According to the "Securities Issuance and Allotment (Sixth Amendment) Guideline, 2079" published by the Securities Board (SEBON), 10% of the shares issued by companies during the initial public offering (IPO) of securities should be distributed to Nepalese who are employed abroad after obtaining work visas from the relevant government agencies in Nepal.
Since it went into effect on Kartik 17, all Nepalese citizens who wish to apply for the IPO of shares issued for Nepalese citizens working abroad may do so after receiving work permits from the appropriate agencies of the Government of Nepal. To apply for such an IPO, the investors are required to contact member banks and financial institutions. Likewise, after contacting such institutions, the investors are suggested how to open a Remittance Savings Account and obtain their C-ASBA Registration Number (CRN). All C-ASBA member banks and financial institutions are made aware of the plans made to enter their customers' remittance accounts and the CRN number needed to be submitted in the C-ASBA system for this purpose.
The registered CRN number is necessary on the day of application for the purchase of shares designated for the remittance savings account for Nepalese who have received labor approval from the appropriate body of the Government of Nepal and are employed abroad. Through Mero Share, eligible applicants are made aware of the procedure for issuing reserved shares.
Recently, Kalinchowk Darshan Limited (KDL) has published an offer letter to issue its IPO to the project affected locals and Nepalese citizens working abroad. The IPO issue for the locals and Nepalese citizens working abroad will open on Mangsir 14, and close on Mangsir 28, 2079. Hence, KDL becomes the first entity to issue IPO to investors working overseas.