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Wed, June 19, 2024

SEBON urged to review regulation that prevents sales of promoter shares

B360
B360 May 27, 2024, 4:15 pm
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KATHMANDU: Non-Life Insurance Business Association, which represents investors in non-life insurance companies, met with Nabaraj Adhikari, Executive Director of the Securities Board of Nepal (SEBON), on Sunday and put forward suggestions.

The association brought attention to issues stemming from a regulation that prevents directors from selling their shares for a year after assuming office, causing difficulties for directors dealing with personal financial problems.

The association's representatives urged SEBON Executive Director Adhikari to reconsider this rule, pointing out that in other countries, directors are allowed to sell shares in advance or with regulatory approval. The association proposed the adoption of a similar system in Nepal.

Those attending the meeting on behalf of the association included President Rajendra Malla, Vice President Manohar Das Mul, Treasurer Ramesh Kumar Niraula, and members Azad Shrestha and Balkrishna Shrestha.

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