Employees of Securities Board and Nepse forbidden to apply for IPO; required to disclose existing shares

The parliamentary committee has decided to forbid the employees of the Securities Board and Nepal Stock Exchange from applying for ordinary shares.

A sub-committee formed by the Finance Committee has decided to issue broker licenses to banks and has also prevented the employees from applying for ordinary shares. The report submitted by the sub-committee will be discussed in the Finance Committee. The Finance Committee has the final say on the matter.

If the Finance Committee decides in accordance with the report submitted by the sub-committee, the employees of the regulator will not be allowed to apply for shares. The sub-committee has accused the employees of SEBON and Nepse of manipulating the stock market. However, the employees won't have to sell the shares they already have.

Nevertheless, the employees will now have to disclose the details and quantity of company stocks they have, if they have any.