3.3 Legal Provisions regarding Securities Regulation in Nepal

The regime's pillars (the Securities Act 2063's architecture, by name-and-effect):1. The disclosure pillar — the public offering's prospectus-and-approval regime; the listed companies' continuous disclosure (Unit 4).2. The intermediation pillar — the licensing-and-conduct of the market's professionals (the fit- and-proper-and-capital tests).3. The market-conduct pillar — the prohibitions of the fraudulent-and-manipulative devices, and the insider trading's ban (Units 5–6).4. The collective-investment pillar — the mutual funds'-and-schemes' authorisation (Unit 9).5. The enforcement pillar — SEBON's investigative powers, the penalty ladder, the prosecutions' route (the Special Court's-and-the courts' appellate faces), the appeal-to-the- Government machinery. The constitutional-and-institutional context: the CIAA's parallel jurisdiction over the public-face actors (the NEPSE-CIAA boundary case of Unit 7's cluster — the anti-corruption body's limits where the specialised regime governs); the writ jurisdiction's oversight (the market actors' constitutional remedies — the Indra Shekhar Khadka-type cases).