IPOs worth around Rs 6 billion have been placed on hold since Sebon has been without its chairman for more than a month.

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For nearly a month, the Securities Board of Nepal (Sebon) has been operating without a chairwoman, putting a halt on initial offers (IPOs) worth more than Rs 1.84 billion. The Sebon is the government’s regulating authority for the financial industry.

On October 6, the government fired Bhishma Raj Dhungana, the then-Chairperson of the Securities and Exchange Board of Nigeria (Sebon), who had been accused of participating in insider trading in the of numerous firms despite having assumed the top position of the regulatory agency.

During the trial, it was established that Dhungana had transferred 12,000 units of Sarvottam Cement Pvt Ltd into the name of his daughter before the business launched its initial offerings.

Since then, Sebon has been unable to make choices on significant issues due to its inability to function. It was only on Thursday that the Ministry of Finance issued a notice inviting applications from potential candidates for the position of chairman of the Sebon board of directors.

The Securities and Exchange Commission (Sebon) reports that six firms are now awaiting final permission from the regulator before issuing their initial shares. If everything goes according to plan, Green Ventures will issue initial offerings (IPOs) worth Rs 625 million, Balephi Hydropower will issue primary worth Rs 365.59 million, and Dordi Khola Jalabidhyut would issue primary shares for Rs 295.19 million.

Similarly, Bindhyabasini Hydropower Development Company will raise Rs 250 million through an initial offering, while Himalayan Hydropower and Nesdo Sambriddha Laghubitta Bittiya Sanstha Limited will raise Rs 225 million and Rs 82.87 million, respectively, through initial public offerings.

Additionally, at the Sebon, the procedures of 16 additional corporations have been placed on hold as a result of this. These companies want to offer primary worth more than Rs 4 billion, which is a significant amount of money.

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