The Confederation of Banks and Financial Institutions Nepal (CBFIN) has issued a statement today mentioning that its attention has been drawn towards the notice published by the Securities Board of Nepal (SEBON) on June 15. SEBON had published a notice mentioning the names of 51 listed firms that also included banks and financial institutions and stated that the share price of these firms had been manipulated.
The statement mentions that it is the responsibility of SEBON, the capital market regulator, to control the manipulation of the share market by any individual or group. It adds that the board should also study, monitor and evaluate the work of the listed companies as per the prevailing laws and warn or initiate action against erring firms through an internal mechanism.
CBFIN has also mentioned that SEBON needs to evaluate the financials of concerned firms and provide valid information to the investors and also regularly conduct awareness programmes regarding the secondary market. It has also mentioned that it would be in the interest of all the share investors if the board took action in such a way that would not affect the image and brand of law-abiding listed companies and the psychology of investors.
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