Kathmandu, February 23
It has been two years since Nepal’s share market regulator, Securities Board of Nepal (SEBON), drafted a regulation to control insider trading. However, the rule has not been implemented yet.
The proposal is gathering dust at the Ministry of Finance. SEBON spokesperson Niraj Giri says the ministry is yet to officially discuss the draft.
But, several officials at the ministry have said they do not know anything about the draft. The ministry’s leadership has changed three times since the draft was submitted.
The Securities Act, 2007, has considered insider trading illegal. However, for the want of another regulation to implement the provision, the regulator has been helpless.
Just last year, SEBON Chairman Bhishma Raj Dhungana himself was accused of the offence and subsequently sacked.