Finance Ministry order sparks unrest at SEBON

Kathmandu – A letter sent by the Ministry of Finance has triggered unrest at the Nepal Securities Board (SEBON), leading employees to stage a protest and lock the office.

The ministry instructed SEBON to recover all funds disbursed through procedures deemed unlawful and to treat the amounts as government dues. Following this directive, employees launched an agitation, shutting down the office in defiance.

The letter, sent on Ashwin 2, directed enforcement of a Revenue Secretary–level decision regarding SEBON’s Employee Welfare Fund and Employee Security Fund. It further ordered the immediate annulment of the working procedures governing these funds, citing violations of multiple laws including the Securities Act 2006, Legislative Act 2004, Government of Nepal (Allocation of Business) Rules 2017, and SEBON Employee Service Rules 2011.

The ministry also directed SEBON to begin recovery of past payments made under these unlawful procedures and instructed that any future financial decisions must first secure prior approval from the Ministry of Finance.

NEPSE Scraps final 15 minute weighted average calculation

Kathmandu – Nepal Stock Exchange (NEPSE) has scrapped the system of calculating the index based on the weighted average price of the last 15 minutes of trading. According to NEPSE spokesperson Murahari Parajuli, the method was tested today and will be continued ahead.

The weighted average calculation method, introduced on March 20, had faced strong criticism from investors, who argued that it was dragging the market down artificially. Under the system, the index was calculated based on the weighted average of all trades executed between 2:45 PM and 3:00 PM.

Investors and brokers had also pointed out several technical errors in the process, noting that NEPSE’s technology was neither automated nor up to standard.

Third consecutive negative circuit break in NEPSE: Market closed

Kathmandu- The NEPSE index has experienced a negative circuit break for the second time in the first hour of trading. The market fell by 107.04 points within two minutes of opening and was closed for 20 minutes.
After that, the market opened and fell by 133.61 points within one minute and was closed for 40 minutes. With the second circuit break, the NEPSE index fell to 2,538.63 points.

The market that reopened then fell by 6 percent and entered the third circuit. During this period, the NEPSE fell by 160.33 points to 2,511.91 points.

The NEPSE index had closed at 2,672.25 points on the previous trading day, on Bhadra 23.

New Stock Exchange license to be granted to one of the companies that had previously applied

Kathmandu – The Nepal Securities Board is preparing not to open new applications for the new stock exchange, but to grant a license to one of the companies that had previously applied.

The board has moved forward with the licensing process after the Cabinet’s decision on 5 Poush to proceed with the licensing process for the new stock exchange reached the Securities Board.

Earlier, a case was filed in the Supreme Court alleging that there was ‘fraud’ for the license when Himalayan Stock Exchange, National Stock Exchange and Annapurna Stock Exchange applied for the new stock exchange at the board. After that, the Cabinet meeting led by the then Prime Minister Pushpa Kamal Dahal Prachanda directed to stop the process for the time being on 26 Baisakh 2080, and the new stock exchange process was stopped.

The Himalayan Stock Exchange, which has applied, has investments from industrialist Shankar Group Chairman Shankarlal Agrawal, Golchha Organization’s Shekhar Golchha, industrialists Pashupati Murarka, Bhawani Rana, Rajendra Khetan, Satishlal Mor, Bivek Dugad and Saurabh Jyoti. Ashish Shrestha, Juni Gurung and Deepak Bhatta also have investmented in the company.

Similarly, the National Stock Exchange has investments from non-resident Nepalese Upendra Mahato, Jiva Lamichhane, Kul Acharya, Badri KC and industrialist Manoj Kedia.

Similarly, Ganesh Kumar Shrestha, Surendra Raj Wagle, Muktibodh Neupane, Anil Sapkota, Prakash Kumar Shrestha, Shekhar Subedi, and Balram Upreti are as directors in the Annapurna Stock Exchange.