Bhisma Raj Dhungana, the chairman of the Securities Board of Nepal (SEBON), was ousted from his position by the government on Tuesday.
A Cabinet meeting convened this afternoon agreed to remove Dhungana from his position as Chairman of the SEBON board of trustees.
After it was discovered that Dhungana was involved in insider trading, the Commission for the Investigation of Abuse of Authority (CIAA) launched an investigation into his conduct.
It was discovered that Dhungana had purchased shares of Sarbottam Cement in his daughter’s name, which brought the situation to light.
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In response to a report provided by a committee established to conduct an investigation, the government removed Dhungana from his position.
Dhungana had purchased 12,000 shares in the company in the name of his daughter Rebika, who is currently residing in the United States of America. As a result, he was required to provide explanation to the Finance Committee on the matter.
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