The ongoing protest at the Securities Board of Nepal (SEBON) has completely stopped the approval process for new IPOs and disrupted all primary market operations. The Independent Employees’ Organization and Employees’ Union have been on strike since Asoj 7, halting SEBON’s activities for more than 45 days.
SY Panel Nepal IPO Opens for Public: Issue Date, Share Details & Company Financials Explained
At present, only SY Panel Nepal’s IPO is open for the public, which runs from Kartik 19 to Kartik 23. No new IPO approvals have been issued since Bhadra 17.
The protest began after the Ministry of Finance instructed SEBON to cancel its Employee Welfare Fund Procedure 2071 and Employee Protection Fund Procedure 2075, and to recover payments previously made under those provisions. SEBON employees have been demanding the withdrawal of this decision.
Due to the ongoing strike, the SEBON Board of Directors recently held its meeting at the Ministry of Finance instead of the SEBON office. The SEBON Chairman has assured employees that the board will take legal steps against the ministry’s decision.
More than Rs. 80.64 billion worth of securities are currently pending approval, including Rs. 54.15 billion in IPOs. If the deadlock continues, Nepal’s primary market may face a complete halt once SY Panel’s IPO closes.