KATHMANDU: The Securities Board of Nepal (SEBON) has formally requested explanations from 89 companies for their failure to submit financial statements in a timely manner.
During a board meeting held on November 6, SEBON’s board of directors issued formal requests for clarifications from these companies.
As per the Securities Registration and Issuance Regulations, 2073, regulated entities are required to provide specific information as outlined in Schedule 14 to the Board within 30 days of the close of each quarter. Additionally, such details should be published in a national-level daily newspaper.
An official from SEBON mentioned that the companies had previously received instructions to adhere to the deadline for submitting financial reports. However, with 89 companies failing to comply, the Board has initiated the clarification process.
The companies that fail to submit their reports on time may face fines ranging from NPR 50,000 to NPR 100,000.
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