The Security Board of Nepal (SEBON) has warned and questioned the NMB Bank Ltd. for the negligence and the mishandling of the forms of the shares of the Sunrise Bank Ltd. during its IPO made on the first week of the May, 2009. The warning came after the meeting of the SEBON on Thursday.
Similarly the SEBON also decided to warn the Issue manager of the Prime Bank – the Citizen Investment Trust (CIT) for the printing and distribution of the forms of same numbers.
The SEBON had formed a team under the leadership of Mr. Babu Ram Joshi to investigate the issue, after the disclosure of 47 registered forms of Sunrise IPO found as garbage in the market before the allotment of the shares to the general public. Another such team has been formed to investigate the Prime Share Form issue, said the SEBON.
Both of the issues had questioned the allotment procedure of the IPO and on the credibility of the Issue Managers and had created incredulity among the general public. The Sunrise Bank had floated shares worth Rs. 375 million and the Prime Bank of Rs. 300 million in the primary market.
Source:
Jambnews Service
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Friday, June 5, 2009
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