Kathmandu, October 6
The government has sacked Securities Board of Nepal (SEBON) chairperson Bhishma Raj Dhungana, who was accused of involvement in insider trading of shares of various companies despite his regulatory role.
Earlier, the government has asked for clarification from him, which was apparently just a formal requirement for his sacking. The government had also formed a committee under the leadership of former judge Ananta Raj Dumre to investigate complaints against him.
The committee had recommended his removal from the position.
A cabinet meeting held on Tuesday evening made the decision, informs a minister.
Previous investigations had suggested he transferred 12,000 units of shares of Sarvottam Cement Pvt Ltd to his daughter’s name before the company issued an IPO.