Market Update: Power failure postponed NEPSE trading for 3 hours; 16 brokers suspended

ShareSansar, August 2:

Finally, NEPSE has issued a notice regarding delaying of trading of shares today. The market will open from 3:00 to 6:00 PM today. NEPSE trading has postponed for 3 hours than normal 12 noon to 3:00 PM trading hours. As per the NEPSE official it is due to power issue in NEPSE network, the trading time has been postponed for 3 hours for maintenance purpose. The trading time for today will start from 3 PM to 6 PM. We are sorry for the inconvenience caused.

Also, there are 16 Brokers out Due to non-settlement of Securities and Fund obligations.

Broking Firm Agrawal Securities(6), J.F.Securities(7), Primo Securities(16), ABC Securities(17), Asian Securities(26), Trisul Securities(29), Kohinoor Investment and Securities(35), Dipshikha Dhitopatra(38), Creative Securities(40), Sani Securities(42), Trishakti Securities(48), Investment management Nepal(53), Sewa Securities(54), Srihari Securities(56) and Naasa Securities(58) cannot perform trade today due to non-settlement of Securities Obligations. And Broking Firm Secured Securities(36) cannot perform trade today due to non-settlement of Fund and securities obligations.

Earlier, Mr. Sita Ram Thapaliya, the General Manager of NEPSE said, “Trading in stock market will start as soon as the power problem is solved and trading time will be extended beyond 3 PM to cover up the time loss due the problem.”

Nepal Stock Exchange should be held responsible for the timely transaction of shares trading of investors. This is not the first time problem has occurred during trading hour, every time NEPSE comes up with some or other reasons of (server and power back up) for delay in share trading.  SEBON, the regulatory body of the only stock exchange of Nepal also needs to be strict with the exchange. Last week itself more than Rs 300 crore transactions were witnessed in NEPSE. Seeing that anyone can make it out how viciously investor’s sentiments have been neglected by the key stakeholders of the market. Investors Forum and Stock broker association should also step up and raise their voice against such irresponsible behavior of exchange, opined Jeevan Shrestha, a prominent share investor.