ठूला सेयरधनीलाई कस्दै धितोपत्र बोर्ड: ५ प्रतिशत सेयर बेच्न १५ दिने सर्त, अग्रज लगानीकर्ता असन्तुष्टSEBON Tightens Grip on Major Shareholders: 15-Day Prior Notice Mandatory for Selling 5% Shares, Veteran Investors Express Dissatisfaction

Kathmandu. The Securities Board of Nepal (SEBON) has implemented a new regulatory framework, tightening the share selling process for major (substantial) shareholders of listed companies. According to the new provision, any investor holding 5 percent or more of a company's shares must issue a public notice through NEPSE at least 15 days before selling their shares. While the regulator claims this step is aimed at ensuring market transparency and protecting retail investors, major market players have started expressing dissatisfaction, arguing that it attempts to restrict their right to sell shares.

According to the concept paper published by the Board on Ashoj 7, such a sales notice given by a substantial shareholder will remain valid for three months. This rule has been introduced to give general investors prior information about potential supply pressure and abnormal price fluctuations that could occur when large investors, who have access to the company's inside information, suddenly sell large volumes of shares. To make this provision, which has been in effect since Bhadra 9, more effective, the Board has proposed a plan to automatically link the systems of NEPSE, CDSC, and brokers. SEBON claims that this system, introduced after studying practices in countries like the US, India, and the UK, will prevent market abuse.

On the other hand, as the regulatory body continues to introduce policies aimed at controlling major shareholders and promoters, leading investors in the capital market have criticized the move. Veteran investor Ambika Prasad Paudel strongly protested against the tendency to restrict or tighten share sales through social media. Posting a sarcastic question on his Facebook account, Paudel wrote, "To those friends who say promoters shouldn't sell 51% of their shares, what would you say if you were told you couldn't sell 51% of the shares you bought in the market?" Paudel's statement clearly reflects the intense dissatisfaction among major investors regarding policies and mindsets that infringe upon their right to freely buy and sell their property in the capital market.