8.5 Role of Securities Board of Nepal

The Board (SEBON): the securities market's statutory regulator — established under the securities-law framework (the Securities Exchange Act 2041's board, continued and re-empowered by the Securities Act 2063) — the capital market's guardian. The roles (the catalogue): (1) the issue regulation (the public issues' approval-and-scrutiny — the prospectus's vetting, the allotment's supervision); (2) the market-and-intermediary regulation (the brokers-and- depositary-and-managers' licensing-and-discipline — the intermediaries' fitness); (3) the listing- and-disclosure oversight (the continuous disclosure's enforcement — the listed companies' periodic reports-and-announcements); (4) the anti-fraud-and-insider enforcement (the manipulation's-and-insider-dealing's prohibition-and-prosecution (the civil-and-criminal faces)); (5) the investor protection (the complaints' redress, the education's programmes); (6) the market development (the products'-and-the infrastructure's approval (the mutual funds' regime), the NEPSE-and-the-depository's supervision); (7) the rule-making-and-directions (the secondary legislation's issuance — the circulars' regime). The SEBON-and-NEPSE's division (the regulator vs the operator — the exam's pair); the SEBON-and-OCR's division (the securities market vs the companies registry — the corporate law's two administrative homes). Exam Focus Long questions: (i) The capital's types-and-the shares' types (the ladder + the equity- preference table — the banker); (ii) The share-vs-debenture divide (the full comparison); (iii) The securities regulation's need (the five problems) and SEBON's roles. Short questions: the rights issue's logic; the bonus issue's economics; the debenture trustee; the transfer-vs-transmission pair. Trick areas: (i) Authorised ≥ issued ≥ paid-up — the ladder's order…