KATHMANDU: Karnali Development Bank Limited has had its trading suspended in the stock market.
The Securities Board of Nepal (SEBON ) issued a press release announcing the suspension, following a directive from Nepal Rastra Bank.
According to the letter dated December 25, 2024, the bank has been declared a problematic institution, resulting in the suspension of its Board of Directors and Chief Executive Officer, with management now under the control of Nepal Rastra Bank.
In response, SEBON has halted the trading of the bank’s securities to protect the interests of investors.
The Board has instructed Nepal Stock Exchange (NEPSE) to conduct a further investigation and submit a report with its findings. The suspension will remain in effect until further notice.
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