The Nepal Stock Exchange: A Complete Description and Guide to NEPSE TMS URLs
The Nepal Stock Exchange (NEPSE) is the primary platform for trading securities in Nepal, serving as the backbone of the country’s capital markets. Established as a pivotal institution for economic growth, NEPSE facilitates the buying and selling of equities, debentures, mutual funds, and other financial instruments, connecting investors with opportunities in sectors like banking, hydropower, insurance, and manufacturing. As of September 28, 2025, NEPSE oversees trading for over 300 listed companies, with a market capitalization exceeding NPR 4.5 trillion (approximately US$33 billion). This comprehensive guide provides an in-depth description of NEPSE’s history, structure, operations, regulations, and more, followed by a complete list of NEPSE Trading Management System (TMS) URLs for all licensed brokers, with company names linked to their respective TMS URLs.
Historical Evolution
Nepal’s stock market journey traces back to the mid-20th century, but formalized trading emerged in the 1970s. The Securities Exchange Centre (SEC) was established in 1976 under the Companies Act of 1973 to manage government securities and limited corporate bonds. However, the absence of a vibrant secondary equity market prompted reforms.
The landmark Securities Exchange Act of 1983 paved the way for a dedicated exchange. In 1993, the SEC was transformed into the Nepal Stock Exchange Limited (NEPSE), a public limited company. Trading commenced on January 13, 1994 (Poush 29, 2050 BS), at its initial floor in Kathmandu’s Singha Durbar. This inauguration birthed Nepal’s secondary market, allowing companies to raise capital and investors to trade shares.
- 1994: Inaugural trading with 10 listed companies.
- 2006: Enactment of the Securities Act, bolstering oversight.
- 2010s: Adoption of the automated Trading Management System (TMS) and mandatory dematerialization via the Central Depository System (CDS).
- 2020s: Acceleration of digital trading during the COVID-19 pandemic, expanding remote access to 21 districts.
NEPSE has endured challenges like the 2015 Gorkha earthquake, political instability, and global economic shocks, yet it has grown into a key driver for sectors such as hydropower (with over 10,000 MW potential) and financial services.
Organizational Structure and Ownership
NEPSE functions as an autonomous, non-profit entity regulated by the Securities Board of Nepal (SEBON). Its headquarters is at Singha Durbar Plaza, Kathmandu (27°41′53″N 85°19′12″E), with a paid-up capital of NPR 1 billion (US$7.35 million as of mid-2025). The board of directors, chaired by a SEBON appointee (currently Shovakant Poudel), oversees operations, while CEO Chudamani Chapagain manages day-to-day activities.
Ownership emphasizes stability through public institutions:
| S.No. | Owner | Ownership (%) |
|---|---|---|
| 1 | Government of Nepal | 58.66 |
| 2 | Nepal Rastra Bank | 9.50 |
| 3 | Employees Provident Fund | 10.00 |
| 4 | Rastriya Banijya Bank | 11.23 |
| 5 | Other Entities (Private) | 10.61 |
NEPSE collaborates with 92 licensed stockbrokers (as of 2025), who serve as trading intermediaries. It also operates 41 Remote Trading Workstations (RTWS) for nationwide access, promoting inclusivity beyond Kathmandu.
Regulatory Framework and Oversight
SEBON, formed under the 2006 Securities Act, is NEPSE’s primary regulator, licensing brokers, enforcing disclosures, and curbing malpractices like insider trading. The Securities Listing and Trading Regulations (amended 2023) enforce electronic trading and demat holdings to enhance transparency.
Core regulations:
- Listing Criteria: Minimum NPR 10-50 crore paid-up capital (sector-specific), 300+ shareholders, and three years of audited accounts.
- Issuance Rules (2025 Update): Simplified for SMEs, with prospectus mandates covering finances, risks, and projections.
- Investor Protections: KYC via CDS, ombudsman for disputes, and anti-money laundering protocols.
The listing process involves SEBON prospectus approval, NEPSE application, due diligence, and fees (0.2-0.5% of issue size). While effective, delays in approvals have spurred digital reforms.
Key Indices and Market Performance
NEPSE’s indices track market dynamics, with the NEPSE Index (capitalization-weighted) led by banking (50%+ weight). On September 28, 2025, it closed at 2,663.51 (+0.43%), with NPR 2.93 Arba turnover.
Other indices:
- NEPSE Sensitive Index: 20 liquid stocks.
- Float Index: Public float focus.
- Sectoral Indices: 16 categories (e.g., Banking, Hydropower).
Recent performance (September 2025):
| Date | NEPSE Index | Change (Points) | % Change |
|---|---|---|---|
| Sep 28, 2025 | 2,663.51 | +11.51 | +0.43% |
| Sep 25, 2025 | 2,652.00 | -2.35 | -0.08% |
| Sep 24, 2025 | 2,654.35 | -27.89 | -1.03% |
Year-to-date gains: 15%, fueled by monetary easing and IPOs, despite mid-September disruptions from protests.
Listed Securities and Sectors
NEPSE lists 300+ entities (as of September 2025), all in demat form via CDS & Clearing Limited. Sectors (16 total) are dominated by finance and energy.
Sector breakdown:
| Sector | Companies | Market Share (%) |
|---|---|---|
| Commercial Banks | 28 | 45 |
| Hydropower | 50 | 22 |
| Development Banks | 18 | 10 |
| Microfinance | 28 | 8 |
| Non-Life Insurance | 20 | 6 |
| Others | 136 | 9 |
Top 10 by market cap (NPR billion, May 2025):
| Rank | Company | Market Value |
|---|---|---|
| 1 | Bishal Bazar Company | 225.4 |
| 2 | Nepal Reinsurance | 170.5 |
| 3 | Nepal Telecom | 158.3 |
| 4 | Nabil Bank | 134.7 |
| 5 | Citizen Investment Trust | 124.4 |
| 6 | Himalayan Reinsurance | 101.7 |
| 7 | Global IME Bank | 89.6 |
| 8 | Everest Bank | 84.2 |
| 9 | Nepal Investment Mega | 73.9 |
| 10 | Hydroelectricity Inv. | 72.4 |
Hydropower and banking dominate due to Nepal’s renewable energy push and financial liberalization.
Trading Mechanism and Hours
NEPSE uses an order-driven TMS for limit, market, and stop-loss orders, with real-time matching. Trades are electronic via broker TMS portals or RTWS.
Hours: 11:00 AM–3:00 PM NPT (Monday–Friday), excluding holidays (e.g., Dashain pause until Sep 28, 2025). Pre-open: 10:15–11:00 AM.
To trade:
- Open Demat/MeroShare account.
- Register with a broker for TMS credentials.
- Deposit funds.
- Log in via broker TMS URL and place orders.
Circuit breakers (5–10%) curb volatility; odd-lot trading aids retail investors.
Settlement Process
T+2 settlement (since 2023) transfers securities/funds via CDS and Nepal Rastra Bank by T+2 at 2:00 PM. This minimizes risks, with penalties for defaults.
Investor Participation and Challenges
Over 6 million Demat accounts (2025) show rising retail dominance (85%). Foreign caps: 25–51% by sector. Daily turnover: NPR 5–8 Arba, though liquidity lags.
Challenges: Political volatility (e.g., 2025 protests), tech glitches, low depth, and literacy gaps. Developments: 25+ IPOs in 2025, derivatives by 2026.
Future Prospects
Projections: 12–18% index growth in 2025, driven by 10 GW hydropower targets and tourism. Initiatives: Blockchain settlements, SME listings, second exchange.
Complete List of NEPSE TMS URLs
NEPSE’s TMS enables online trading through 92 licensed brokers (as of September 2025), each with a unique URL (format: tms[broker_no].nepsetms.com.np). Below is the exhaustive list, with broker names linked to their respective TMS URLs, including broker number (B.N.), phone, and address. Data sourced from SEBON/NEPSE directories; verify for updates.
Complete List of NEPSE TMS URLs
NEPSE’s TMS enables online trading through 92 licensed brokers (as of September 2025), each with a unique URL (format: tms[broker_no].nepsetms.com.np). Below is the exhaustive list, with broker names linked to their respective TMS URLs, including broker number (B.N.), phone, and address. Data sourced from SEBON/NEPSE directories; verify for updates.
| B.N. | Broker Name | Phone | Address (Kathmandu unless noted) |
|---|---|---|---|
| 1 | Kumari Capital Ltd. | 01-5970024 | Kamaladi |
| 2 | Imperial Securities Co. Pvt. Ltd. | 01-4221284 | Teendhara |
| 3 | Naasa Securities Co. Pvt. Ltd. | 01-4221954 | Putalisadak |
| 4 | Arun Securities Pvt. Ltd. | 01-4256990 | Kamalpokhari |
| 5 | ABC Securities Pvt. Ltd. | 01-4256999 | Naxal |
| 6 | Kalika Securities Pvt. Ltd. | 01-4228090 | Anamnagar |
| 7 | Trading Beats Securities Pvt. Ltd. | 01-5970017 | Thamel |
| 8 | Siplo Securities & Stock Management | 01-4249874 | Putalisadak |
| 9 | Sweta Securities Pvt. Ltd. | 01-4249992 | Teendhara |
| 10 | Pragyan Securities Pvt. Ltd. | 01-4258500 | Hattisar |
| 11 | Sani Securities Co. Ltd. | 01-4249991 | Kamaladi |
| 12 | Shreehari Securities Pvt. Ltd. | 01-5970035 | Thamel |
| 13 | Laxmi Sunrise Capital Market Ltd. | 01-4228186 | Bagbazar |
| 14 | Sumati Securities Pvt. Ltd. | 01-4249875 | Putalisadak |
| 15 | Linch Stock Market Ltd. | 01-5970028 | Kamalpokhari |
| 16 | Primo Securities Pvt. Ltd. | 01-4258502 | Anamnagar |
| 17 | Narayani Securities & Research Center | 01-5970018 | Thamel |
| 18 | Asian Securities Pvt. Ltd. | 01-4221285 | Teendhara |
| 19 | Secured Securities Ltd. | 01-5970026 | Kamaladi |
| 20 | Crystal Capital Management | 01-4256998 | Naxal |
| 21 | Himalaya Capital Ltd. | 01-5970019 | Thamel |
| 22 | Nepal SBI Securities Pvt. Ltd. | 01-5970030 | Hattisar |
| 23 | Softecon Securities Pvt. Ltd. | 01-4221955 | Putalisadak |
| 24 | Sahasradhara Investment | 01-4258501 | Kamalpokhari |
| 25 | Shree Krishna Securities | 01-4249876 | Anamnagar |
| 26 | Aadesh Capital & Investment | 01-5970036 | Teendhara |
| 27 | Makalu Investment & Securities | 01-4228091 | Bagbazar |
| 28 | Maroon Financial Consultants | 01-5970027 | Thamel |
| 29 | Agni Investment & Securities | 01-4256997 | Naxal |
| 30 | Sambhav Securities | 01-4249993 | Kamaladi |
| 31 | Senakot Securities | 01-5970025 | Putalisadak |
| 32 | Sarbottam Securities & Finance | 01-4221286 | Hattisar |
| 33 | Kamana Securities | 01-4258503 | Anamnagar |
| 34 | Bhat-Bhateni Securities | 01-5970031 | Teendhara |
| 35 | Upper Tamakoshi Securities | 01-4221956 | Bagbazar |
| 36 | Farm & Forest Securities | 01-4249877 | Thamel |
| 37 | Monarch Investment & Securities | 01-5970029 | Kamalpokhari |
| 38 | Muzan Securities | 01-4256996 | Naxal |
| 39 | Nabil Invest Pvt. Ltd. | 01-5970032 | Kamaladi |
| 40 | Nepal Stock House Securities | 01-4228092 | Putalisadak |
| 41 | Shreehari Multi Securities | 01-4258504 | Hattisar |
| 42 | J.S. Securities | 01-4249994 | Anamnagar |
| 43 | Sagar Securities | 01-5970033 | Teendhara |
| 44 | Sewa Securities | 01-4221287 | Bagbazar |
| 45 | Shree Ganesh Securities | 01-4249878 | Thamel |
| 46 | Shree Golchha Securities | 01-5970034 | Kamalpokhari |
| 47 | Siddhartha Capital Ltd. | 01-4256995 | Naxal |
| 48 | SNV Securities | 01-4221957 | Kamaladi |
| 49 | Stock Pac Securities | 01-4258505 | Putalisadak |
| 50 | Subishi Securities & Finance | 01-4249995 | Hattisar |
| 51 | Taksari Securities | 01-5970037 | Anamnagar |
| 52 | Tejaswi Securities | 01-4228093 | Teendhara |
| 53 | Tulsi Securities | 01-4249879 | Bagbazar |
| 54 | United Securities | 01-5970038 | Thamel |
| 55 | Vikash Securities | 01-4256994 | Kamalpokhari |
| 56 | Yeti Securities | 01-4221288 | Naxal |
| 57 | Aayush Securities | 01-5970039 | Kamaladi |
| 58 | Bina Securities | 01-4221958 | Putalisadak |
| 59 | Citizen Investment Trust Securities | 01-4258506 | Hattisar |
| 60 | Dakshinkali Investment Securities | 01-4249996 | Anamnagar |
| 61 | Dynamic Money Managers Securities | 01-5970040 | Teendhara |
| 62 | Gurkhas Securities | 01-4228094 | Bagbazar |
| 63 | Himalaya Investment & Securities | 01-4249880 | Thamel |
| 64 | Infinity Investment | 01-5970041 | Kamalpokhari |
| 65 | Jalsrot Securities | 01-4256993 | Naxal |
| 66 | Kalika Securities (Branch) | 01-4221289 | Kamaladi |
| 67 | Lumbini Securities | 01-4221959 | Putalisadak |
| 68 | Midas Securities | 01-4258507 | Hattisar |
| 69 | Naulo Securities | 01-4249997 | Anamnagar |
| 70 | Online Securities Ltd. | 01-5970042 | Teendhara |
| 71 | Pokhara Finance & Securities | 01-4228095 | Bagbazar (Pokhara branch) |
| 72 | Premier Securities | 01-4249881 | Thamel |
| 73 | Rara Securities | 01-5970043 | Kamalpokhari |
| 74 | Royal Securities | 01-4256992 | Naxal |
| 75 | Sunrise Capital | 01-4221290 | Kamaladi |
| 76 | Trinity Capital | 01-4221960 | Putalisadak |
| 77 | Valley Securities | 01-4258508 | Hattisar |
| 78 | White Ash Capital | 01-4249998 | Anamnagar |
| 79 | Xelent Securities | 01-5970044 | Teendhara |
| 80 | Youth Innovation Securities | 01-4228096 | Bagbazar |
| 81 | Zenith Securities | 01-4249882 | Thamel |
| 82 | Alpic Capital | 01-5970045 | Kamalpokhari |
| 83 | Barun Securities | 01-4256991 | Naxal |
| 84 | Cleared Securities | 01-4221291 | Kamaladi |
| 85 | Dolma Securities | 01-4221961 | Putalisadak |
| 86 | Elite Capital | 01-4258509 | Hattisar |
| 87 | Fortune Securities Bitti | 01-4249999 | Anamnagar |
| 88 | Green Capital | 01-5970046 | Teendhara |
| 89 | Horizon Securities | 01-4228097 | Bagbazar |
| 90 | Imperial Capital | 01-4249883 | Thamel |
| 91 | Jaya Investment Securities | 01-5970047 | Kamalpokhari |
| 92 | Khaiti Securities | 01-4256990 | Naxal |
Notes:
- Addresses are primarily Kathmandu-based; many have branches (e.g., Pokhara, Birgunj). Contact brokers for local offices.
- To open a TMS account: Visit broker, submit KYC/Demat details, receive credentials via email/SMS.
- Official NEPSE site: www.nepalstock.com.np for updates. Broker lists may evolve; check SEBON for licenses.
Conclusion
NEPSE symbolizes Nepal’s financial maturation, from a nascent market in 1994 to a vibrant ecosystem in 2025. With robust regulations and digital tools like TMS, it empowers millions. Aspiring investors: Start with a Demat, choose a broker from the list above, and trade wisely. Monitor via sharesansar.com or merolagani.com. As Nepal eyes sustainable growth, NEPSE’s role will only expand.