To make the securities exchange market more competitive, translucent and trustworthy, Nepal Stock Exchange (NEPSE) confiscated five more companies from listed group throwing them to OTC market, as per securities regulation 2053, section 17(Ka). Nepal Byapar Bikash Company(Koshi), National Pro.& Eco.Dev.Centre Ltd., Himgiri Textile and Industries Ltd., Biratnagar Jute Mills Ltd., and Morang Sugar Mills Ltd.
As per the prevailing legislation, the delisted companies failed to submit renewal charge, discontinue Annual General Meeting, failed to audit financial status, unreachable contact address of registered office and discontinuation of communication from the promoters, board of directors and management of the concerned companies to the stock exchange and the regulators, NEPSE deemed to delist such companies. These delisted companies got space for Over the Counter (OTC) market of Nepal which NEPSE itself has initiated. Now the total number of companies accessible for trading at OTC market approached total 43.
The attempt of NEPSE is commendable and urgent to make Nepalese Stock Market more vibrant. Such initiation lead investor confidence in the market and ultimately widen the horizon of capital market of Nepal.
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Wednesday, July 2, 2008
NEPSE delists 5 more companies and welcomes for OTC market
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