KATHMANDU, MAY 21
The Securities Exchange Board of Nepal (SEBON) has issued a warning against individuals and groups suggesting scrips to buy and sell stocks in various media outlets and on social media, leading to a manipulation of the share market.
Issuing a press statement on Thursday, the securities body said suggesting and influencing others to buy and sell scrips -- except by those units permitted by the SEBON after detailed studies -- are against the Securities Act 2063.
However, the board has found various individuals and groups influencing the public by means of news, social media posts, thus affecting the market that is supposed to work in the principle of a free market, SEBON said.
"The board is keenly studying the issue and has urged all to not engage in such activities. Anyone found to be violating the notice from this day forward will be punished under the securities law," the statement concluded.