SEBON instructs banks to make ASBA process effective

Securities Board of Nepal (SEBON) has instructed all ASBA-approved banks to make the application process more effective and simple for applicants. Issuing a press statement, SEBON said that it has already provided approval to 41 commercial and development banks to accept applications through ASBA for public issues (IPO/FPO). However, SEBON said that it could not get positive feedback from all the applicants who used ASBA system to apply for the issue. SEBON has also instructed the banks to provide necessary training to its staffs and conduct interaction programs. SEBON has also urged all concerned parties to contact SEBON if any problem arises for implementation of the service. Applications Supported by Blocked Amount (ASBA) service was first implemented in the IPO of Forward Community Microfinance Bittiya Sanstha Ltd. Currently, 41 banks and their 1,971 branches in 73 districts in Nepal have received approval to accept applications for public issues through ASBA system.