2.6 Brokers and Dealers

The broker — the client's agent (the commission's earning; NEPSE's licensed members — the 50- broker era; the brokerage's licensing under the Securities Act's intermediary regime): the order's execution, the client's KYC-and-suitability faces, the margin accounts' discipline. The dealer — the principal (the own-account trading; the market-making's bid-ask provision — Nepal's market-maker debates for the thin scrips); the broker-dealer's hybrid and the conflicts' management (the agency-and-principal mix's Chinese walls). The regulation's face: the licensing, the capital adequacy, the conduct's code (the churning-and-front-running bars — the fraud unit's relatives), the inspection-and-discipline by SEBON-and-NEPSE (the broker-suspension cases of the market's history).