The Securities Board of Nepal (SEBON) has issued a warning to 11 securities brokerage companies for failing to submit their semi-annual trading reports as required.
Reason for the Warning
The board found that these companies did not follow Section 18(1) of the Anti-Money Laundering and Terrorist Financing Guidelines, 2076. Additionally, they failed to:
- Maintain daily trading records.
- Submit semi-annual reports to SEBON on time.
Due to these violations, the board took action under Section 7(F) of the Anti-Money Laundering Prevention Act, 2064.
List of Warned Brokerage Companies
The following 11 brokerage companies received a warning for not complying with the anti-money laundering guidelines:
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Bluechip Securities
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Property Wizard
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Stockskarts Securities
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Sumeru Securities
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Roadshow Securities
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Sagarmatha Securities
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Infinity Securities
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Magnet Securities & Investment
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Elite Merchant Capital
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Reliable Investment & Merchant Capital
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Reliable Venture Capital
Notice: SEBON Warns 11 Brokerage Companies
What This Means
The Nepal Securities Board is strictly monitoring brokerage firms to ensure they follow financial regulations. Companies that fail to comply may face fines or further penalties. Investors should be aware of these developments and check if their brokerage firms are following the rules properly.
Conclusion
This warning shows that SEBON is serious about financial transparency and anti-money laundering efforts. Brokerage companies must submit their reports on time to avoid legal action.