Kathmandu. KATHMANDU: The Securities Board of Nepal (SEBON) has slapped a fine of Rs 11 million to three brokers for money laundering.
The Securities Board of Nepal (SEBON) today imposed the fine on the brokers. The brokers facing action are Cipla Securities, Shree Krishna Securities and Hatemalo Financial Services.
According to the Securities Board of Nepal (SEBON), action was taken against these brokers as per clause (b) of sub-section (1) of Section 7F of the Prevention of Money Laundering Act, 2064. The Securities Board of Nepal (SEBON) has imposed a fine of Rs 50 lakh on Cipla Securities, Rs 30 lakh on Shree Krishna Securities and Rs 30 lakh on Hatemalo Financial Services.
Similarly, Sanima Reliance Life Insurance, a listed corporate company, has a financial year 2080. The Securities Board of Nepal (SEBON) has warned that the company has deposited more than the required number of shares in the accounts of 2,533 ordinary shareholders while depositing the bonus shares in the demat accounts of the investors. According to the Securities Board of Nepal (SEBON) Rules, 2064 (b), the Securities Board of Nepal (SEBON) has been warned for the first time as per the decision of the Board of Directors on November 3, 2002 as it was found not following the professional standards as per clause (b) of Section 76 of the Securities Related Act, 2063.
