The Securities Board of Nepal (SEBON) has issued a statement mentioning that there has been ‘cornering’ in the past few weeks at the Nepal Stock Exchange. In finance, cornering the market consists of obtaining sufficient control of a particular stock, commodity, or another asset in an attempt to manipulate the market price.
It has said that there has been unnatural movement in the share price of 51 companies. The study report of the market regulator has mentioned that large investors have been involved in manipulating the share market.
The board has already submitted its study report to the Finance Ministry, which has mentioned that a limited number of individuals and groups had been manipulating the share price of 51 companies. The report states that there have to be some genuine reasons for the price of any company’s share to rise but the share price of some companies had increased without any valid reason.
SEBON has made public the list of the 51 companies and advised investors to be cautious while investing in the shares of these firms.
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