Listed firms fail to report Q3 financials
KATHMANDU, May 18:
The listed companies have once again displayed their utter disregard to the capital market regulatory body as almost 50 per cent of the listed companies failed to submit their third-quarter financial reports within stipulated time.
The listed companies were supposed to submit the third-quarter financials to the regulator, Securities Board of Nepal (Sebon), by May 15. However, only 103 companies among the 203 that has to submit the report presented the report within the given time.
This is not the first time that the companies have failed to submit their reports in time. In the first quarter of the current fiscal year also, among 185 listed companies only 65 submitted the report within the stipulated time. In the second-quarter also, among 192 listed companies in the secondary market that were supposed to submit the report to Sebon, 119 submitted their financial report within the stipulated time.
In the capital market dominated by financial institutions, there are 132 listed banks and financial institutions (BFIs) that also need to report to the monetary authority of Nepal, Nepal Rastra Bank (NRB). These BFIs always submit their financials within the specified time period to the central bank. Else, the central bank can take stringent actions, according to the source at the central bank.
Among the listed financial intermediaries, only 49 were able to submit their quarterly financial reports to Sebon on time, 74 BFIs have submitted the report late but 9 still need to present their financial reports.
According to the regulations, the listed companies need to submit their financials within a month of the completion of the quarter.
Though the BFIs do not fail to submit the report to the central bank within time, it is their disregard to the capital market regulator that makes them ignore the regulations imposed by Sebon. Moreover, Sebon’s leniency towards the regulation flouters does not deter them from repeating the offense.
Most of the stakeholders — stock exchange, listed companies and merchant bankers — tend to ignore submitting the financial reports to the regulator on time. In some cases, they do not submit the reports at all.
In the absence of penalty for the late submission from the regulator, the companies keep ignoring to submit the report. The brokers have yet to submit their financial reports even of first quarter. Also, only six merchant bankers among the 14 submitted their half-yearly financials within the stipulated time.
Source: THT
The listed companies have once again displayed their utter disregard to the capital market regulatory body as almost 50 per cent of the listed companies failed to submit their third-quarter financial reports within stipulated time.
The listed companies were supposed to submit the third-quarter financials to the regulator, Securities Board of Nepal (Sebon), by May 15. However, only 103 companies among the 203 that has to submit the report presented the report within the given time.
This is not the first time that the companies have failed to submit their reports in time. In the first quarter of the current fiscal year also, among 185 listed companies only 65 submitted the report within the stipulated time. In the second-quarter also, among 192 listed companies in the secondary market that were supposed to submit the report to Sebon, 119 submitted their financial report within the stipulated time.
In the capital market dominated by financial institutions, there are 132 listed banks and financial institutions (BFIs) that also need to report to the monetary authority of Nepal, Nepal Rastra Bank (NRB). These BFIs always submit their financials within the specified time period to the central bank. Else, the central bank can take stringent actions, according to the source at the central bank.
Among the listed financial intermediaries, only 49 were able to submit their quarterly financial reports to Sebon on time, 74 BFIs have submitted the report late but 9 still need to present their financial reports.
According to the regulations, the listed companies need to submit their financials within a month of the completion of the quarter.
Though the BFIs do not fail to submit the report to the central bank within time, it is their disregard to the capital market regulator that makes them ignore the regulations imposed by Sebon. Moreover, Sebon’s leniency towards the regulation flouters does not deter them from repeating the offense.
Most of the stakeholders — stock exchange, listed companies and merchant bankers — tend to ignore submitting the financial reports to the regulator on time. In some cases, they do not submit the reports at all.
In the absence of penalty for the late submission from the regulator, the companies keep ignoring to submit the report. The brokers have yet to submit their financial reports even of first quarter. Also, only six merchant bankers among the 14 submitted their half-yearly financials within the stipulated time.
Source: THT
