SEBON suspends trading of Everest Insurance for investigation on insider trading; National Hydropower Company also suspended

Securities Board of Nepal (SEBON) has suspended trading of Everest Insurance Company Limited (EIC) and National Hydropower Company Limited (NHPC) in Nepal Stock Exchange today. As per Mr. Niranjaya Ghimire, Deputy Spokesperson for SEBON, SEBON had to suspend trading of NHPC because of complaints received from directors of the company. “We have received several complaints regarding conflict between the directors, so SEBON has suspended its trading to protect the investors”, said Mr. Ghimire. On the other hand, trading of EIC was suspended for investigating possible insider trading. Everest Insurance, that declared issuance of 600% right share for its upcoming AGM, had started to gain market price and transaction turnover a few days before the notice was published—which had gained attention from all directions. The trading of these companies will remain suspended until the investigation onto the matter is finalized.