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NEPSE CEO Saud Resigns   

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NEPSE CEO Saud Resigns   
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August 25: Chief Executive Officer of Nepal Stock Exchange (NEPSE) Chandra Singh Saud has resigned from his post following accusation of buying shares of a company illegally. 

Saud has been accused of purchasing 10,000 units of shares of the Sarbottam Cement in the name of his wife, as the company was preparing to introduce general shares for listing. As an office bearer of NEPSE, Saud is reportedly not allowed to buy shares in the name of his family members. The matter is currently under investigation by officials of the Ministry of Finance.     
Saud tendered his resignation to the chief of the Financial Sector Management and Institution Coordination Division of the ministry, Dirgha Raj Mainali on Tuesday, August 24.

Speaking at a news conference after tendering his resignation letter, Saud said he resigned from his post to cooperate with the investigation process.    

He also claimed that he has not done anything against the norms of CEO of NEPSE.

The Ministry of Finance is also investigating irregularities against Bhishma Raj Dhungana, chairperson of the Securities Board of Nepal (SEBON). Dhungana is also accused of buying the shares of Sarbottam Cement in the name of his daughter.    
The Finance Committee of Parliament had directed the authorities concerned last Friday to take action against SEBON Chairperson Dhungana and CEO of NEPSE Saud after their involvement in illegal share trading was covered by various media.    

 

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