Market Watch

Companies fail to publish timely financial

Published by Octron on May 16, 2010

A majority of companies listed in the Nepal Stock Exchange (NEPSE) are yet to inform the Securities Board of Nepal (SEBON), the stock market regulator, about their financial status for the third quarter of the current fiscal year. The Securities Registration and Issuance Provision requires the companies to publish their quarterly financial reports in a national daily newspaper and report the same to the SEBON within 30 days of the quarter’s end ¿ by May 13 for this quarter as directed by the SEBON.

Eight out of 23 commercial banks listed in the NEPSE have submitted their third quarterly report to SEBON as of May 13. Nepal Investment Bank Ltd., Nepal SBI Bank Ltd., Bank of Kathmandu, Bank of Asia Nepal, Prime Commercial Bank, Everest Bank, Laxmi Bank and Kumari Bank are those to meet the deadline. Seven development banks submitted their reports within the deadline. Sahayogi Bikash Bank, Biratlaxmi Bikash Bank, Clean Energy Development Bank, NDEP Bank, Bhrikutee Develo-pment Bank, Swabalamwan Bikash Bank and Paschimanchal Bikash Bank have also abided by the SEBON directive.

Likewise, 16 finance companies including Annapurna, Peoples, Mahalaxmi, Siddhartha and Shree Investment made a timely reporting to the authority. Butwal Finance, CMB Finance, Capital Merchant Banking & Finance, Guheswori Finance, Bhajuratna Finance & Saving Co., Imperial Financial Institution, ICFC Bittaya Sanstha, Lord Buddha Financial Ltd., Sagarmatha Merchant Banking & Finance, Birgunj Finance and Nepal Sri Lanka Merchant Bank are others to report on time. The number of financial institutions publishing their financial reports has increased in the third quarter.

Taragaon Regency Hotel and Soaltee Hotel Ltd. are two companies to submit their Third Quarterly Financial Report on time from Hoteliers’ sub-group. None of the companies in three sub-groups ¿ Manufactu-ring & Processing, Others and Trading ¿ has submitted the report as on May 11.

Only Nepal Life Insurance Company Ltd. has submitted the report within the stipulated time from insurance companies’ group. There are a total of 246 companies listed in the stock market.

Source: Kantipur

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