Broker in dock for false info
Kathmandu, August 24:
Securities Board of Nepal (Sebon) has suspended Shilpa Securities Pvt Ltd (broker No. 20) on the charge of providing false information.
Dhrub Timilsina, deputy director at the survillence department of Sebon, said
Shilpa Securities Pvt Ltd provided wrong information to a Sebon survelliance team during inspection.
According to the rule, the broker must have a separate room from where to trade shares through Wide Area Network (WAN). “No client is allowed to enter the trading room, because it will hamper the interests of other clients,” says the Sebon rule.
However, when the survelliance team reached the broker’s office for inspection, the trading room was crowded. “On top of that, the broker provided false information to the regulatory body when asked about the presence of clients in the trading room,”
it said. Sebon has suspended its trading from today and asked for a written explanation. “Until the agency furnishes a written explanation, the broker’s trading is suspended,” said Sebon.
Meanwhile, Nepal Telecom shares began trading at Nepse. The first day, 10,930 units of NT shares were traded at a minimum of Rs 883 to a maximum of Rs 989 per unit. Nepse had fixed minimum price Rs 536 and maximum Rs 893 for first day trading of NT shares.