The Securities and Exchange Board asked for Clarifications from 88 listed

Kathmandu : The Securities and Exchange Board has asked clarification to 88 listed companies for not submitting financial statements on time. For the first time in history, the board has asked so many listed companies for clarification. The meeting of the Board of Directors held on 6th November has decided to ask 88 companies for clarification in the first stage as they did not submit the financial statements of the previous

Year and the first quarter of the current year on time. If the company does not provide the details to be submitted to the board on time or if it does not send a reply within 15 days of the letter, there is a provision that the board can pay a fine according to the Securities Act. Because of this, the board has sent a letter to the companies that did not submit their financial statements on time, Tej Prasad Adhikari, information officer of the board, informed.

The Securities Board had called for the publication of financial statements on time already on 27th of July, 2023 A.D. In the Schedule-14, of the Securities Registration and Issuance Regulations act 2073 B.S, it is stipulated that the details should be submitted to the Board within thirty days of the end of the quarterly period and that such report should be published in a national level daily newspaper. The board said that if the response is not received in time, the process of action will be taken forward.