Insider Trading:Eleven Insurers are under Scrutiny

Kathmandu: Securities Board of Nepal(SEBON) has kept eleven insurance companies including a reinsurer under scrutiny.

Reliance Life Insurance(RLI), Ajod Insurance Limited(AGI), Rastriya Beema Company(RBCL), IME General Insurance (IGI), Sanima General Insurance (SGI), United Insurance Company Limited(UIC),Nepal Reinsurance Company(NRIC), Asian Life Insurance(ALICL), Guransh Life Insurance(GLICL), Life Insurance Co Nepal(LICN) and Nepal Life Insurance Company Limited(NLIC) are under scrutiny.

Board is the regulatory authority of the stock market.Based on the unusual share trading and price appreciation in the secondary market, board has shortlisted 51 companies in the second market. Issuing a press release, board has informed that with the suspect of insider trading, these companies are put under detail investigation.

If the insurers are found involved in insider trading then their share trading in the secondary market may be withheld or some financial penalties may be slapped against the management.

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