AMN launches ‘Startup with Annapurna’
To support young entrepreneurs and their startup businesses, Annapurna Media Network (AMN) has launched the ‘Startup with Annapurna’ campaign. “Young startups today are the big companies of tomorrow and play a crucial role in the economic development of our country,” says Manoj Basnet, General Manager of AMN. “This campaign aims to encourage these entrepreneurs and help promote their businesses by enhancing the branding and marketing of their products.”
According to Basnet, all AMN platforms will contribute to the campaign. The network’s media outlets include Annapurna Post (Nepali daily), The Annapurna Express (English daily), Radio Annapurna Nepal 94 MHz, annapurnapost.com, and AP1 HD television.
Startups participating in the campaign can benefit from product introductions in Annapurna Post, company profiles in The Annapurna Express, 30-minute product and company segments on Radio Annapurna Nepal 94 MHz, product videos on the network’s social media, international marketing opportunities, and more, adds Basnet.
Rs 30m fine, three years jail term proposed against insider trading
The government has proposed a fine of up to Rs 30m for individuals and groups involved in insider trading in the securities market.
Minister for Finance Bishnu Prasad Poudel registered the Securities (First Amendment) Bill, 2024, in the House of Representatives last week. The Bill aims to regulate securities transactions more effectively and incorporates new practices and international standards, with a focus on combating fraud and insider trading.
The proposed legislation significantly increases penalties for insider trading. Individuals and groups involved in fraud and insider trading can face penalties ranging from repayment of the amount involved, an equal fine, or up to three years of imprisonment, or a combination of all these penalties. If the amount involved is known, offenders could face fines ranging from Rs 5m to Rs 30m or up to three years imprisonment.
As per the existing law, such offenders can be handed a maximum penalty of one year imprisonment.
Likewise, the bill proposes removing chartered accountants and representatives from the Federation of Nepalese Chambers of Commerce and Industry Securities Board of Nepal (Sebon) from sitting on the board of Sebon to avoid conflict of interest. Then FNCCI Vice-president, Chandra Prasad Dhakal, stepped down from the executive board of Sebon in August 2021 after media outlets reported conflict of interest. Dhakal, who was representing FNCCI in the Sebon board, chairs a number of companies listed on Nepal Stock Exchange (Nepse).
Similar stringent measures have been proposed for individuals and groups providing false transactions, price manipulation and providing misleading information. Such individuals and groups can be slapped fines up to Rs 5m and three years imprisonment, depending on whether the amount involved is known or unknown.
Likewise, the bill introduces new restrictions to prevent conflicts of interest. Former chairpersons and high-ranking officials of the Sebon will be barred from working for listed companies or licensed institutions for two years after leaving their positions. However, this restriction won't apply to political appointees.
The bill also includes provisions for central depository services, derivatives and specialized investment funds such as private equity and venture capital. This is expected to pave the way for introduction of derivative products in the securities market.
Likewise, it authorizes Sebon to request banking transaction records from the central bank for investigative purposes. “If an investigation is required regarding securities transactions conducted by any individual, company or organized institution, Sebon can request Nepal Rastra Bank (NRB) to obtain relevant transaction records from the concerned bank or financial institution. Upon receiving such a request, the NRB is required to collect the records from the relevant bank or financial institution and provide them to the Board,” the Bill reads.
Sebon, however, will have to keep such records confidential and use them solely for investigative purposes.
Nepse surges by 2. 11 points on Wednesday
The Nepal Stock Exchange (NEPSE) gained 2.11 points to close at 2,968.44 points on Wednesday.
Similarly, the sensitive index surged by 1.25 points to close at 530. 11 points.
A total of 41,454,611-unit shares of 337 companies were traded for Rs 18. 90 billion.
Meanwhile, Corporate Development Bank Limited (CORBL), Sindhu Bikash Bank Ltd (SINDU), Reliance Finance Ltd. (RLFL) and Dolti Power Company Limited (DOLTI) were the top gainers today, with their price surging by 10. 00 percent. Likewise, Karnali Development Bank Limited (KRBL) was the top loser as its price fell by 10.00 percent.
At the end of the day, total market capitalization stood at Rs 4. 71 trillion.
Gold hits new high of Rs 153, 000 per tola
The price of gold has increased by Rs 800 per tola in the domestic market on Wednesday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 153, 000 per tola today. It was traded at Rs 152, 200 per tola on Tuesday.
Similarly, the price of silver has increased by Rs 25 and is being traded at Rs 1,835 per tola today.
