Sebon revokes broker's licence

Securities Board of Nepal (SEBON), the regulatory body of capital market for the first time, revoked licence of a broker, Ohm Securities and Allied Services, broker number 23.
"SEBON's board meeting today has decided to revoke the firm's licence," Chiranjivi Nepal, chairman of SEBON, said, adding that an investor Krishna Prasad Adhikari had filed complaint against the firm some three years back.
Ohm Securities and Allied Services — registered in the name of Mohan Sharma Lamsal, Reshma Sharma and Rajesh Sharma Poudel — had bought shares of Beema Sansthan in the name of Krishna Prasad Adhikari without his information. "The name of the client's father, grandfather and his signature are different in different forms," informed P N Poudyal, director at the Market Regulation Department of SEBON. "The broker had been buying shares in the fake clients' names also," he added.
"SEBON will not spare any foul play," Nepal said, adding that it will take action and penalise the culprits. Initially, there were 32 brokers at the Nepse but now only 21 are left. "Broker number 23 was under suspension from some time back," Poudyal said, adding that yet another broker is also under suspension.
SEBON has recently got regulations to act against malpractise of brokers, investors and market makers. Similarly, it is bringing Initial Public Offering (IPO) amended regulation, Merchant Banking regulation and Mutual Fund regulation to make the Nepali capital market more transparent, managed and investor friendly.
SEBON has also started market surveillance via Real Time Surveillance System and onsite inspection.

Bull run continues, trading halted
KATHMANDU: Nepse has today after registering a double digit rise in its index and posting 1025.91 points, halted trading almost half an hour before the regular trading hour. Normally, the trading hour starts at 12 noon and continues till 2 PM but today the secondary market closed half an hour before. Shares of Standard Chartered Bank were traded today at Rs 5260 after almost three weeks break. The market leader Development banks group's index has registered a rise of 100. 33 to 1919.45 points.