SEBON addresses concerns of investors; claims to have completed several tasks as mandated by Finance Ministry’s committee and expresses commitment to complete others by stipulated time

Securities Board of Nepal, amid a strong protest from a group of investors, has issued a press statement highlighting that it has so far completed most of the recommended activities as per the report of the high level committee formed by Finance Ministry. The board has clarified that out of 12 activities that were supposed to be performed immediately, it has already completed the following tasks:

*Not allowing the companies that received poor fundamentals to float shares in public

*Not Allowing companies to float FPO in higher value of their net worth and allowing them to float IPO that doesn’t exceed more than double their net worth

*NEPSE already formulated guidelines under SEBON’s guidelines to allow brokers to provide margin loans

*Linking online trading system of NEPSE with CDSC and making recommendations about the ongoing glitches in NEPSE’s online system

*Coordinating to bring Citizen Investment Trust (CIT) as market maker in stock market

The board has also pointed out few other areas which it claims to fall under NEPSE’s jurisdiction and therefore is making regular effort to get them done from NEPSE as soon as possible:

*Providing broker license to the commercial banks

*Revising the current practice and provision of circuit breaker in NEPSE

*establishing Investors Security Fund

*establishing a settlement guarantee fund

In the same way, the board has also pointed out that there are several other pending works for which it has received a mandate to get rid of them either by the end of Chaitra 2075 or by the end of the current fiscal year. It expressed commitment that the scheduled works will be completed in the stipulated time frame.