Corporate News

Kathmandu, November 13 - After receiving numerous grievances from the investors, Securities Board of Nepal (SEBON) — the capital market regulating authority — has directed the merchant bankers and share brokers not to disseminate sensitive information that could manipulate the movement of secondary market.

Issuing a directive today, the market regulator said that movement of secondary market has been manipulated due to dissemination of sensitive information by the broker companies and merchant bankers.

“In recent days we have received many complaints about the market movement being swayed due to release of sensitive information,” said Niranjaya Ghimire, joint spokesperson for SEBON.

SEBON has also directed merchant bankers and share broker firms not to make any comments on the price of individual company or sub-index.

Citing the directive, Ghimire informed that brokerage firms and merchant bankers are engaging in market manipulation through media and other platforms.

SEBON has also warned that it would take strict action against the firms found to be disseminating information based on speculations related to individual company or sub-index.

Yesterday, Nepal Investors’ Forum Working Committee members had met Nepal Stock Exchange (Nepse) officials and chairman of SEBON to discuss the prevailing situation and how the secondary market could be made more efficient. During the meeting, the investors had urged SEBON and Nepse to implement fully automated trading system as soon as possible.

Officiating General Manager of Nepse, Niranjan Phuyal informed that plans were afoot to launch the fully automated trading system within coming June.

Earlier, Nepse had planned to implement the fully automated trading system from November 12. However, it was unable to replace the semi-automated trading system that is functioning currently as the supplier of the new software is yet to complete related works.

Source: The Himalayan Times

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