NEPSE stopped the share trading of Citizen Life Insurance Company in the secondary market temporarily, stating that the company damaged Nepal’s stock market reputation.
Citizen Life declared dividends on Monday, Bishakh 24, 2081, but the Insurance Authority ordered to cancel them. The company notified NEPSE that the announced dividends were canceled.
On the other hand, NEPSE sent a letter to SEBON on Monday, expressing concerns about Citizen Life’s impact on NEPSE’s image requesting to stop the company’s share trading, and looking for suggestions from the board for further action.
On the other side, Investors are demanding to cancel Monday’s transactions. NEPSE hasn’t decided yet whether to cancel them. A decision will be made based on the Securities Board’s advice.
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