Shares of the Promoter Shareholders are Locked in for Three Years and One Year for Diversified Investment Funds

The Securities Registration and Issuance Regulations 2073 were modified for a sixth time during the Tuesday Cabinet meeting. Here is the list of those amendments:

• Following receipt of labor approval from the appropriate Nepalese government agencies, 10% of the shares shall be set aside specifically for Nepalis who are working overseas.

• Only the remitted savings account in the bank or financial institution authorized to receive the board's securities purchase application should be used to make the payment.

• Shares allocated in accordance with sub-rule (6A) that are not sold must be issued to the general public.

• The securities of other groups except the securities issued by the publication of the prospectus (Promoter shares) may not be sold without completing a period of three years from the date of allotment.

• However, when a year has passed since the day the shares were allotted, a securities organization owned by private equity, venture capital, hedge fund, or a similar fund registered on the board or overseas may sell the primary public issue shares to the general public.

• The term "securities of other groups" as used in this bye-law refers to securities issued by a formal organization following the publication of a prospectus and distributed to the general public, excluding securities held by the general public, securities acquired by the founder or other groups, as well as any bonus or right-of-way securities that may have been included on those securities.