Nepal Rastra Bank (NRB) has imposed a restriction for promoters, along with their family members, of banks and financial institutions to buy shares allocated for public issue.
Issuing a circular on Tuesday, the central bank clarified that the new restriction would, however, not prevent the promoters and their family members to buy public shares which are left unsubscribed within specified application deadline.
The financial regulator also stated that the promoters or promoter shareholders have been restricted from filing candidacy for promoter of other company groups than the companies promoted by them.
Source:Republica
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