Applicant’s citizenship certificate & photo no longer a requirement when applying for IPO/FPO

Securities Board of Nepal (SEBON) has dismissed the existing provision of requirement of applicant’s photo and copy of citizenship certificate when applying for public issues (IPO/FPO). Issuing a press statement, SEBON said that since it is mandatory to include the applicant’s demat account number while applying for IPO, the details of the applicant can be verified by their demat account number. It is mandatory to provide a copy of citizenship certificate and photo when opening a demat account and all the details can automatically be verified by the details provided while opening the demat account. This new provision is also applicable for the upcoming IPO of Swadeshi Laghubitta Bittiya Sanstha Limited. As per an official of NMB Capital, the issue manager for IPO of Swadeshi Laghubitta, the application forms have been designed as per this guideline. However, this provision does not apply for industrial areas of IPOs for local people of project-affected areas. The applicants for these regions should still provide their photo and copy of citizenship certificate.