A meeting of the Securities Board of Nepal (Sebon) today decided to send a warning letter to NMB Bank to be careful in handling primary issues and other documentation work.
It may be recalled that while managing the primary isue of Sunrise Bank, NMB Bank had lost track of at least 47 application forms after the data entry. It was the issue manager for Sunrise Bank. However, it has recovered almost all the lost forms.Sunrise Bank's 37,50,000-unit shares worth Rs 375 million were floated from May 3 to 6 through NMB Bank. NMB Bank has admitted that the forms got lost due to carelessness.
"The applications were lost after data entry," said the head of the merchant banking section of NMB Bank, acknowledging that it was a human error. NMB has assured investors that the lost applications are already listed in the data bank and that all these will be included in share allocation.
Source:
THT
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Saturday, June 6, 2009
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