomous And Body CorporateSection 5: Functions, Duties And Powers Of The BoardSection 6: Meeting And Decision Of BoardSection 7: Appointment Of ChairpersonSection 8: Functions, Duties And Powers Of The ChairpersonSection 9: Remuneration, Meeting Allowance And Other Facilities Of Chairperson And MemberSection 10: Qualification Of Chairperson And MemberSection 11: Disqualification Of Chairperson And MemberSection 12: Circumstances On Which A Chairperson And A Member May Be Removed From OfficeSection 13: Resignation Of Chairperson And MemberSection 14: Fulfillment Of VacancySection 15: Proceeding Not To Be InvalidSection 16: Powers To Form Committee Or Sub-committeeSection 17: Delegation Of PowersSection 18: Requirement Of Disclosure In Regard To Conflict Of InterestSection 19: Provisions Relating To Accounts Experts, Advisors And EmployeesSection 20: To Take OathSection 21: SecrecySection 22: Fund Of BoardSection 23: Provision Of Revolving FundSection 24: Accounts Of BoardSection 25: Auditor And AuditSection 26: Annual Report
Chapter - 3
Section 27: Registration Of SecuritiesSection 28: Sale And Transfer Of SecuritiesSection 29: Securities To Be Issued PubliclySection 30: Prospectus To Be PublishedSection 31: Approval Of A ProspectusSection 32: Matters To Be Referred To In ProspectusSection 33: Liability For Matters Referred To In ProspectusSection 34: A Body Corporate To Make A NoticeSection 35: Compensation For Revocation Of Enlisting, If Any
Chapter - 4
Section 36: License To Be Obtained To Operate Stock ExchangeSection 37: Application To Be Made To Carry On Stock ExchangeSection 38: Issue Of A License To Carry On Stock ExchangeSection 39: The Board May Specify TermsSection 40: Power To Refuse To Issue License To Carry On Stock ExchangeSection 41: Minimum Capital And Financial SourceSection 42: Validity Period And Renewal Of A License To Carry On Stock ExchangeSection 43: Transactions Of Recognized SecuritiesSection 44: Managerial Responsibility Of Stock ExchangeSection 45: Functions, Duties And Powers Of Stock ExchangeSection 46: Disclosure To Be Made By Stock ExchangeSection 47: Stock Exchange To Submit A ReportSection 48: Stock Exchange To Issue DirectionSection 49: Ceiling Of Securities Transactions May Be FixedSection 50: Charge To Be Paid By Stock ExchangeSection 51: Stock Exchange To Assist BoardSection 52: Information Of Action To Be GivenSection 53: Stock Exchange To Provide For Compensation FundSection 54: Provisions Relating To Operation Of Compensation FundSection 55: Board To Make Provisions On Compensation
Chapter - 5
Section 56: License To Be Obtained To Carry On Securities BusinessSection 57: Application For License To Carry On Dealing In SecuritiesSection 58: A License To Carry On Securities Business To IssueSection 59: Board To Specify Terms And ConditionsSection 60: Power To Refuse To Issue A License To Carry On Securities BusinessSection 61: Validity And Renewal Of A License To Carry On Securities BusinessSection 62: Power To Prescribe For Carrying On Securities Business Through A Subsidiary CompanySection 63: Types Of Securities BusinessSection 64: License Not To Be Issued To Carry On Securities Business Without Specifying AgentSection 65: Formal AgentSection 66: Rights Of Securities Business PersonSection 67: Minimum Capital And Financial Source Of Securities Business PersonSection 68: To Maintain Records Of Securities Business PersonsSection 69: Records Of Formal AgentsSection 70: Information To Be Given
Chapter - 6
Section 71: No Collective Investment Scheme Shall Be Operated Without Obtaining A PermissionSection 72: Board To Grant Permission To Operate Collective Investment SchemeSection 73: Operation Of Collective Investment SchemeSection 74: Board May Revoke PermissionSection 75: Other Provisions Relation To Operation Of Collective Investment Schemes
Chapter - 7
Section 76: Business StandardsSection 77: Provisions Relating To Identification Of Investors, Purchase And Sale Order, Contract Note And Payment Of MoneySection 78: Accounts To Be Maintained By Securities Business PersonSection 79: Insurance To Be MadeSection 80: Auditor To Be AppointedSection 81: To Maintain Roster Of AuditorsSection 82: Submission Of Accounts And StatementsSection 83: Report To Be Made By Enlisted Auditor To Board
Chapter - 9
Section 91: Insider TradingSection 92: Persons Likely To Be Involved In Insider TradingSection 93: Information Or Notice Deemed To Have Been Made PublicSection 94: False TradingSection 95: Fluctuation In PriceSection 96: To Affect Stock ExchangeSection 97: To Supply Misleading StatementsSection 98: Fraudulent TransctionSection 99: Prohibition On Transaction Of Securities By Fraud Or MisrepresentationSection 100: Destroy Or Concealment Of Documents, Statements Or RecordsSection 101: PunishmentSection 102: Government Of Nepal To Be A PlaintiffSection 103: Investigation And Filing Of A CaseSection 104: Investigation May Be Conducted Upon Holding In Detention Or Suspension Or Release On BailSection 105: Compensation To Be PaidSection 106: AppealSection 107: Remedies Against Undue BiasSection 108: To Be Disqualified To Be A Director Or General Manager
Chapter - 10
Section 109: Provisions Relating To Take Over Of A Body Corporate Or Control Over Abody CorporateSection 110: A Body Corporate To Register The Transfer Of The Shares Certified By Thestock ExchangeSection 111: Transfer Of SecuritiesSection 112: Liaison With Government Of NepalSection 113: Government Of Nepal May Issue DirectionsSection 114: To Render AssistanceSection 115: Saving For The Act Done In Good FaithSection 116: Power To Frame RulesSection 117: Power To Frame Bye-lawsSection 118: To Frame And Enforce DirectivesSection 119: Effect Of Inoperativeness Of The Securities Ordinance, 2005