SEBON Under Fire as IPO Applications Go Undocumented

The Securities Board of Nepal (SEBON) is facing growing scrutiny after reportedly refusing to register new IPO applications despite expectations that the approval process would resume under its new Chairman, Dr. Gopal Prasad Bhatta. According to sources, no new IPO application has been officially registered since Jestha 8, 2083 BS, even though around 25–30 companies have submitted applications after the new chairman assumed office. SEBON officials say changes to securities issuance regulations are being prepared, and registrations and approvals have been put on hold until the revised framework is finalized. However, stakeholders argue that no public notice has been issued to justify the suspension and that administrative processes should continue under existing laws until new regulations are formally implemented. The reported freeze has raised concerns over transparency, accountability, and its impact on Nepal's capital market. More than 104 companies seeking to raise NPR 69.3 billion remain awaiting IPO approval, while the inclusion of unregistered applications could push the total pending fundraising beyond NPR 90 billion. Market experts have urged SEBON to clarify the legal basis for the suspension and ensure that capital-raising activities are not unnecessarily disrupted.