SEBON to take action against those influencing stock market through Clubhouse and Facebook

Published On: December 9, 2023 08:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 9: The Clubhouse, a social media platform, has lately emerged as a hub for stock market gossip, with a select group of individuals using it to manipulate ordinary investors into buying and selling shares.

Additionally, some investors have formed groups on Facebook, charging fees to influence stock transactions. The Securities Board of Nepal (SEBON) has taken a strong exception to such activities conducted through social media networks, warning of stern action against those involved in such activities.

SEBON explicitly stated that any form of direct or indirect encouragement of manipulating the open market for buying and selling shares constitutes an offense related to securities transactions. SEBON warned that action will be taken in accordance with the Securities Act of 2063 BS if the market is adversely affected.

Furthermore, SEBON has urged investors to exercise caution and make informed decisions without succumbing to external influences. The advisory underscores the importance of responsible and independent investment practices in compliance with regulatory standards.

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