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					Securities Board of Nepal




Effortful in building fair, credible, transparent,
responsive, dynamic, and efficient securities markets
Securities Board of Nepal   2   Annual Report 2009/2010
                                   Chairman’s Statement

I am pleased to present the annual report of Securities Board of Nepal (SEBON) for the fiscal year
2009/10. This report, prepared in pursuant to section 26 of Securities related Act, 2007, contains a
brief account of SEBON's activities, securities market activities, and disclosure of Nepal Stock
Exchange Ltd., listed companies and securities businesspersons during the year. I would like to
thank immediate past members of the Board Mr Lal Mani Joshi, Joint Secretary of Ministry of
Finance, Mr Baburam Regmi, Joint Secretary of Ministry of Law and Justice, Mr Bholaram
Shrestha, Executive Director of Nepal Rastra Bank, Mr Sunir Kumar Dhungel, Vice President,
ICAN and Expert Member Mr Sita Ram Thapalia for successfully carrying out their responsibilities
for the development of capital market.
In view of the diminishing effect of the global financial crisis that began in 2007 and with the
expectation of growth in the world economy, government had set an increased target of the gross
domestic product. However, the target could not be achieved because of some internal and external
factors. Decrease in agricultural products due to adverse weather, regular strikes, labour problems,
shortage of electricity supply and contraction in international markets are attributed for low
economic activities. Even in such adverse conditions, SEBON with the expectation that capital
market can be a tool to stimulate economic activities initiated various changes in rules and
regulations to encourage companies from hydropower, manufacturing and hotel sector to enter the
capital market. In the context of significant role of capital market in the development and expansion
of the economy, it is highly essential to develop capital market from its present status and make it
stable and credible.
SEBON has been active towards building mutual cooperation and understanding with the related
agencies and other stakeholders in order to make the securities market fair and transparent thereby
leading to move stability. With continued effort of SEBON, in order to address the financial market
problems like overlapping and conflicting provisions in the laws and directives, a high level
coordination committee of financial sector with the convener of Finance Minister has been formed
recently by the cabinet including SEBON's chairman as a member. This will enhance mutual
cooperation and policy coordination between the three regulating bodies of financial sector-
Securities Board of Nepal, Nepal Rastra Bank and Insurance Board for the financial sector reform
and timely addressing the problems.
For the effective development of capital markets, efforts should be made on the establishment and
operation of mutual funds, establishment and operation of Central Securities Depository,
establishment of credit rating agency, development of integrated bond market, capital market
education and awareness building, increase in use of information technology with initiation and
additional improvement on online reporting system, creating Non Resident Nepalese and foreign
institutional investors friendly investment environment, initiating planned efforts on regulation,
development and improvements on capital market, and for additional legal provisions. These
activities can be accomplished in fixed time frame with the mutual efforts and coordination of
Government of Nepal, Ministry of Finance, regulators like Securities Board of Nepal, Nepal Rastra
Bank and Insurance Board, Nepal Stock Exchange Ltd., Investors, and Securities Businesspersons.
The whole financial market can be made competitive and transparent by bringing into practice the

Securities Board of Nepal                        3                            Annual Report 2009/2010
various financial instruments for capital mobilisation with the appropriate development of market
and expansion of securities investment opportunities.
Board has been conducting different education and awareness programmes in its premises for
students, investors and journalists reporting in the field of economy to promote awareness on
securities markets and securities investment, in view of increasing number of securities investors.
SEBON has become the founding member of Asia Forum for Investor Education (AFIE) with an
objective to achieve international exposure and enhancement of expertise and capabilities on
investor education and awareness. SEBON has published pocket booklets entitled ‘Things to Know
by the Investors’, ‘Consideration before Investing in Securities. Besides, SEBON has been
regularly publishing information, communication and education materials in various print and
electronic media to promote awareness of the securities market. In order to promote studies in the
areas of capital market, SEBON published and distributed a special volume of SEBON Journal-
collection of research articles on capital markets, and published and distributed SEBON quarterly
Newsletters as regular publication by incorporating the contemporary capital market activities and
developmental news. In this fiscal year, Board has conducted studies on ‘Board's Organisational
Structure and Human Resources’ and ‘Utility and Use of Information Technology in the Capital
Market’ mobilising its own human resources. In order to collect the long term unclaimed dividends
and utilise for market development and investor education, SEBON has initiated drafting the
procedure of the establishment and operation of ‘Investors Protection Fund’.
With an objective of mobilising the scattered savings of the small investors and promoting
institutional investment through the medium of Mutual funds, SEBON has implemented Mutual
Fund Regulation, 2010, Central Securities Depository Service Regulation, 2010 with the provision
of recording distributed securities and account of beneficiary securities owners, and Bonus Share
Issue Guidelines, 2010 with the provision of regulating and systematising bonus share issue. The
Board has enforced first amendment on Securities Registration and Issue Regulation, 2008.
According to the amended Regulation, the corporate body using local natural resources and
materials as its raw materials shall be required to set aside at least 10 percent of its issued capital for
the people residing in the local area in order to attract the companies to public issue from
infrastructure and manufacturing and processing sectors. Likewise, regarding the details to inform to
Board in the process of public issue by the Issue Managers and to make the provisions more
transparent, the amended appendices with additional requirements of Securities Registration and Issue
Regulation, 2008 was enforced on July 02, 2010. The first amendment on Stock Exchange Operation
Regulation, 2008 was made on July 02, 2010 with the new provisions of facilitating the
Government of Nepal for purchasing the securities from outside the stock exchange that to be
recorded on stock exchange and then making clearing and settlement in case if the Government of
Nepal have to purchase securities pursuant to the agreement made in between Government of Nepal
and International or Multinational Organisation or Institutions.
In this fiscal year 2009/10, SEBON under the economic reform programme of the Government of
Nepal completed a number of activities under the Establishment of Securities Data Management
System (SDMS) Project with the grants assistance of International Development Agency. The
major activities completed include training on data management system to its entire staff,
procurement and installation of computer and other information technology, development of


Securities Board of Nepal                          4                               Annual Report 2009/2010
various modules relating to online reporting system, registration of two different gov format
websites namely www.sebon.gov.np and www.sedfar.gov.np for SEBON, regular power back up
system and establishment of central securities data bank of Nepal. Presently request letter for the
software, username and password is being received from commercial banks, development banks
and finance companies for the purpose of online report submission. The SDMS project
implemented in Board has been awarded with the Certificate of Excellence for making valuable
contribution to the country's economic and governance reforms with successful implementation.
In this fiscal year, the legal consultant team under the technical assistance of Securities and
Exchange Board of India (SEBI) submitted a report with important suggestions after completing a
study on institutional strengthening of SEBON and reform required on regulatory infrastructure.
The Board has to implement the suggestions received through the report with due priority.
Likewise, in this fiscal year with the objective of making planned efforts on development and
effective regulation of Nepalese capital markets, a team from World Bank, under the technical
assistance with the approval of the proposal submitted by SEBON, has been assigned for the
formulation of 'Five Years Capital Market Master Plan'.
I would like to express my sincere thanks to Government of Nepal, Ministry of Finance, Nepal
Stock Exchange Ltd., Securities Businesspersons and issuing companies, investors and economic
journalists for their supports and cooperation for the development of securities markets. I would
also like to express my gratitude to World Bank, Government of India, Indian Embassy for their
supports in market development and capacity building efforts of Board. Likewise, my thanks goes
to Financial Services Agency and Securities and Exchange Surveillance Commission-Japan, US
Securities and Exchange commission, Securities Exchange Commission- Bangladesh, South Asian
Federation of Accountants, South Asian Securities Regulators Forum, APEC, Korea Financial
Investment Association, Securities and Exchange Board of India as well as others for their support
in enhancing efficiency of officials and employees of SEBON and in sharing experiences.
 I am also grateful to Board of Directors of SEBON for their assistance and participation and would
like to thank the representing agencies in the Board viz. Ministry of Finance, Ministry of Law and
Justice, Company Registrar's Office, Nepal Rastra Bank, Institute of Chartered Accountants of
Nepal and Federation of Nepalese Chamber of Commerce and Industries for their cooperation.
Finally, I would like to thank the employees of SEBON for the commitment and continued efforts
on their responsibilities.
November 2, 2010
                                                                               Dr Surbir Paudyal
                                                                                   Chairman




Securities Board of Nepal                       5                           Annual Report 2009/2010
Explanatory Notes:
1. The Nepalese fiscal year (FY) generally begins on 16 July (1st Shrawan) and ends on 15 July
   (31st Ashad).

2. Following table presents the equivalence of the months of Nepalese calendar year with the
   months of the Gregorian calendar year.

    Gregorian Month                                           Nepalese Month
    Mid-July to Mid-August                                    Shrawan
    Mid-August to Mid-September                               Bhadra
    Mid-September to Mid-October                              Ashwin
    Mid-October to Mid-November                               Kartik
    Mid-November to Mid-December                              Marg
    Mid-December to Mid-January                               Poush
    Mid-January to Mid-February                               Magh
    Mid-February to Mid-March                                 Falgun
    Mid-March to Mid-April                                    Chaitra
    Mid-April to Mid-May                                      Baisakh
    Mid-May to Mid-June                                       Jestha
    Mid-June to Mid-July                                      Ashad

3. Months presented in the charts represent mid period of the month i.e. mid-August, mid-
   September, mid-October and so on.

4. Figures have been rounded off in some cases.

5. Acronyms used:
        ADB        :        Asian Development Bank
        AFIE       :        Asia Forum for Investor Education
        AGM        :        Annual General Meeting
        APEC       :        Asia - Pacific Economic Cooperation
        CFG        :        Corporate and Financial Governance
        CRO        :        Company Registrar's Office
        GDP        :        Gross Domestic Product
        ICAN       :        Institute of Chartered Accountants of Nepal
        IOSCO      :        International Organisation of Securities Commission
        IDA        :        International Development Association
        NEPSE      :        Nepal Stock Exchange Ltd.
        NRB        :        Nepal Rastra Bank
        SDMS       :        Securities Data Management System
        SEBON      :        Securities Board of Nepal
        SEBI       :        Securities and Exchange Board of India




Securities Board of Nepal                               6                         Annual Report 2009/2010
                                 CONTENT
                                                                   Page

1.      Securities Board of Nepal (SEBON)                          10



2.      Brief Economic Outline                                     18



3.      Highlights of SEBON Activities                             26



4.      Securities Markets                                         54



5.      Collective Investment Scheme                               72



6.      Corporate Activities of Listed Companies                   76


        Appendices                                                 98


        Securities Market Scenarios                                128




Securities Board of Nepal                7         Annual Report 2009/2010
                       SECURITIES BOARD OF NEPAL
                               Objectives and Functions
                               The Board
                               Organisation
                               Committee
                               Financial Resources
                               International Affairs




Securities Board of Nepal                     8            Annual Report 2009/2010
Securities Board of Nepal   9   Annual Report 2009/2010
1. Securities Board of Nepal (SEBON)

Securities Board of Nepal was established on June 7, 1993 as an apex regulator of securities
markets in Nepal.
1.1 Objectives and Functions

The major objective of SEBON is to regulate the securities market and protect investor's
interests. As per the Securities related Act, 2007, the major functions of SEBON are as follows.
                Register securities of public limited companies.
                Approve prospectus for issuing securities.
                Provide license to operate stock exchanges.
                Provide licence to operate securities businesses.
                Permit the operation of collective investment schemes and investment fund
                programme.
                Draft regulations, and issue directives and guidelines.
                Supervise and monitor stock exchanges and securities business activities.
                Take legal action against the non-compliance companies as per the legal
                provisions.
                Conduct research, study and awareness programmes regarding securities markets.
                Advise the Government of Nepal to formulate policies and programmes relating
                to securities market as and when required.


1.2 The Board

The Governing Board of SEBON comprises seven members representing various government
and non-government sectors. The seven-member board includes a full-time Chairman
appointed by the Government of Nepal for the tenure of four years. Other members of the
Board are joint secretary from Ministry of Finance, joint secretary from Ministry of Law,
Justice and Constitutional Assembly Affairs, a representative from the Nepal Rastra Bank, a
representative from Institute of Chartered Accountants of Nepal, a representative from
Federation of Nepalese Chambers of Commerce and Industries, and an expert member
appointed by the Government of Nepal.

In the fiscal year 2009/10, a total of 26 board meetings were held. The detail of the board
members of SEBON in the fiscal year 2009/10 is presented in table 1.


Securities Board of Nepal                       10                          Annual Report 2009/2010
                 Table 1: Representation in the Board during the Fiscal Year 2009/10

                                                                                      Date/Duration of
S.N.             Organisation                        Name               Designation
                                                                                       Representation
 1         Securities Board of Nepal            Dr Surbir Paudyal        chairman        17/12/2008
 2          Government of Nepal,              Mr Bodh Raj Niraula         member         30/03/2010
             Ministry of Finance                 (joint secretary)
                                                Mr Lal Mani Joshi                       02/12/2008 to
                                                 (joint secretary)       member          29/03/2010
 3          Government of Nepal,                Mr Kedar Poudyal         member          13/10/2009
          Ministry of Law, Justice and           (joint secretary)
            Parliamentary Affairs             Mr Babu Ram Regmi                         19/04/2002 to
                                                 (joint secretary)       member          12/10/2009
 4             Nepal Rastra Bank            Mr Rabindra Prasad Pandey    member          16/11/2009
                                               (executive director)
                                              Mr Bholaram Shrestha                      16/01/2006 to
                                               (executive director)      member          15/11/2009
 5      Institute of Chartered Accountant   Mr Sudarshan Raj Pandey      Member          05/08/2010
                      of Nepal                   (vice chairman)
                                             Mr Sunir Kumar Dhungel      member         25/08/2009 to
                                                 (vice chairman)                         04/08/2010
                                             Mr Subodh Kumar Karna       member         12/08/2008 to
                                                 (vice chairman)                         24/08/2009
 6     Federation of Nepalese Chamber of      Mr Pradip Jung Pandey      member          04/04/2008
           Commerce and Industries               (vice president)
 7     Expert Member of Government of       Mr Surendra Man Pradhan      member          05/04/2010
                     Nepal                   Mr Sita Ram Thapaliya       member         25/03/2007 to
                                                                                         23/03/2010



1.3 Organisation

SEBON, in performing the increasing responsibility of the Board under newly enacted
Securities Act, 2007, implemented new organisational structure based on the recommendations
of the study conducted for the purpose since March 14, 2008. The organisational structure of
SEBON has seven departments and sixteen sections. Presently, there are 37 staff (including
chairman) in SEBON. Out of 37 staff, 20 staff are at Officer level and remaining are assistant
level and support the staff. The current staff remain inadequate to perform various functions
and to tackle with many issues and challenges of the Board including the current size of the
market, challenges of market supervision and legal enforcement and need of increasing use of
information technology for human resource management and market supervision, conducting
and encouraging research on the area of capital markets, conducting investors' education and
awareness building programmes continuously, and formulate and implement capital market
master plan in order to improve regulation and supervision of capital market. Recently

Securities Board of Nepal                          11                            Annual Report 2009/2010
conducted research in SEBON revealed the need of staff especially human resource manager,
researcher and statistician, computer programmer, and librarian. The detail of SEBON staff is
presented in appendix-1.


In response to the requirement of institutional strengthening due to increasing regulatory
responsibilities, an initiative with the assistance of Ministry of Finance and Indian Embassy to
take expert advice led to accomplish such assignment by a team from Securities and Exchange
Board of India (SEBI). SEBON, in performing its responsibilities, is also taking opinions of
experts from legal and accounting professionals as and when required. Similarly, accounting
system of the Board has been fully computerised during the fiscal year 2009/10. Government of
Nepal has provided 2034.88 square meter of land on lease for 50 years at Satdobato, Lalitpur
for the construction of the SEBON's building. The board has decided to construct the office
building on the land.


The organisation structure of SEBON is presented in the following chart.

                                                                         Board



                                                                      Chairman

                                  Executive Director                                                Executive Diector


                                                                                                                           Internal Auditor




   Management       Planning and              Corporate                                       Regulation
                                                                  Financial Information                              Survillance                  Legal
   Department       Development                Finance            Analysis Department         Department             Department                 Department
                    Department                Department



   HR Section        Research                Public Issue                                  Securities Market       Securities Market          Legal Investigation
                     Section                   Section                                     Regulation Section     Survillance Section              Section



     Finance        Training and          Collective Investment                           Securities BusinessPr         Securities            Legal Enforcement
     Section      Education Section          SechmeSection                                 Regulation Section        Businessperson                Section
                                                                                                                    Survillance Section



                     IT Section                                                                                        Trading
                                                                                                                  Survillance Section



                   International                                                                                      Corporate
                  Relation Section                                                                                Survillance Section




Securities Board of Nepal                                                12                                                 Annual Report 2009/2010
1.4 Committee
1.4.1 Governance Committee
With an objective to provide information, advice and feedback for the formulation and
improvement of policy and procedure relating to the functions of Board, making its activities
more transparent, efficient and public oriented by monitoring the service delivery and
governance, SEBON has formed a 'Governance Committee' under the convener of Chairman
comprising two directors and deputy directors from the Management Department and Legal
Department as members. The committee is in operation and has installed charter during the
fiscal year 2009/10 in the office premises.


1.4.2 Securities Registration and Issue Approval Committee
In order to make prospectus of issuing companies more informative and credible 'Securities
Registration and Issue Approval Committee' with representatives from SEBON and Company
Registrar Office (CRO) is in operation. Provision has also been made for the representation
from the Nepal Rastra Bank and Insurance Board in the committee as and when required. The
recommendation of the committee to include requisite provisions in its issuance directives to
sell the shares to the local public for using local resources has been endorsed by the Board.


1.4.3 Financial Administration and Financial Information Analysis Committee
SEBON has formed 'Financial Administration and Financial Information Analysis Committee'
under the convener of Board member representing from the Institute of Chartered Accountants
of Nepal comprising Heads of the Management Department, Financial Information Analysis
Department and Finance Section as members with the objectives of developing the recording
and reporting formats of financial information by stock exchange, securities businesspersons
and listed companies which to be kept in their offices, submitted to Securities Board of Nepal
and stock exchange along with the objectives of finalising the annual budget and programme of
the Board, updating and reviewing the annual budget and expenditure, reviewing the audited
report from the auditor and drafting the response to the audit report. The committee studied and
prepared the responses for the questions raised by the auditor relating to the audited financial
report of 2008/09 of SEBON during the year.



Securities Board of Nepal                      13                           Annual Report 2009/2010
1.4.4 Institutional Reform Committee
In order to provide recommendations on organization structure of Board, need of manpower,
management information system, delegation of authority, returns and privilege to members and
staff of the Board, a 'Institutional Reform Committee' was formed under the convener of the
expert member of the Board comprising Head of the Management Department as member and
Head of the Corporate Finance Department as member secretary. The Committee has reviewed
the study report of SEBI relating to institutional strengthening and regulatory framework during
the year.


1.4.5 Legal Enforcement Committee
In order to improve in the compliances of the securities related legislations and to provide
suggestions by reviewing the drafted securities legislations and directives, Legal Enforcement
Committee was formed under the convener of Board member representing from Ministry of
Law, Justice and constitutional Affairs. The committee prepared the final draft of the Portfolio
Management Directives, 2010, Mutual Fund Regulations, 2010 and Bonus Share Directives,
2010. Likewise, the process of drafting Mutual Fund Act by the committee is in the final stage,
and the committee has reviewed its study regarding the application for public issue of the
Capital Investment Fund Ltd.


The committee recommended to ask facts on the application for the shares to be freed and
initiated actions as needed for making free the genuine shares blocked while blocking the
shares illegally transacted in the name of investor by the stockbroker.


The committee addressed an issue relating to grievances for not selling rights share within the
specified timeframe as per the provision of the Directives of SEBON for unsubscribed rights
share of National Finance Company, which were under bidding process at minimum price of
Rs.100.0 by discussing with the responsible officials of the company and developing a
consensus for the better solution.




Securities Board of Nepal                      14                         Annual Report 2009/2010
1.4.6 Investigation Committee
Four members investigation committee was formed under the convener of director in order to
perform the initial work relating to legal enforcement and to provide necessary assistance for
the activities relating to legal enforcement committee. The committee investigated the case
against the NICM performing share registrar activities without license and submitted the report
to Board. The committee prepared the report of the case lodged in the Commission for the
Investigation of Abuse of Authority (CIAA) against the recommendation of stockbrokers by
Nepal Stock Exchange Ltd. and forwarded the same case to SEBON by CIAA for necessary
investigation. Likewise, the committee investigated the complaints made by Ramesh Shrestha
as against the irregularities in securities allotment and the case of Purnima Adhikari about the
failure to get money back after allotment.


1.5 Financial Resources
The major financial resources of SEBON are government budgetary supports, registration fees
of corporate securities, fees from licensing and renewal of stock exchange, licensing and
renewal of securities businesspersons, securities transaction fees, and income generated from
the mobilisation of its revolving funds. Income and Expenditure Account, Balance Sheet and
Cash Flow Statement of SEBON for the fiscal year 2009/10 are presented in appendix-2.


1.6 International Affairs
In the fiscal year 2009/10, SEBON attempted for the membership and participation of AFIE
and ANNA. Likewise, SEBON has been the member of SASRF and has extended a relation
with SEBI for the development of capital market. SEBON staff participated in the seminar
program relating to capital market organised by World Bank, Asian Development Bank and
APEC as an invitee. SEBON initiated necessary activities in order to have membership of
International Organization of Securities Commission (IOSCO).




Securities Board of Nepal                     15                          Annual Report 2009/2010
                            BRIEF ECONOMIC OUTLINE
                              Nepalese Securities Markets and Economy
                              World Economy




Securities Board of Nepal                 16                 Annual Report 2009/2010
Securities Board of Nepal   17   Annual Report 2009/2010
2. Brief Economic Outline

2.1 Nepalese Securities Markets and Economy

2.1.1 Securities Markets
A total of 61 public limited companies raised funds amounting to Rs.10,822.41 million by
issuing securities in the fiscal year 2009/10. In the fiscal year 2008/09, a total of 64 public
limited companies had raised funds amounting to Rs.16,828.50 million.


In the last fiscal year, total listed companies in Nepal Stock Exchange Ltd. were 159 which
reached to be 176 in the fiscal year 2009/10. In the fiscal year 2009/10, annual turnover
decreased by 45.3 percent to be Rs. 11,851.11 million as compared to turnover of Rs. 21,681.14
million in the fiscal year 2008/09.

                                   Table 2: Securities Markets Indicators
                                                                                                                   (Rs. in million)

                                                                                             Fiscal Year
                       Market Indicator
                                                                          2007/08            2008/09           2009/10
 Number of Public Issue                                                       64                64                61
 Amount of Public Issue                                                  10668.20           16828.50          10822.41
 Number of Listed Companies                                                  142               159               176
 Paid-up Value of Listed Securities                                        29465            61140.0             79356
 Number of Listed Securities ('000)                                       321131             637868            821746
 Turnover                                                                 22820.8           21681.14          11851.11
 Market Day                                                                  235               234               225
 Number of Traded Companies                                                  136               170               198
 Number of Traded Shares ('000)                                          28599.77           30547.16          26231.35
 Number of Transactions                                                   150800             209091            213733
 Market Capitalisation                                                   366247.5          512939.07          376871.37
 % of Turnover on Market Capitalisation                                     6.23               4.22              3.14
 % of Market Capitalisation on Nominal GDP at
                                                                            44.62            53.43*             31.86#
 market price
 NEPSE Index (points)                                                      963.36            749.10             477.73

 *Based on revised estimate of GDP                                  # Based on preliminary estimate of GDP
 Source: Economic Surveys, 2009/10 and Trading Reports of NEPSE, 2009/10




Securities Board of Nepal                                     18                                      Annual Report 2009/2010
In the fiscal year 2009/10, the market capitalisation of the listed companies decreased by 26.5
percent to be Rs. 3,76,871.37 million as compared to market capitalisation of Rs. 5,12,939.07
million in the fiscal year 2008/09. In the fiscal year 2009/10, the preliminary estimate of the
contribution of market capitalisation to the GDP is 31.86 percent.


In the fiscal year 2009/10, the price index of the listed securities in Nepal Stock Exchange Ltd.
(NEPSE Index) reached to 477.73 points with the decrease of 271.37 points as compared to
fiscal year 2008/09. The trend of securities market indicators is presented in table 2.


2.1.2 Economy
In the fiscal year 2009/10, GDP at current price is estimated to increase by 21.53 percent to
Rs.11,82,680.10 million, which was increased by 14.75 percent in the fiscal year 2008/09. In
the fiscal year 2009/10, Gross National Income at current price is estimated to increase by
19.15 percent to Rs.11,95,118.0 million, which was increased by 21.78 percent to
Rs.10,03,066.0 million in the fiscal year 2008/09. In the fiscal year 2009/10, Gross National
Saving at current price is estimated to increase by 13.88 percent to Rs.4,07,172.0 million,
which was increased by 31.95 percent to Rs.3,57,534.0 million during the fiscal year 2008/09.


In the fiscal year 2009/10, gross domestic saving at current price is estimated to increase by
15.01 percent to Rs.1,10,751.0 million, which was increased by 20.08 percent to Rs.96,298.0
million in the fiscal year 2008/09. In the fiscal year 2009/10, total consumption at constant
price is estimated to increase by 19.76 percent to Rs.10,71,929.0 million, which was increased
by 21.69 percent to Rs.8,95,018.0 million in the fiscal year 2008/09.


Of the foreign trade, it is estimated to diminish by a high rate of 16.47 percent to
Rs.2,94,145.90 million during the first eight months of the fiscal year 2009/10, which was
increased by 25.23 percent to Rs.3,52,167.10 million in the fiscal year 2008/09. Of the total
foreign trade, the trade to India is estimated to decrease by a high rate of 19.70 percent to
Rs.1,63,372.30 million during the first eight months of the fiscal year 2009/10, which was
increased by 12.44 percent to Rs.2,03,443.50 million in the fiscal year 2008/09. The trade to
other countries during the first eight months of the fiscal year 2009/10 is estimated to recede by
a high rate of 12.07 percent to Rs.1,30,773.60 million which was increased by 48.32 percent to
Rs.1,48,723.60 million in the fiscal year 2008/09.

Securities Board of Nepal                      19                            Annual Report 2009/2010
In the fiscal year 2009/10, due to the high growth rate of the total import as compared to total
export despite the increase of both export and import, the net export of goods and services is
estimated to increase by 1.59 percent to be a negative amount of Rs.2,13,332.30 million. Such
trade deficit was decreased by a high rate of 33.26 percent a negative amount of Rs.2,16,772.10
million in the fiscal year 2008/09.


In the fiscal year 2009/10, the total capital formation is estimated to increase by 42.93 percent
which was increased by 27.83 percent in the fiscal year 2008/09. In the fiscal year 2009/10,
total fixed capital formation is estimated to increase by 5.27 percent which was increased by
0.50 percent in the fiscal year 2008/09. In the fiscal year 2009/10, the growth rate of total fixed
capital formation of the public sector is estimated to be 13.58 percent, which was increased by
10.0 percent in the fiscal year 2008/09. Likewise, the growth rate of total fixed capital
formation of the private sector is estimated to increase by 3.17 percent in the fiscal year
2009/10, which was decreased by 1.66 percent in the preceding year. The trend of Nepalese
economic indicators is presented in table 3.


                    Table 3: Nepalese Economic Indicators (At current price)
                                                                                        (Rs. in million)
                                                               Fiscal Year
 S.N.                 Indicator
                                           2006/07        2007/08       2008/09*      2009/10**
   1     Gross Domestic Product            728178.0      815663.20     991316.10     1182680.10
   2     Gross National Income             735610.0       823610.0      1003066.0     1195118.0
   3     Gross National Saving             208325.0       270957.0      357534.0       407172.0
   4     Gross Domestic Saving              71902.0       80193.0        96298.0       110751.0
   5     Total Consumption                 65627.63       735470.0      895018.0      1071929.0
   6     Foreign Trade                     254077.70     281204.20      352167.10     294145.901
         a. India                          157601.0      180932.20      203443.50     163372.301
         b. Other Countries                96476.60       100272.0      148723.60     130773.601
   7     Export of Goods and Services     -135311.50     -162671.20    -216772.10    -213332.301
            a. Import                      194694.60     221937.70      284469.60     253739.101
            b. Export                      59383.10       59266.50      67697.50      40406.801
   8     Total Capital Formation           204830.0       247277.0      316097.0       451804.0
   9     Total Fixed Capital Formation     148420.60      108922.0      109459.0       115234.0


Securities Board of Nepal                      20                           Annual Report 2009/2010
            a. Fixed Capital Formation
                                                       20843.0              20138.0             22152.0            25161.0
         in Public Sector
            b. Fixed Capital Formation
                                                     127577.60              88783.0             87307.0            90073.0
         in Private Sector
                                                                                 1
         Revised Estimate                         Preliminary Estimate               Based on 8 months data
        Source: Economic Survey, 2009/10



2.2 World Economy
Global economic growth forecast for 2010 and 2011 is estimated to increase by 4.2 percent and
4.6 percent respectively which remained negative by 0.6 percent in the year 2009 as against 3.0
percent growth in the year 2008. The effect of global financial crisis started from the early 2007
is slowing down signalling further improvements in the coming years. The economic crisis is
predicted to be lower in all advanced economies, emerging and developing economies,
developing Asia, Middle-East and North African countries, Middle and East European
countries and newly industrialised Asian economies. The economic growth rates of advanced
economies, Middle and East European Countries and newly emerging Asian industrial
economies was witnessed to be negative in 2009.


                                 Table 4: World Economic Growth
                                                                                                         (Annual Growth Percent)
                                                                                Year                          Projection
           S.N.                       Economy
                                                                         2008           2009             2010           2011
            1        Global Production                                   3.0             -0.6             4.2              4.6
                                            1
            2        Developed Economies                                 0.5             -3.2             2.3              2.4
            3        Emerging and Developing Economies                   6.1             2.4              6.3              6.5
            4        Newly Industrialized Asian Economies                1.8             -0.9             5.2              4.9
                     Newly Emerging         and     Developing
            5                                                            3.0             -3.7             2.8              3.4
                     Economies
            6        Developing Asia                                     7.9             6.6              8.7              8.7
            7        Newly Emerging Asia2                                1.8             -0.9             5.2              4.9
                                  3
            8        ASEAN-5                                             4.7             1.7              5.4              5.6
            9        China                                               9.6             8.7             10.0              9.9
            10       South Asia                                          1.8             -0.9             5.2              4.9
                              Afghanistan                                3.4             2.5              8.6              7.0
                              India                                      7.3             5.7              8.8              8.4
                              Bhutan                                     5.0             6.3              6.8              6.6


Securities Board of Nepal                                  21                                        Annual Report 2009/2010
                              Maldives                                    6.3             -3.0           3.4          3.7
                              Bangladesh                                  6.0             5.4            5.4          5.9
                              Pakistan                                    2.0             2.0            3.0          4.0
                              Sri Lanka                                   6.0             3.5            5.5          6.5
                              Nepal                                       5.3             4.7            3.0          4.0

              1
                 United States of America, Japan, Germany, France, United Kingdom, Italy and Canada
              2
                Developing Asia, Newly Industrialized Asian Economics and Mongolia
              3
                Indonesia, Malaysia, Philippines and Thailand, Vietnam
                Source: Economic Survey, 2009/10, World Economic Outlook, April 2010




According to the projections by the International Monetary Fund (IMF), the world economy is
projected to grow in both the consecutive years 2010 and 2011 compared to the growth
achieved in the year 2009. The growth trend of world economy is presented in table 4.


In the year 2009, along with the slow level of growth achieved by the developed economies
(-0.6 percent), the growth rate achieved by the emerging and developing economies (-3.7
percent) and advanced economies (-3.2) has been the major growth rate of the world economy.
In the year 2009, the growth rate of developing Asia (including China, India and ASEAN-5)
was 6.6 percent and that of emerging Asia (developing Asia and newly industrialized Asian
economies) -0.9 percent. Among them, the economic growth rate of ASEAN-5 was 1.7 percent.
Likewise, among the high growth emerging Asian economies, the growth rates of China and
India in the year 2009 were 8.7 percent and 5.7 percent respectively. The economic growth rate
of Nepal in the year 2009 was 4.7 percent which is estimated to be 3.0 percent in the year 2010
in line with some melt down in economic activities.




Securities Board of Nepal                                     22                                      Annual Report 2009/2010
Securities Board of Nepal   23   Annual Report 2009/2010
                HIGHLIGHTS OF SEBON ACTIVITIES

                  Securities Registration and Prospectus Approval
                  Licensing and Renewal
                  License Cancellation
                  Establishment of Central Securities Depository System
                  Legal Provisions
                  Supervision and Monitoring
                  Legal Enforcement
                  SDMS Project
                  Investors Education
                  Conduction of Training and Seminar
                  Participation in Training and Seminar
                  Studies
                  Publications
                  Website




Securities Board of Nepal                 24                     Annual Report 2009/2010
Securities Board of Nepal   25   Annual Report 2009/2010
3. Highlights of SEBON Activities

3.1 Securities Registration and Prospectus Approval

The Securities Act, 2007, has incorporated a provision that requires the public companies to
register all the securities to be issued with the SEBON. According to this provision, SEBON
registered the ordinary share, rights share, and debenture of 72 companies comprising 9
commercial banks, 34 development banks, 24 finance companies and 5 insurance companies
amounting to Rs.14107.45 million in the fiscal year 2009/10.


3.1.1 Public Issue Approval

During this fiscal year, SEBON registered Rs.3144.70 million worth of securities of 37
companies comprising two commercial banks, 23 development banks, nine finance companies,
and three insurance companies and approved their prospectuses for public issue. The details of
securities registration and prospectus approval is presented in table 5.


                   Table 5: Securities Registration and Prospectus Approval
                                                                                            (Rs. in million)

                                                                 Date of                   Issue
   S.N.                     Name of the Company                               Amount
                                                                Approval                  Manager
     1      Miteri Development Bank Ltd.                        16/08/2009     13.54        ACE

     2      Mahakali Bikas Bank Ltd.                            02/09/2009      8.18        ACE

     3      Asian Life Insurance Company Ltd.                   16/09/2009     108.0       NCML

     4      Kasthamandup Development Bank Ltd.                  22/09/2009      96.0       NCML

     5      Resunga Bikas Bank Ltd.                             04/10/2009      9.18        Civil

     6      Pathibhara Bikas Bank Ltd.                          11/10/2009     24.50        NMB

     7      Udham Bikas Bank Ltd.                               22/10/2009      15.0       NCML

     8      Nerude Laghubitta Bikas Bank Ltd.                   04/11/2009      6.0        NCML

     9      Sewa Bikas Bank Ltd.                                16/12/2009      40.0        NMB

    10      City Development Bank Ltd.                          08/01/2010      60.0        ACE

    11      Nilgiri Bikas Bank Ltd.                             14/01/2010      15.0        Elite
    12      NMB Bank Ltd. ( New Issue)                          21/01/2010     71.50        DCBL
    13      Manakamana Development Bank Ltd.                    03/02/2010     300.0       NCML
    14      Gauri Shanker Development Bank Ltd.                 10/02/2010      60.0        ACE
    15      Agriculture Development Bank Ltd.                   10/02/2010     960.0        ACE
    16      Prime Life Insurance Company Ltd.                   11/02/2010     108.0       NCML
    17      Surya Life Insurance Company Ltd.                   11/02/2010     108.0        NMB



Securities Board of Nepal                         26                         Annual Report 2009/2010
                                                                        Date of                      Issue
   S.N.                      Name of the Company                                     Amount
                                                                       Approval                     Manager
    18      Zenith Finance Ltd.                                        12/03/2010        42.0         NMB
    19      Subha Laxmi Finance Ltd.                                   08/04/2010        60.0          ACE
    20      Alpine Development Bank Ltd.                               28/04/2010        33.0         NMB
    21      Diyalo Bikas Bank Ltd.                                     29/04/2010        35.0          ACE
    22      Western Development Bank Ltd.                              03/05/2010        23.0         NCML
    23      Suryadarshan Finance Ltd.                                  13/05/2010        40.0         NMB
    24      Unique Financial Institution Ltd.                          25/05/2010        40.0         NCML
    25      Seti Bittiya Sanstha Ltd.                                  02/06/2010       19.60          Civil
    26      Araniko Development Bank Ltd.                              03/06/2010        98.0        Growmore
    27      Swastik Merchant Finance Ltd.                              20/06/2010        30.0          ACE
    28      Bishwo Bikas Bank Ltd.                                     21/06/2010       93.60        Growmore
    29      Arun Finance Ltd.                                          30/06/2010        60.0          Civil
    30      Kankai Bikas Bank Ltd.                                     02/07/2010        12.0        Growmore
    31      Valley Finance Ltd.                                        05/07/2010       38.40       NCML &CIT
    32      Karnali Bikas Bank Ltd.                                    05/07/2010       39.20       NEFINSCO
    33      Garima Bikas Bank Ltd.                                     06/07/2010        94.0          ACE
    34      Kabeli Bikas Bank Ltd.                                     08/07/2010         6.0          Elite
    35      Jyoti Bikas Bank Ltd.                                      11/07/2010       292.0          ACE
    36      Himalayan Finance Ltd.                                     14/07/2010        56.0          Elite
    37      Tinau Bikas Bank Ltd.                                      16/07/2010        30.0          CIT

                                      Total                                          3144.70


3.1.2 Rights Share Registration
In the fiscal year 2009/10, SEBON registered the rights shares and disclosure documents of 35
companies comprising seven commercial banks, 11 development banks, 15 finance companies,
and 2 insurance companies amounting to Rs.10962.75 million. The detail of rights share
registration is presented in table 6.


                                 Table 6: Rights Share Registration
                                                                                                    (Rs. in million)
                                                            Registration
   S.N.               Name of the Company                                     Amount            Issue Manager
                                                                Date
     1      Goodwill Finance Ltd.                            27/07/2009       173.25                ACE
     2      Birgunj Finance Ltd.                             09/08/2009        334.70              NMB
     3      Business Development Bank Ltd.                   26/08/2009        441.0                ACE
     4      Butwal Finance Ltd.                              07/09/2009        337.26              NMB
     5      Alliance Insurance Co. Ltd.                      10/09/2009        59.95               NCML
     6      Laxmi Bank Ltd.                                  15/10/2009        439.24              NMB
     7      International Leasing & Finance Co. Ltd.         22/10/2009       1360.80              NCML


Securities Board of Nepal                              27                           Annual Report 2009/2010
                                                           Registration
   S.N.               Name of the Company                                 Amount       Issue Manager
                                                              Date
    8       Kuber Merchant Finance Ltd.                     27/10/2009      100.           NMB
    9       Nepal Life Insurance Co. Ltd.                   04/11/2009      75.0          NCML
    10      Himchuli Bikas Bank Ltd.                        10/11/2009     317.40          NMB
    11      Nepal SBI Bank Ltd.                             07/12/2009     437.27           CIT
    12      Mahalaxmi Finance Ltd.                          22/12/2009     324.0           NMB
    13      Global Bank Ltd.                                01/01/2010      500.          ELITE
    14      Paschimanchal Development Bank Ltd.             03/01/2010     210.0         Growmore
    15      Capital Merchant Banking & Finance Ltd.         06/01/2010     561.04          ACE
    16      Annapurna Bikas Bank Ltd.                       13/01/2010     462.0           ELITE
    17      Tribeni Bikas Bank Ltd.                         26/01/2010      50.0            ACE
    18      Yeti Finance Ltd.                               02/02/2010     62.20           ELITE
    19      Prudential Finance Ltd.                         23/02/2010     200.0            Civil
    20      CMB Finance Ltd.                                25/02/2010     75.05         Growmore
    21      Bank of Asia Nepal Ltd.                         16/04/2010     500.0            Civil
    22      Pashupati Development Bank Ltd.                 18/04/2010     500.0         Growmore
    23      Om Finance Ltd.                                 26/04/2010     105.0           NCML
    24      United Finance Ltd.                             28/04/2010     165.0           ELITE
    25      Siddhartha Bank Ltd.                            28/05/2010      4.76            ACE
    26      Sahayogi Bikas Bank Ltd.                        31/05/2010      15.0           NCML
    27      Sunrise Bank Ltd.                               01/06/2010     375.0           NCML
    28      Gorkha Finance Ltd.                             08/06/2010     69.14         Growmore
    29      Subechha Bikas Bank Ltd.                        18/06/2010     52.80            ACE
    30      Citizens Bank Ltd.                              21/06/2010     1000.0          ELITE
    31      Merchant Finance Ltd.                           23/06/2010      90.0         Growmore
    32      Narayani National Finance Ltd.                  25/06/2010     217.59           ACE
    33      Clean Energy Development Bank Ltd.              28/06/2010     768.0           NMB
    34      Infrastructure Development Bank Ltd.            30/06/2010     480.0         Growmore
    35      Gandaki Bikas Bank Ltd.                         14/07/2010     100.0           ELITE
                                  Total                                   10962.75


3.1.3 Bonus Share Registration
In the fiscal year 2009/10, SEBON registered the bonus shares of 60 companies amounting to
Rs.4545.42 million. The detail of bonus share registration is presented in table 7.


Securities Board of Nepal                             28                       Annual Report 2009/2010
                                 Table 7: Registration of Bonus Share
                                                                                             (Rs. in million)
     S.N.                Name of the Company                 Registration Date             Amount
      1        United Finance Ltd.                              02/08/2009                  30.0
      2        Siddhartha Bank Ltd.                             19/08/2009                  144.20
      3        Om Finance Ltd.                                  25/08/2009                    41.0
      4        Nirdhan Uthan Bank Ltd.                          23/09/2009                    21.0
      5        Kumari Bank Ltd.                                 24/09/2009                  257.40
      6        Nabil Bank Ltd.                                  24/11/2009                  483.38
      7        Standard Chartered Bank Ltd.                     24/11/2009                  466.52
      8        Malika Bikas Bank Ltd.                           15/12/2009                    10.0
      9        Salt Trading Corporation Ltd.                    21/12/2009                   20.28
      10       Himalayan Bank Ltd.                              03/01/2010                  383.78
      11       IME Financial Institution Ltd.                   04/01/2010                   49.89
      12       NIC Bank Ltd.                                    05/01/2010                  171.07
      13       Shree Investment & Finance Ltd.                  06/01/2010                   20.16
      14       Universal Finance Ltd.                           08/01/2010                   12.17
      15       Bank of Kathmandu Ltd.                           10/01/2010                  337.76
      16       Everest Bank Ltd.                                11/01/2010                  191.65
      17       Goodwill Finance Ltd.                            28/01/2010                    5.99
      18       Reliable Finance Ltd.                            28/01/2010                   16.50
      19       Royal Merchant Banking & Finance Ltd.            28/01/2010                   13.55
      20       Sanima Bikas Bank Ltd.                           29/01/2010                   38.18
      21       Bishal Bazar Company Ltd.                        09/02/2010                   21.84
      22       Sahayogi Bikas Bank Ltd.                         09/02/2010                     9.0
      23       Soaltee Hotel Ltd.                               11/02/2010                  191.33
      24       Annapurna Finance Ltd.                           11/02/2010                   26.21
      25       NIDC Capital Markets Ltd.                        17/02/2010                   30.18
      26       Paschimanchal Development Bank Ltd.              03/03/2010                   26.50
      27       Paschimanchal Finance Company Ltd.               10/03/2010                   32.17
      28       Nepal Bitta Bikas Company Ltd.                   10/03/2010                   29.10
      29       Prime Commercial Bank Ltd.                       11/03/2010                   14.67
      30       NDEP Development Bank Ltd.                       11/03/2010                    32.0
      31       Butwal Power Company Ltd.                        19/03/2010                   83.91



Securities Board of Nepal                           29                           Annual Report 2009/2010
     S.N.                   Name of the Company            Registration Date             Amount
      32       Nepal Share Markets Ltd.                       31/03/2010                   34.56

      33       Laxmi Bank Ltd.                                02/04/2010                   76.20

      34       United Insurance Company (Nepal) Ltd.          04/04/2010                    12.0
      35       Nepal SBI Bank Ltd.                            06/04/2010                  350.45
      36       Lumbini Finance & Leasing Company Ltd.         07/04/2010                    30.0
      37       Guheswori Merchant Banking & Finance Ltd.      07/04/2010                    11.0
      38       Central Finance Ltd.                           19/04/2010                   19.23
      39       Emperial Finance Ltd.                          21/04/2010                   17.98
      40       Nepal Finance Ltd.                             21/04/2010                   22.50
      41       World Merchant Banking & Finance Ltd.          25/04/2010                   25.98
      42       Gorkha Development Bank Ltd.                   25/04/2010                   60.82
      43       Lalitpur Finance Ltd.                          02/05/2010                   56.95
      44       Yeti Finance Ltd.                              11/05/2010                   18.75
      45       Arun Valley Hydropower Company Ltd.            12/05/2010                   68.60
      46       Citizen Investment Trust.                      16/05/2010                    20.0
      47       Peoples Finance Ltd.                           17/05/2010                   20.21
      48       Gorkha Finance Ltd.                            17/05/2010                    9.14
      49       Biratlaxmi Bikas Bank Ltd.                     23/05/2010                    5.50
      50       Swabalamwan Laghubitta Bikas Bank Ltd.         30/05/2010                    6.33
      51       Subechha Bikas Bank Ltd.                       30/05/2010                    8.0
      52       Premier Finance Co. Ltd.                       09/06/2010                    7.42
      53       Bhrikuti Development Bank Ltd.                 17/06/2010                   21.14
      54       Siddhartha Bank Ltd.                           23/06/2010                  143.50
      55       Tribeni Bikas Bank Ltd.                        24/06/2010                    15.0
      56       Pokhara Finance Ltd.                           24/06/2010                    72.0
      57       Salt Trading Corporation Ltd.                  24/06/2010                    4.32
      58       Bageswori Development Bank Ltd.                25/06/2010                    9.90
      59       Alliance Insurance Co. Ltd.                    06/07/2010                    18.0
      60       Universal Finance Ltd.                         16/07/2010                   13.22
                                    Total                                                 4545.42




Securities Board of Nepal                          30                          Annual Report 2009/2010
3.2 Licensing and Renewal
3.2.1 License Renewal of Stockbroker
Under the provisions of Securities Act, 2007 and Securities Businesspersons (Broker, Dealer
and Market maker) Regulation, 2007, SEBON renewed licences of 23 securities
businesspersons fulfilling the criteria as required. The detail of the licensed Securities
Businesspersons is presented in appendix-3.
Under the provisions of Securities Act, 2007, and Securities Businesspersons (Broker, Dealer
and Market Maker) Regulation, 2007, companies willing to obtain licenses of stockbroker
should submit an application to the Board along with the recommendation of the stock
exchange. A total of 334 companies have applied to Nepal Stock Exchange Ltd. for the license
of stockbroker.


3.2.2 License Renewal of NEPSE
Under the provisions of Securities Act, 2007 and Securities Market Operation Regulation,
2007, SEBON renewed the license of NEPSE as it received the license renewal application
from NEPSE.


3.2.3 Merchant Bankers Licensing
Under the provisions of Securities Act, 2007 and Securities Businesspersons (Merchant
Banker) Regulation, 2007, SEBON provided merchant banking licenses to the companies as
presented in table 8 (a) in the fiscal year 2009/10.


                             Table 8(a): Licensed Merchant Bankers
     S.N.                       Name                             Business            Licensed Date
      1        Growmore Merchant Banker Ltd.           1. Issue Manager               21/07/2010
               Durbar Marg, Kathmandu                  2. Share Registration
                                                       3. Investment Management

      2        Nabil Investment Banking Ltd.           1. Issue Manager                26/04/2010
               Chabahil, Kathmandu                     2. Share Registration
                                                       3. Investment Management
                                                       4. Underwriting




Securities Board of Nepal                       31                            Annual Report 2009/2010
The list of licensed merchant bankers and license renewed merchant banker in the fiscal year
2009/10 is presented in appendix-4.


According to notice published on Nepal Gazette (Vol. 59, No. 18 part 5) dated 17 August 2009
by Government of Nepal, Nabil Investment Banking Ltd. has been the first subsidiary company
obtaining license of Merchant Banker. Likewise, on the application submitted by the Laxmi
Capital Ltd, Subsidiary Company of Laxmi Bank Ltd. for working as Issue Manager,
Underwriting, Share Registrar and Investment Manager, Board has conducted necessary
inspection and the company has been informed for preparing necessary infrastructures. The
applications received from Capital Investment and Development Company Ltd. and NICM Ltd.
have been processed and they have been informed to furnish additional details and documents
pursuant to prevailing laws along with for making necessary amendments in the documents.
The companies which have applied for the license of Merchant Banker to SEBON in fiscal year
2009/10 are presented in table 8(b).


                        8(b): Companies Applying for Merchant Bankers
     S.N.                Applicant Company                                    Business
      1        Akash Investment Bankers Ltd.             Share Registration and Investment Management
      2        Green Investment Ltd.                     Investment Management
      3        Growmore Merchant Banker Ltd.             Underwriting
      4        Araniko Capital Management Company Ltd.   Share Registration and Investment Management



After reviewing the application received from above mentioned companies, it has been
informed to the companies for submitting other necessary details and documents and to make
necessary amendments.


3.2.4 License Renewal of Merchant Banker
In pursuant to sub-section (2) of section (61) of Securities Act, 2007, securities businesspersons
are required to renew their licenses by submitting the annual fee to SEBON within three months
of the expiry of the fiscal year and in the case of not being able to renew the license within the
stipulated time by paying the annual fee according to sub-section (2) in sub-section (3), it is


Securities Board of Nepal                        32                              Annual Report 2009/2010
required to renew by paying twenty five percent amount of annual fee additional as fine until
three months of the expiry date. SEBON under this provision has performed necessary
examination on the application received for license renewal and have renewed licenses of 15
merchant bankers in the fiscal year 2009/10. The companies which renewed merchant banker
licenses in the fiscal year 2009/10 are presented in table 8(c).


                              8(c): License Renewed Merchant Bankers
     S.N.              Name of the Company               S.N.               Name of the Company
      1        Ace Development Bank Ltd.             2          Nepal Housing & Merchant Fin. Ltd.
      3        NIDC Capital Markets Ltd.             4          Vivor Bikas Bank Ltd.
      5        NMB Bank Ltd.                         6          DCBL Bank Ltd.
      7        Nepal Share Markets & Finance Ltd.    8          Nepal Srilanka Merchant Banking & Fin. Ltd.
      9        United Finance Ltd.                   10         Civil Capital Markets Ltd.
      11       Citizen Investment Trust.             12         Investment Management Merchant Banker Ltd.
      13       Nepal Finance Company Ltd.            14         Beed Invest Ltd.
      15       Elite Capital Ltd.


3.2.5 Merchant Banking Business through Subsidiary Company
With an objective of bringing the merchant banking business only under the sole regulatory
periphery of the Board and to make the provisions of banks and financial institutions to perform
merchant banking business through subsidiary company in pursuant to the Securities Act, 2007,
the notice provisioning the banks and financial institution to perform merchant banking
business through subsidiary company was published on the Nepal Gazette on August 17, 2009
by Government of Nepal with the recommendation from SEBON. According to the notice, it
was provisioned that the bank and financial institutions established in pursuant to prevailing
laws were allowed to perform the business of Issue Manager, Securities Businesspersons,
Market Maker, Share Registrar, Investment Management and Underwriter through separate
subsidiary company with the approval from SEBON. Therefore, the Board has made
correspondence to the concerned companies for making necessary arrangements. After the
enforcement of such provision, among 10 banks and financial institutions working as merchant
bankers, only the companies as presented in table 8 (d) have established their subsidiary
companies and have initiated the process for obtaining the license.


Securities Board of Nepal                           33                                  Annual Report 2009/2010
            8 (d): Subsidiary Companies in the Process for Obtaining the License of
                                         Merchant Bankers
     S.N.                 Subsidiary Company                             Main Company
      1           Vivor Capital Ltd.                       Vivor Bikas Bank Ltd.
      2           Ace Capital Ltd.                         Ace Development Bank Ltd.
      3           NMB Capital Ltd.                         NMB Bank Ltd.
      4           NSM Merchant Banking & Investment        Nepal Share Markets & Finance Ltd.
                  Ltd.


3.2.6 Application for the approval of stock exchange operation
In pursuant to Securities Market Operation Regulation, 2007, companies willing to operate
stock exchange as presented in table 9 have applied to SEBON to recommend company
Registrar office for the registration of company according to prevailing laws.


                      Table 9: Companies Willing to Operate Stock Exchange
            S.N.                                 Name of Applicants Company
              1             National Stock Exchange Ltd.
              2             Kathmandu Stock Exchange Ltd.
              3             Nepal Securities and Derivative Exchange Ltd.
              4             Himalayan Stock Exchange Ltd.


SEBON has formed a committee in order to conduct a study on the applications for the
establishment and operation of stock exchange comprising members of the Board and Joint
Secretary of the Ministry of Finance, Joint Secretary of the Ministry of Law, Justice and
Constitutional Assembly Affairs, Mr Deepak Raj Kafle, the former chairman of SEBON, Heads
of Supervision Department and the Legal Department of Board as members. The committee has
submitted its report about the needs and possibilities of the new stock exchange after the
completion of the study.


3.2.7 OTC Market
According to Securities Market Operation Regulation, 2007, SEBON has initiated its study on
the application from NICM Ltd. for the approval to operate Over-the-Counter (OTC) market.

Securities Board of Nepal                          34                           Annual Report 2009/2010
3.3 License Cancellation
In pursuant to sub-section (2) of section (61) of Securities Act, 2007 securities businesspersons
are required to renew their licenses by submitting the annual fee as prescribed within three
months of the expiry of the fiscal year. And in the case of not being able to renew within the
stipulated time by submitting the annual fee according to subsection (2) of subsection (3), it is
required to renew by paying twenty five percent of the amount of annual fee additional as fine
until three months of the expiry of time frame. SEBON, under this provision, has published
information to public about the license cancellation of the Tinau Bikas Bank Ltd. and National
Finance Ltd. as they failed to renew the licenses of merchant banker.


3.4 Establishment of Central Securities Depository System
SEBON prepared a concept paper and submitted to the Ministry of Finance for the
establishment of Central Securities Depository (CSD) as an independent company. As per the
theoretical approval of Ministry of Finance an agreement was made among the Nepal Stock
Exchange Ltd, Citizen Investment Trust and some commercial banks for the promoters willing
to establish CSD under the convener of the chairman of SEBON. As the Government of Nepal
in its budget speech of the fiscal year 2009/10 declared to establish Central Securities
Depository System in order to make prompt the ownership transfer, clearance and settlement of
shares; an agreement is signed with the Central Depository and Services Limited (India) by the
major promoter Nepal Stock Exchange Ltd. and accordingly the software development for CSD
system is in process.


3.5 Legal Provisions
As the section 116 of Securities Act, 2007 has authorized the Board for framing Regulations on
different subjects; the Board has amended, framed and enforced different regulations and
directives.


In order to improve internal governance and financial discipline of the Board pursuant to the
rules of Government of Nepal, SEBON enacted Securities Board of Nepal Procurement
Regulation, 2009 and Securities Board of Nepal Financial Administration Regulation, 2009
since September 17, 2009.

Securities Board of Nepal                     35                           Annual Report 2009/2010
3.5.1 Amendment in Securities Registration and Issue Regulation, 2008
In order to make public issuance of shares more fair and transparent, managed and investors’
friendly, SEBON has made first amendment in Securities Registration and Issue Regulation,
2008 effecting from May 24, 2010. The following amendments have been made in pursuant to
rule (7) of the regulation.


              Amendment in the Securities Registration and Issue Regulation, 2008
 1) Incorporated the provisions to sale and distribute the securities of the concerned corporate body through public
    issuance if the Corporate Body intends to sale and distribute its securities to more than 50 persons at a time.
 2) As per the amended provisions of sub-rule (1) the Corporate Body making public issuance, unless otherwise
    prescribed by the regulating body related with the concerned business, shall be required to set aside at least
    30 percent of its issued capital for public subscription.
 3) According to the amended Regulation of sub-rule (2) the corporate body using local natural resources and
    materials as its raw materials shall be required to set aside at least 15 percent of its issued capital to the
    public and 10 percent of its issued capital for the people residing in the area affected by the industry and the
    shares such issued to the people residing in the area affected by the industry shall not be allowed to sell or
    transfer their shares within the minimum period of three years from the date of allotment.
 4) The public issuance shall be made making at least 51 percent promoters' share holding unless otherwise it is
    prescribed by the concerned regulating body.
 5)    According to the new amended provisions of sub-rule (1) public issuance companies like banks, finance
      companies or insurance companies may make public issuance of their shares if they have completed one
      year of business operation under its objectives and have published its audited financial reports and
      completed its Annual General Meeting.
 6) According to sub-rule (1) of new amended regulations, the corporate bodies other than banks, finance
    companies or insurance companies should fulfill the following conditions:
      a) incorporated the provisions to proceed the requisite functions to operate business operations according to
          its own desires and should complete one year.
      b) should conduct audited report and Annual General Meeting according to the prevailing regulations.
      c) incorporated the provisions to take license, approval and consent from the concerned regulatory agency
          if it is necessary.
      d) initiated construction works of factory building, office building, warehouse and other necessary amenities
          for the land purchased of the Corporate bodies.
      e) required to select the manufacturing technology and purchase necessary mechanical equipments requisite
          for the industry.
      f) should have made financial closure for the construction of the project.
      g) it should have made Power Purchase Agreement if it is a hydropower, and should have called tender for
          construction of Powerhouse and other infrastructure.
      h) agreed to maintain the loan and capital ratio of the Company throughout the project construction period as
         it is prescribed by the Securities Issuance Directives.
      i) share amount as agreed by the promoters should have been paid in full.
      j) the shares set aside for the issuance to the general public should have been underwritten as prescribed in the
          Securities Issuance Directives.




Securities Board of Nepal                                36                                  Annual Report 2009/2010
 7) The provision requiring the applicant to mention the name, address of the bank or financial institution
    where the applicant has maintained account and account number and submit the copy of citizenship
    certificate verified by the applicant attached thereto and the Issue Manager requiring for making
    arrangement of the refund of application money to be deposited in the bank account, as incorporated earlier
    has been continued in the amended regulations.
 8) The mentioned account of the applicants should be the members of the clearing house or the members taken
    from bank and financial institutions.
 9) Each applicant subscribing for more than Rs.50,000 is required to deposit the application amount
    compulsorily through account payee Cheque.
 10) Applicants subscribing up to Rs.10,00,000/- is required to mention in the application form by wish and
     the applicant subscribing for more than Rs.10,00,000/- is compulsorily required to mention their
     Permanent Account Number (PAN) in the application form.
 11) Likewise, in case the application money so received has been deposited with the Banker to the Issue for
     interest, 80 percent of the interest so earned shall be required to be given to the applicant in a proportional
     basis for the days from the application date to the day before the allotment date and SEBON shall be
     informed for such arrangement.
 12) Issuance Companies can allocate the shares to the general public only after up to 5 percent of shares set aside
     to the staff of the issuance companies. The set aside shares could not be sold until the completion of three years
     of the allocation date.
 13) In pursuant to sub-rule (3), it is provisioned that the shares set aside for the public shall be sold only after selling
     the shares set aside for the people residing in the area affected by the industry.
 14) People residing in the area affected by the industry shall not be eligible for re-applying the shares issued for the
     public.
 15) In pursuant to sub-rule (3) and (12), if the shares set aside shares could not be sold completely and are
     remained, such remaining shares may be added to the public shares and should be issued.
 16) Issue Managers are authorised for cancelling any unauthorised application that it detects to have stated false
     information thereon, seize the amount against the application and deposit it on the bank account as specified
     by SEBON.
 17) The other provisions regarding the public issuance is according to the directives.


Regarding the statement to inform to Board in the process of public issue by the Issue Managers
and to make the provisions more transparent, the amended appendices of Securities Registration
and Issue Regulation has been enforced on July 02, 2010.


3.5.2 Amendment in Stock Exchange Operation Regulation, 2008
The Board has enforced new amendment on Stock Exchange Operation Regulation, 2008
effecting from July 02, 2010. The amended regulations facilitates the Government of Nepal for
purchasing the securities from outside the stock exchange in the case if the Government of
Nepal have to purchase securities pursuant to the Agreement concluded in between
Government of Nepal and International or multinational Organisation. However, such
transactions are required to be recorded in the stock exchange and then the clearing and
settlement shall be carried out.

Securities Board of Nepal                                   37                                   Annual Report 2009/2010
3.5.3 Bonus Share Issue Directives, 2010
In order to regulate and make transparent the bonus share issue of the corporate body, SEBON
has implemented Bonus Share Issue Directives, 2010 effecting from June 23, 2010.



                              Features of Bonus Share Issue Directives, 2010

       Clear definition of various terminologies regarding issuance of bonus share including net worth.
       More clarification with regards to the conditions for issuing bonus shares.
       Incorporated clear provisions to issue the bonus shares by capitalising free reserves and cash amount
       received on premium.
       Incorporated clear provisions to be incorporated in the Article of Association of the company before
       issuing bonus share.
       Provisions requiring obtaining prior approval of the regulating body.
       Provisions requiring to fulfill the procedure including disclosure of book closing.
       Incorporated clear provisions to register the shares in Board before issuing.


3.5.4 Mutual Fund Regulation, 2010
With an objective of making mobilisation of the scattered savings of the small investors
through capital market with the medium of Mutual Fund and to invest such amount in the
capital market, SEBON has prepared draft of Mutual Fund Regulation, 2010.



                                Features of Mutual Fund Regulation, 2010

       Clear provisions of sponsor, fund supervisor, fund manager and depository under mutual fund regulation.
       Provisions to establish mutual fund by fund sponsor.
       Incorporated clear provisions to supervise the fund by fund supervisor.
       Incorporated clear provisions to manage the scheme under mutual fund by fund manager.
       Provisions requiring the depository to provide custodial services of securities under the scheme.
       Provisions requiring qualification, liabilities and duties, function and power of sponsor, Fund supervisor,
       Fund Manager and Depository.
       Provision regarding agreement and the content of the agreement.
       Provisions regarding area of investment, limit of investment, limits for making foreign investment and
       procedure for cancellation of scheme.




Securities Board of Nepal                              38                                    Annual Report 2009/2010
3.5.5 Central Securities Depository Services Regulation, 2010
SEBON has prepared a draft of Central Securities Depository Service Regulation, 2010.


                         Features of Central Depository Service Regulation, 2010
       The Central Securities Depository Company and Depository member have been developed as two main
       bodies.
       Provisions of dematerialize the current paper certificate into electronic form.
       Provisions of depositing the securities or instruments which have been distributed or allotted in the
       beneficiary owner's account.
       Provisions of operating transfer or recording the securities or instruments on account.
       Provisions regarding license and qualification of Central Securities Depository Company and Depository
       Participant.
       Provisions regarding the issuer to issue its securities through Central Securities Depository Company
       only.


As it is required to obtain the membership of Association of National Numbering Agencies
(ANNA) Germany for the establishment of Central Securities Depository, SEBON has initiated
the process of obtaining membership of ANNA.


3.5.6 Draft of Portfolio Management Directives, 2010
SEBON has prepared draft of Securities Central Depository Service Regulation, 2010 by
incorporating additional regulatory provisions for regulating portfolio management.

                            Features of Portfolio Management Directives, 2010
        Provisions regarding liabilities, duties, functions and power of Portfolio Manager and Investor Account.
        Provisions regarding services that may be rendered by the portfolio manager, area for making investment
        and the agreements to be concluded with the clients.
        Provisions regarding code of conduct for portfolio manager.




3.5.7 Draft of Securities Listing and Trading Regulation, 2010
SEBON has prepared draft of Securities Listing and Trading Regulation, 2010.

                       Features of Securities Listing and Trading Regulation, 2010
        Provisions on procedure to be followed while listing and trading the securities.
        Clarification with regards to the substantial matters to be mentioned in the listing and trading of
        securities.
        Provisions regarding the matters to be incorporated by the Stock Exchange in its Byelaws.




Securities Board of Nepal                               39                                  Annual Report 2009/2010
3.5.8 Draft of Investors Protection Fund Manual
The process of drafting necessary manual for establishing and operating investor’s protection
fund as practised in other countries with the amount collected from the unclaimed dividend and
other income for long time and to use that amount on the development and promotion of capital
market and investors training has initiated.


3.5.9 Draft of Commodities Market Regulation
As the trend of commodities market is already practised in Nepal, the committee established by
the Government of Nepal with the participation of Board has already drafted the Regulation
regarding commodities market for the development of regulatory provisions required for
standardising and managing such market.


3.6 Supervision and Monitoring

3.6.1 Supervision of Public Issue and Merchant Banker

As per the prevailing Securities Act, SEBON carried out on-site inspection of public issues of
15 companies in the fiscal year 2009/10. Similarly, SEBON issued various directives to the
issue managers and monitored the compliance of the directives for the improvement on non-
compliances seen in the process of inspection. Merchant Bankers are required to submit their
annual reports including profit and loss account, balance sheet, cash flow statements and
securities trading report to SEBON within three months of the expiry of the fiscal year.
However, majority of the merchant bankers have not submitted their annual report within the
prescribed time to SEBON. The detail of reporting by merchant bankers for the fiscal year
2008/09 is presented in table 10.
                            Table 10: Reporting by Merchant Bankers
                                                                                                  (Rs. in million)

                                                                            Issue Management
                                           Financial                              (FY 2009/10)
                                                         Received
 S.N.              Issue manager          Statements
                                                          Date          Number of   Amount of Issue
                                          (FY 2008/09)
                                                                      Issue Managed   Managed
  1     NMB Bank Ltd.                          √         29/10/2009         5                    245.50
  2     Ace Development Bank Ltd.              √         25/10/2009        10                1612.70
  3     Nepal Finance Co. Ltd.                 √         29/10/2009         1                3593.08



Securities Board of Nepal                       40                              Annual Report 2009/2010
                                                                                                        Issue Management
                                                           Financial                                          (FY 2009/10)
                                                                              Received
 S.N.                  Issue manager                      Statements
                                                                               Date              Number of   Amount of Issue
                                                           (FY 2008/09)
                                                                                               Issue Managed   Managed
   4     Nepal Share Markets Co. Ltd.                            √           28/10/2009                 -                    39.20
   5     United Finance Ltd.                                     √           05/11/2009                 -                        -
   6     Nepal Sri Lanka Merchant Bank Ltd.                      √           01/11/2009                 -                        -
   7     Citizen Investment Trust.                                           06/07/2010                 2                        -
   8     NIDC Capital Markets Ltd.                                           06/04/2010                10                     90.0*
   9     Elite Capital Ltd.                                      √           16/10/2009                 3                    798.0*
  10     Development Credit Bank Ltd.                            √           28/10/2009                 1                     77.0
  11     Nepal Housing & Merchant Fin. Ltd.                      -                 -                    -                    203.77
  12     Vibhor Bikas Bank Ltd.                                  √           27/10/2009                 -                        -
  13     Tinau Bikas Bank Ltd.                                   -                 -                    -                        -
  14     Civil Capital Markets Ltd.                              √           09/11/2009                 3                     88.8
         Investment Management Merchant
  15                                                             √           04/02/2010                 -                        -
         Banker Ltd.
  16     Beed Invest Ltd.                                        √           08/12/2009                 -                        -
*Including two issues amounting to Rs. 60.00 million jointly managed by Citizen Investment Trust and NIDC Capital Markets Ltd.




In the fiscal year 2009/10, out of 16 issue managers, nine were involved in the issue
management activities. One merchant banker has taken the permission to provide investment
management services only.


3.6.2 Supervision of Stock Exchange
As per the prevailing securities legislation, stock exchange should submit various types of
information regarding the securities trading to SEBON. Among the information to be submitted
to SEBON, NEPSE have not submitted audited reports, quarterly reports, daily trading reports,
reports related to actions taken to SEBON in the fiscal year 2008/09. The status of reporting by
NEPSE in the fiscal year 2008/09 is presented in table 11.




Securities Board of Nepal                                            41                                     Annual Report 2009/2010
                                      Table 11: Reporting by NEPSE

   S.N.                              Submission of Reports                    Received Date

    1       Annual Report, 2008/09                                             03/06/2010

    2       Audited Report, 2008/09                                                   -

    3       Minute of the Annual General Meeting (2008/09)                     22/10/2010

    4       Quarterly Report                                                          -

    5       Daily Trading Report                                                      -

    6       Actions Report                                                            -

    7       Stockbrokers Inspection Report                                            -

    8       Annual Trading Report (2008/09)                                    07/10/2009



3.6.3 Supervision of Securities Trading
SEBON developed Real Time Surveillance system with establishing electronic link to NEPSE
for the supervision of daily securities trading. With this, SEBON has made stockbrokers to
clarify their trading statements if needed after noting doubtful transactions through real time
monitoring and surveillance. Through this system, SEBON has been monitoring floor activities
accordingly or through this system, SEBON has been insistently monitoring the traded persons
and institutions including traded companies, traded value and number shares traded.


In the process of monitoring the secondary market, SEBON has been preparing the brief reports
of daily trading companies, reports of weekly traded companies, block transactions related
reports, reports of total traded amount of stockbrokers on weekly basis, statement of securities
not traded more than three months, records of promoters share transaction and transaction
records of Merchant Banker on regular basis as needed.


3.6.4 Supervision of Stockbrokers
3.6.4.1 Supervision of Stockbroker's Report
As per the provisions requiring stockbrokers to submit their annual reports including profit and
loss account, balance sheet, cash flow statements and securities trading report to SEBON within
three months of the expiry of the fiscal year, 23 stockbrokers submitted their annual report for


Securities Board of Nepal                           42                    Annual Report 2009/2010
the fiscal year 2008/09. The status of stockbrokers report submission to SEBON is presented in
table 12.


                            Table 12: Submission of Reports by the Stockbrokers
                                                                                                                  (Rs. in million)

                                                             Financial and Transaction Reports
                                                                                                      Transaction Amount in
                                                                        (FY 2008/09)
  S.N.                    Stockbroker                                                                      FY 2009/10*
                                                            Financial    Transaction    Received
                                                           Statements      Report        Date
   1     Nepal Investment & Securities Trading (P) Ltd.        √              √        16/10/2009           790.97
   2     Agrawal Securities (P) Ltd.                           √              √        03/12/2009           2280.75
   3     Pragyan Securities (P) Ltd.                           √              √        24/12/2009           1234.20
   4     Sri Krishna Securities (P) Ltd.                       √              √        15/10/2009           1466.03
   5     Nepal Stock House (P) Ltd.                            √              √        15/10/2009           1734.83
   6     Arun Securities (P) Ltd.                              √              √        24/12/2009           758.42
                                           **
   7     Thrive Brokerage House (P) Ltd.                       √              √        25/11/2009           726.91
   8     Opel Securities (P) Ltd.                              √              √        03/01/2010           383.85
   9     Kumari Securities (P) Ltd.                            √              √        28/12/2009           1314.07
   10    Sipla Securities (P) Ltd.                             √              √        16/10/2009           700.09
   11    Siprabi Securities (P) Ltd.                           √              √        03/01/2010           1052.50
   12    Sweta Securities (P) Ltd.                             √              √        16/10/2009           1189.60
   13    Aashutosh Brokerage & Securities (P) Ltd.             √              √        14/10/2009           1538.87
   14    Trishul Securities & Investment Ltd.                  √              √        20/12/2009           980.23
   15    Malla & Malla Stock Broking Co. (P) Ltd.              √              √        16/10/2009           649.01
   16    Midas Stock Broking Co. (P) Ltd.                      √              √        16/10/2009           321.91
   17    Premier Securities Co. Ltd.                           √              √        15/10/2009           1269.22
   18    J.F. Securities (P) Ltd.                              √              √        16/10/2009           649.40
   19    Asian Securities Ltd.                                 √              √        08/11/2009           544.04
   20    Primo Securities (P) Ltd.                             √              √        27/11/2009           1276.30
   21    Sagarmatha Securities (P) Ltd.                        √              √        16/10/2009           615.46
   22    ABC Securities Ltd.                                   √              √        16/10/2009           1442.61
   23    Market Securities & Exchange (P) Ltd.                 √              √        13/10/2009           553.91
                                                   Total                                                   23473.22

* includes buying and selling amount
** Annapurna Securities Services (P) Ltd. name changed


SEBON implemented a format for recording financial statement and transaction to be kept at
broker's office and submitted to SEBON on 17/11/2009 in order to enhance transparency in
brokerage services.




Securities Board of Nepal                                      43                                   Annual Report 2009/2010
3.6.5 Supervision of Disclosure of Listed Companies
In the fiscal year 2009/10, out of 176 listed companies, 37 listed companies submitted their
annual reports within the prescribed time and 100 companies submitted their annual reports
within the fiscal year to SEBON. One hundred fourteen companies submitted their 1st quarterly
reports, 108 companies submitted their 2nd quarterly reports, 125 companies submitted their 3rd
quarterly reports and 118 companies submitted their 4th quarterly reports to SEBON. Likewise,
SEBON has prepared the profile of listed companies submitting their financial reports.


3.6.6 Securities Market Supervision Mechanism and Practice, Effect and Need of
Improvement
According to Securities Act and Regulations, listed companies are required to submit their
annual reports, third quarterly report, Merchant Bankers are required to submit their annual
report and half yearly report, Stockbrokers are required to submit their annual report and
quarterly report within the stipulated time. SEBON is monitoring regularly whether such
companies submitted their reports on time or not and seeking clarification of those failing
companies. The report on monitoring and supervision of disclosure practices is submitted to
Board of Directors of SEBON for necessary actions. SEBON has been classifying the report
submitted/not submitted companies into three groups as timely report submitted, late submitted
and not submitted companies representing in green, yellow and red colour and has been placed
them in SEBON's website.

For the public issuance of securities under the provisions of securities regulations, SEBON has
been regularly monitoring whether the report about the number of application form and
collected amount have been submitted within the stipulated time or not, whether there is
deviation on the report received from the collection centre and report submitted by Issue
manager to SEBON, whether the report relating to the draft has been submitted in Board or not
within the 15 days of issue closed date, whether the collected amount has been deposited or not
in Nepal Rastra Bank after issue closed date, whether the allocation modules has been
submitted to Board or not before three days of the allocation, whether the allocation and
refunding the amount has been initiated within the stipulated time or not, whether the report on
collected amount deposited in banker to issue is submitted in Board or not. Likewise, SEBON
has been regularly monitoring whether the companies has given application for the listing of
shares within the stipulated time or not. Regarding the transactions on secondary market, if


Securities Board of Nepal                     44                           Annual Report 2009/2010
there is abnormal price fluctuation on price of securities during the trading hour, the report on
the timing of transaction, number, quantity, stockbroker and investor involved in such
transaction, and matching transaction is prepared along with noting the timing of abnormal
transactions by comparing real time transactions on the web with the trading system and by
comparing securities under trading suspension, stockbroker and trading suspension with price
sensitive information. While monitoring secondary transaction if required the necessary details
of transaction is asked from the related stockbrokers, listed companies and Nepal Stock
Exchange Ltd. Likewise, if the price of daily transaction is fluctuated abnormally, the detail of
such transaction such as number of transaction, price and amount traded, and stockbroker and
investors involved are prepared. These measures of market supervision have shown some
positive impacts in the information disclosures and price stability of the securities as compared
to earlier years. Recently, in the most of securities markets including India and Sri Lanka of the
South Asian Association for Regional Cooperation (SAARC) have adopted integrated
automated market surveillance system (IAMSS) and accordingly market supervision is
conducted which have positive impact in market supervision. In view of positive impact of
IAMSS in market supervision around the globe, IAMSS is highly desired for Nepalese
securities markets.

3.7 Legal Enforcement
3.7.1 Records of Price Sensitive Information
In the fiscal year 2009/10, a total of 301 Price Sensitive Information were submitted by the
listed companies to SEBON, which were recorded systematically.

3.7.2 Resolution of Cases against the Board
In this fiscal year 2009/10, the status of a total of 10 cases related in varied subjects filed
against the Board in Appellate Court and Supreme Court are as follows:
       For the appeal filed against the decision of the Board to cancel the license of Stockbroker
       Om Securities and Elite Services Pvt. Ltd. on charges of irregularities on trading, the
       appeal has been cancelled by the appellate court of Patan on January 27, 2010.
       On the writ petition filed by Sapatha Investment Pvt. Ltd. and advocate Rajan Adhikari
       against the Board claiming that the recommendation procedure for issuing license of
       stockbrokers is illegal and defectful has been annulled by the court on September 10,
       2010 as it was proved on the decision that the procedure is not against the law and
       constitution.

Securities Board of Nepal                      45                           Annual Report 2009/2010
       On the writ petition filed by Furpu Tenzing and Organization naming Durgam Nepal
       against the Board claiming to cancel the decision of Chilime Hydropower Company for
       allotting less shares for issuance to the project affected local people, the writ has been
       withdrawn after amendment in securities registration and issue regulation.
       On the writ petition filed by Stockbroker Nikhil Securities Pvt. Ltd. against the Board for
       cancelling the license by the Board on not renewing the license, the court has cancelled
       the writ petition on November 23, 2009.
       Four writs regarding Unity Life International and appeal of Balram Neupane against
       mandamus is in process.


3.7.3 Settlement of Grievances
In the fiscal year 2009/10, a total of 27 grievances relating to the request for suspending the
transaction, company merger, irregularities in allotment, employee share, closure of
shareholders register, shares not being listed, submission of different financial statements,
distribution of bonus share and dividend less than declared, orders not being executed, fine
against share certificate, share application being cancelled and not refunding the amount on
cancelled transaction were received by the Board and for addressing such grievances inquiries
were made with the concerned body corporates.

Board has received grievance against National Finance Company Ltd. for not making sale of its
rights shares within the stipulated time and the company also failed to sell its shares as per the
directives of the Board. The Board has instructed the company to make the sale at the minimum
price and the company sold its shares as per the instructions of the Board.
3.7.4 Directions for Returning the Amount of Rights Shares of Nepal Development Bank
Nepal Development Bank obtaining the approval from the Board on January 11, 2009 and
opened issuance of its rights shares from February 19, 2009 to April 19, 2009 for 3.2 million
shares of Rs.320 million. As it was informed that Nepal Rastra Bank initiated the process for
cancellation of Nepal Development Bank, Board had corresponded with the Issue Manager for
safe keeping the amount collected from the issuance.

As per the provision of the Securities Act, 2007, Securities Registration and Issue Regulation,
2008 and Securities Issue Guidelines, 2009, the application amount shall remain in the custody
of Issue Manager till the period of allotment of shares applied by the applicant and the amount


Securities Board of Nepal                      46                             Annual Report 2009/2010
is transferred to the company only after the completion of the allotment of shares issued. As the
amount collected for issue of rights shares of Nepal Development Bank were not transferred to
the Bank, it was considered reasonable to return such amount back to the applicants and
therefore with the decision of the Board, the Issue Manager was instructed to return the amount
submitted by the applicants to the respective applicants.


3.7.5 Subsidiary Companies to be Opened for Merchant Banking
In the fiscal year, 2009/10, SEBON recommended to the Ministry of Finance for publishing
notification in Nepal Gazette requiring the banks and financial institutions to conduct their
merchant banking business through their subsidiary companies.


3.8 Establishment of Securities Data Management System in SEBON Project
In the fiscal year 2009/10, implementation of the establishment of Securities Data Management
System in SEBON (SDMS) project with the grant assistance of Rs.11.15 million by
International Development Association (IDA) is completed. Under the SDMS project, an
advanced level training on data management system was provided to the staff of SEBON,
procured and installed the computer and other information technology related equipments,
developed various modules relating online reporting system, installed electronic attendance
system, high capacity internet facility and continued power back up system, registration of two
gov. format website namely www.sebon.gov.np and www.sedfar.gov.np for SEBON, and
developed and set up the central securities data bank of Nepal. Testing and improvement on the
online reporting modules were also completed during this fiscal year. A total of Rs.0.956
million out of the total approved budget of the SDMS project was saved by accomplishing all
the programmes of the project within its specified implementation period. The SDMS project is
awarded with the Certificate of Excellence for making valuable contribution to the country's
economic and governance reforms. Deputy Director, Dr Nabaraj Adhikari was the Project
Manager and Convener of project implementation committee, and Deputy Director Binaya Dev
Acharya, Deputy Director Mukti Nath Shrestha and Officer Manju Upadhaya were the other
members in the project implementation committee. Dr Surbir Paudyal Chairman of SEBON,
Mr Shankar Prasad Kharel, Under Secretary of National Planning Commission, Mr Kishor
Joshi, Under Secretary of Ministry of Finance, and Deputy Director of SEBON, Dr Nabaraj
Adhikari were the members of the steering committee of the project. All local consultants



Securities Board of Nepal                      47                          Annual Report 2009/2010
including Matrika Babu Pokhrel, Inaruwa-3, Sunsari and Jamb Technologies Pvt. Ltd.,
Baneshwor were in the project.


3.9 Investors Education
3.9.1 Investor's Training Programme
        With an objective to be aware on international practice and achieve skill and capabilities
        relating to investor education, SEBON has become the founding member of Asia Forum
        for Investor Education (AFIE) with the request from Korea Council for Investor
        Education and Korea Financial Investment Association.
        Considering for the empowerment of general investors' awareness relating to securities
        market, SEBON has conducted a weekly training programme of third phase to 28
        investors from May 12, 2010 and certificates were distributed to the participants.
        SEBON and a free student union of Nepal Commerce Campus jointly organised a
        programme in various topics relating to securities market to 400 students of graduate
        and post graduate level of management faculty from August 25, 2009 to August 30,
        2009.
        SEBON conducted an educational programme relating to securities market and the role
        of SEBON to the students of post graduate level of Balkumari College affiliated to
        Tribhuvan University, Narayangadh Chitwan on March 04, 2010. A total of 35 students
        along with the finance subject lecturer were participated in the programme.


3.9.2 Investor Education Materials
SEBON published various tips in different newspapers and televisions in order to increase
awareness of the investors regarding investment in securities.

        With an objective to accelerate the information level of the investors relating to
        necessary cautious in securities investment, SEBON published the booklets entitled
        ‘Investors Awareness Materials’.
        SEBON has published and distributed pamphlets relating to the basic aspects of the
        securities investment. Awareness materials for the investors are available in the website.
        The Website address of SEBON is http://www.sebonp.com.




Securities Board of Nepal                      48                           Annual Report 2009/2010
3.10 Conduction of Training and Seminar
In the fiscal year, 2009/10, SEBON organised the following training and seminar programmes:
        SEBON conducted an orientation programme relating to online reporting system
        through financial modules developed under SDMS project to 92 participants comprising
        commercial banks, development banks and finance companies from 30/05/2010 to
        04/06/2010.
        SEBON conducted a discussion programme with the merchant bankers relating to make
        securities issue more systematic on 18th December, 2009 with the presence of Deputy
        Governor of Nepal Rastra Bank.
        SEBON and Society of Economic Journalists of Nepal (SEJON) jointly organised two
        weeks training programme to economic journalists from September 6, 2009. A total of
        34 journalists from different media were present in the programme.
        SEBON organised a discussion programme with experts from hydropower and water
        resource sector on how the real sector can possibly enter into capital market by issuing
        shares as entitled 'IPO for Real Sector' on September 15, 2009. Representatives from
        hydropower companies and experts were present in the programme.
        With an objective to inform different aspects relating to securities markets and its
        regulatory provisions, an interaction programme was jointly organised by SEBON and
        National Judicial Academy (NJA) on September 18, 2009 with judges and lawyers. In
        the programme, judges from district and appellate courts, representatives from the office
        of the Attorney General, corporate lawyers and the representatives from the financial
        regulators were participated.
        An interaction programme relating to the implementation and the development of the
        Securities Data Management System in SEBON project was organised with the
        participation of financial sector regulators, dignitaries concerning financial markets,
        high authorities of the Government of Nepal and participants of capital markets on 14th
        and 15th December 2009.In that programme, high level authorities from Ministry of
        Finance, Nepal Rastra Bank, National Planning Commission, National Information
        Technology Centre, Institute of Chartered Accountants of Nepal, Accounting Standards
        Board, Faculty of Management, Tribhuvan University, Stockbrokers Association,
        Bankers Association, Development Banks Association, Finance Companies
        Association, listed companies, merchant bankers, stockbrokers, professors and
        economic journalists were present.
        SEBON, with a view to enhance the knowledge of the general public on the capital
        market, distributed the informative pamphlets including newsletters, annual reports and

Securities Board of Nepal                     49                           Annual Report 2009/2010
        securities data management system of Nepal related information to the investors from
        December 25-27, 2009 to December 27, 2009 in the Capital Expo-2009.
        SEBON conducted a training programme entitled ‘Overview on Record Keeping and
        Reporting Requirement Practices of Stockbrokers' for the stockbrokers relating to
        record keeping and reporting to SEBON on January 22, 2010.
        SEBON conducted a discussion programme on ‘Mutual Fund Regulation’ on April 11,
        2010 with the participation from Ministry of Finance, Ministry of Law, Nepal Rastra
        Bank, Investor Forum, Nepal Stock Exchange Ltd., stockbrokers, Merchant Bankers,
        Bankers Association, Development Bank Association, Chairman and representatives of
        Financial companies Association and economic journalists.

3.11 Participation in Training and Seminar
In the fiscal year 2009/10, SEBON staff participated in the training and seminar entitled
'Emerging Issues and Challenges in Nepalese Finance' organised by Tribhuvan University,
'Infrastructure Development Challenges and Opportunities in Nepal' and 'Training on
International Financial Reporting Standards (IFRS) and Way Forward to IFRS at national level.
In the fiscal year, 2009/10, SEBON staff participated in the training and seminar namely APEC
financial regulators training, investor education and training, Korea capital market seminar and
AFIE seminar 2009, 10th annual emerging market programme on managing the regulatory
pendulum, 5th ASF seminar, regulation of new products, 12th Tokyo seminar on market
regulation 2010, getting finance indicators conference 2010, and international institute for
securities market development programme 2010 at international level. Likewise, observation
visits of India and Malaysia on mutual funds and central securities depository including other
aspects of securities markets were made by the officials of SEBON, Ministry of Finance, and
Ministry of Legal and Justice during the fiscal year.

3.12 Studies
SEBON conducted a study on organisational structure and human resources with the objectives
of recommending on the improvement of organisational structure and managing human
resources. Likewise, SEBON conducted a study on the need and utility of information
technology and its possibility considering its contribution on the development of the capital
market. SEBON granted the scholarship to the staff of SEBON to study LLM in Kathmandu
School of Law. In the fiscal year 2009/10, SEBON provided various information and
publications relating to the securities market through its library to 131 visitors such as
investors, students, researchers and lecturers of the universities.



Securities Board of Nepal                     50                          Annual Report 2009/2010
3.13 Publications
3.13.1 Annual Report
In pursuant to the section 26 of the Securities Act, 2007, SEBON published its Annual Report
for the fiscal year 2009/10.

3.13.2 SEBON Newsletters
In the fiscal year 2009/10, SEBON published its newsletters (vol - 5 and 6) relating to the
securities market activities.

3.13.3 Journal
In the fiscal year 2009/10, SEBON published its special publication, SEBON Journal (Volume-
4) by incorporating the articles written by internal and external experts. The journal has
incorporated the research related articles on the topics like building a dynamic capital market,
price volatility and measurement of risk, NRB monetary policy and stock market impacts,
Nepalese securities market regulation and development, public issues of securities, bonds
market, and dividend policy of Nepalese enterprises.

SEBON under the convener of Head of Planning and Development Department has formed
four members Journal Editorial Committee comprising a senior Professor as an independent
editor from the Management Faculty of Tribhuvan University. The committee developed an
article submission form incorporating the terms and conditions to be fulfilled for the
publications of articles in SEBON Journal and obtained ISSN 2091-0584 for the Journal.

3.14 Website
With an objective of acquainting the stakeholders with the up-to-date information and market
scenario, SEBON has been updating its website regularly. Securities Act, regulations and
guidelines, introduction of SEBON, annual report, securities market trimester review, grievance
submission formats, market news and information and awareness materials for the investors are
available on the website. The website address of SEBON is http://www.sebonp.com. Among
the two websites registered in the name of SEBON as per the international practices in the area
of the securities markets, the Board prepared to usewww.sebon.gov.np to replace the existing
website www.sebonp.com and www.sedfar.gov.np to use for the online reporting by the market
participants.




Securities Board of Nepal                     51                          Annual Report 2009/2010
                            SECURITIES MARKETS
                              Public Issue
                              Rights Share Issue
                              Listing of Securities
                              Classification of Listed Companies
                              Paid-up Value of Listed Securities
                              Turnover
                              Market Capitalisation
                              NEPSE Index




Securities Board of Nepal                 52                        Annual Report 2009/2010
Securities Board of Nepal   53   Annual Report 2009/2010
4. Securities Markets
4.1 Public Issue
In the fiscal year 2009/10, 28 companies comprising two commercial banks, 17 development
banks, six finance companies and three insurance companies issued ordinary share amounting
to Rs.2649.37 million to the public. The detail on public issue in the fiscal year 2009/10 is
presented in table 13.
                                     Table 13: Ordinary Share Issue
                                                                                           (Rs. in million)

                                                                                       Subscription
    S.N.                    Name of the Company          Amount       Issue Date
                                                                                          (Times)
              Commercial Bank
     1        Agriculture Development Bank                960.0       04/04/2010           2.97
     2        NMB Bank Ltd.(Further Public Issue)        203.77       19/03/2010             -

                                   Total                 1163.77
              Development Bank
     1        Miteri Bikas Bank                           13.54       16/10/2009           85.27

     2        Mahakali Bikas Bank                         8.18        02/11/2009           84.33

     3        Kasthamandup Development Bank Ltd.          96.0        17/11/2009           49.71

     4        Pathibhara Bikas Bank Ltd.                  24.50       24/11/2009           36.14

     5        Resunga Bikas Bank Ltd.                     9.18        01/12/2009           39.55

     6        Udham Bikas Bank Ltd.                       15.0        13/12/2009             -

     7        Nerude Laghubitta Bikas Bank Ltd.            6.0        01/01/2010           45.96

     8        Sewa Bikas Bank Ltd.                        40.0        07/01/2010           27.68

     9        City Development Bank.                      60.0        02/02/2010           28.07

     10       Manakamana Bikas Bank Ltd.                  300.0       25/02/2010           5.42

     11       Nilgiri Bikas Bank Ltd.                     15.0        12/03/2010           20.0

     12       Gaurishanker Development Bank Ltd.          60.0        15/03/2010           10.25

     13       Western Development Bank Ltd.               23.0        01/06/2010           15.11

     14       Alpine Development Bank Ltd.                33.0        23/05/2010           11.48

     15       Diyalo Bikas Bank Ltd.                      35.0        31/05/2010           12.31

     16       Araniko Development Bank Ltd.               98.0        25/06/2010           5.10

     17       Bishwa Bikas Bank Ltd.                      93.60       16/07/2010           7.40

                                   Total                  930.0


Securities Board of Nepal                           54                        Annual Report 2009/2010
                                                                                                     Subscription
       S.N.                 Name of the Company                   Amount           Issue Date
                                                                                                        (Times)

                Finance Company
       1        Zenith Finance Ltd.                                42.0            04/04/2010            13.89

       2        Subhalaxmi Finance Ltd.                            60.0            26/04/2010                5.06

       3        Suryadarshan Finance Co. Ltd.                      40.0            03/06/2010            13.04

       4        Unique Financial Institute Ltd.                    40.0            06/06/2010            10.42

       5        Seti Bittiya Sanstha Ltd.                         19.60            28/06/2010                 -

       6        Swastik Merchant Finance Co. Ltd.                  30.0            02/07/2010                9.93

                                      Total                       231.60
                Insurance Company
       1        Asian Life Insurance Co.Ltd.                      108.0            27/10/2009            15.14

       2        Surya Life Insurance Co. Ltd.                     108.0            02/03/2010                4.22

       3        Prime Life Insurance Co. Ltd.                     108.0            09/03/2010            10.17

                                      Total                       324.0
                                 Grand Total                     2649.37


4.2 Rights Share Issue

In the fiscal year 2009/10, 33 companies comprising six commercial banks, eight development
banks, 17 finance companies and two insurance companies issued rights share amounting to
Rs.8173.04. The detail on securities issue in the fiscal year 2009/10 is presented in table 14.
                                            Table 14: Rights Share Issue
                                                                                                        (Rs. in million)


  S.N.             Name of the Company                  Amount             Ratio                Issue Date

           Commercial Bank
   1       Lumbini Bank Ltd.                             300.0             10:3                 15/08/2009

   2       Laxmi Bank Ltd.                               439.23            10:4                 19/11/2009

   3       Nepal SBI Bank Ltd.                           437.26            2:1                  29/12/2009

   4       Global Bank Ltd.                              500.0             2:1                  02/02/2010

   5       Bank of Asia Nepal Ltd.                       500.0             2:1                  16/05/2010

   6       Sunrise Bank Ltd.                             375.0             1:1                  29/06/2010

                              Total                     2551.49
           Development Bank

Securities Board of Nepal                               55                                 Annual Report 2009/2010
  S.N.           Name of the Company            Amount    Ratio        Issue Date

   1     Malika Bikas Bank.                      150.0     1:3         14/08/2009

   2     Business Development Bank Ltd.          441.0    1:2.1        05/10/2009

   3     Himchuli Bikas Bank Ltd.                317.40   1:3.09       06/01/2010

   4     Paschimanchal Development Bank Ltd.     210.0    1:2.1        14/02/2010

   5     Annapurna Bikas Bank Ltd.               462.0    1:2.2        11/03/2010

   6     Tribeni Bikas Bank Ltd.                  50.0     1:1         26/02/2010

   7     Pashupati Bikas Bank Ltd.                50.0    1:2.5        11/06/2010

   8     Sahayogi Bikas Bank Ltd.                 15.0     3:1         22/06/2010

                             Total              1695.40
         Finance Company
   1     Fewa Finance Ltd.                       182.0     1:2         24/07/2009

   2     Sagarmatha Merchant Bank & Finance       75.0    1:1.5        14/08/2009
         Ltd.
   3     Lord Buddha Finance Ltd.                37.50     2:1         04/09/2009

   4     Kaski Finance Ltd.                      100.0     1:2         08/09/2009

   5     Birgunj Finance Ltd.                    334.70   1:3.9        18/09/2009

   6     Goodwill Finance Ltd.                   173.25   1:1.5        24/09/2009

   7     International Leasing & Finance Ltd.   1360.80   1:2.1        15/12/2009

   8     Kuber Merchant Finance Ltd.             100.0     1:2         24/12/2009

   9     Mahalaxmi Finance Ltd.                  324.0    1:3.37       31/01/2010

  10     Butwal Finance Ltd.                     337.26   4:0.76           -

  11     Yeti Finance Ltd.                       62.50     1:1         14/03/2010

  12     CMB Finance Ltd.                        75.05     1:1         13/04/2010

  13     Prudential Finance Ltd.                 200.0     1:2         15/04/2010

  14     United Finance Ltd.                     165.0     1:1         21/05/2010

  15     Om Finance Ltd.                         105.0     1:1         25/06/2010

  16     Gorkha Finance Ltd.                     69.14     1:1         30/06/2010

  17     Merchant Finance Co. Ltd.                90.0     1:3         15/07/2010

                             Total              3791.20
         Insurance Company
   1     Alliance Insurance Company Ltd.         59.95     1:1         04/11/2009

   2     Nepal Life Insurance Co. Ltd.            75.0     4:1         01/01/2010

                             Total               134.95

                      Grand Total               8173.04


Securities Board of Nepal                       56                 Annual Report 2009/2010
4.3 Listing of Securities
4.3.1 Listing of Ordinary Share
In the fiscal year 2009/10, 18 new companies comprising two commercial banks, 11
development banks, two finance companies, two insurance companies and one from hotel
group listed their ordinary shares amounting to Rs.5251.68 million on NEPSE. The detail of
ordinary share listing is presented in table 15.

                                          Table 15: Ordinary Share Listing
                                                                                             (Rs. in million)

       S.N.                  Name of the Company                      Amount          Listing Date
                         Commercial Bank
        1          Prime Commercial Bank Ltd.                          1000.0          12/09/2009
        2          Sunrise Bank Ltd.                                   1250.0          12/09/2009
                   Total                                               2250.0
                   Development Bank
        1          Vibor Bikas Bank Ltd.                               680.0           12/09/2009
        2          Madhyamanchal Gramin Bikas Bank Ltd.                100.0           03/01/2010
        3          Public Development Bank Ltd.                        150.0           03/01/2010
        4          Mahakali Bikas Bank Ltd.                             20.0           14/01/2010
        5          Miteri Development Bank Ltd.                        45.14           07/02/2010
        6          Pathibhara Bikas Bank Ltd.                           50.0           04/04/2010
        7          Resunga Bikas Bank Ltd.                             30.60           04/04/2010
        8          Kasthamandup Development Bank Ltd.                  320.0           10/06/2010
        9          Sewa Bikas Bank Ltd.                                100.0           10/06/2010
        10         Nilgiri Bikas Bank Ltd.                              50.0           30/06/2010
        11         Nerude Laghubitta Bikas Bank Ltd.                    20.0           30/06/2010
                   Total                                              1565.74
                          Finance Company
        1          Api Finance Ltd.                                     60.0           23/09/2009
        2          Crystal Finance Ltd.                                 70.0           06/11/2009
                   Total                                               130.0
                         Insurance Company
        1          Asian Life Insurance Co. Ltd.                       360.0           04/04/2010
        2          Prime Life Insurance Co. Ltd.                       360.0           30/06/2010
                   Total                                               720.0
                                 Hotel
        1          Taragaon Regency Hotel Ltd.                         585.94          31/05/2010
                   Total                                               585.94
                                                                      5251.68
Source: Annual trading report of NEPSE, 2009/10




Securities Board of Nepal                               57                      Annual Report 2009/2010
4.3.2 Listing of Additional Share
In the fiscal year 2009/10, 48 companies comprising eight commercial banks, 11 development
banks, 26 finance companies and three insurance companies listed their rights share amounting
to Rs.10153.73 million on NEPSE. The details of rights share listing in the fiscal year 2009/10
is presented in table 16.


                                    Table 16: Listing of rights share
                                                                                             (Rs. in million)


      S.N.                   Name of the Company                   Amount              Listing Date

                        Commercial Bank
       1        Nepal Bangladesh Bank Ltd.                              37.54           17/08/2009
       2        DCBL Bank Ltd.                                      553.73              01/09/2009
       3        NMB Bank Ltd.                                       324.64             17/09/2009

       4        Lumbini Bank Ltd.                                       0.05           17/09/2009

       5        Lumbini Bank Ltd.                                   439.23              22/09/2009
       6        Lumbini Bank Ltd.                                   289.84              22/09/2009
       7        Nepal SBI Bank Ltd.                                 428.75              25/04/2010
       8        Global Bank Ltd.                                    481.41              26/05/2010
                Total                                               2555.19
                        Development Bank
       1        Ace Development Bank Ltd.                           292.91             04/08/2009

       2        Sanima Bikas Bank Ltd.                                  384.0          17/08/2009

       3        NDEP Development Bank Ltd.                          156.60             01/09/2009

       4        Gorkha Development Bank Ltd.                        117.05             08/10/2009

       5        Narayani Development Bank Ltd.                          9.99           27/10/2009

       6        Bhrikuti Bikas Bank Ltd.                            140.99             09/12/2009

       7        Business Development Bank Ltd.                      355.70             11/01/2010

       8        Malika Bikas Bank Ltd.                              144.24             14/01/2010

       9        Paschimanchal Development Bank Ltd.                 197.62             26/05/2010

      10        Himchuli Bikas Bank Ltd.                            317.40             26/05/2010

      11        Annapurna Bikas Bank Ltd.                               462.0          09/07/2010

                Total                                               2578.50
                        Finance Company
       1        Standard Finance Ltd.                               834.90             17/08/2009


Securities Board of Nepal                          58                           Annual Report 2009/2010
       S.N.                         Name of the Company             Amount            Listing Date

        2          Srijana Finance Ltd.                               14.0            17/08/2009

        3          Navadurga Finance Co. Ltd.                        54.43            13/10/2009

        4          Nepal Express Finance Ltd.                         24.0            17/08/2009

        5          Civil Merchant Bittiya Sanstha Ltd.               49.93            27/10/2009

        6          Prabhu Finance Ltd.                                80.0            27/10/2009

        7          Sagarmatha Merchant Banking & Finance Ltd.         75.0            24/11/2009

        8          Fewa Finance Ltd.                                 182.0            09/12/2009

        9          Central Finance Ltd.                              25.39            09/12/2009

        10         General Finance Ltd.                              24.24            31/12/2009

        11         Lord Buddha Finance Ltd.                          37.50            11/01/2010

        12         Universal Finance Ltd.                            58.99            14/01/2010

        13         Everest Finance Ltd.                               20.0            25/01/2010

        14         World Merchant Banking & Finance Ltd.             69.60            25/01/2010

        15         Goodwill Finance Ltd.                              5.98            02/02/2010

        16         Nepal Srilanka Merchant Banking & Finance Ltd.    200.0            22/02/2010

        17         Annapurna Finance Ltd.                            416.0            03/03/2010

        18         Kaski Finance Ltd.                                100.0            03/03/2010

        19         Birgunj Finance Ltd.                              334.70           12/04/2010

        20         Patan Finance Ltd.                                 50.0            12/04/2010

        21         Imperial Finance Ltd.                             39.90            12/04/2010

        22         Lumbini Finance Ltd.                               45.0            12/04/2010

        23         Nepal Srilanka Merchant Banking & Finance Ltd.   1567.73           25/04/2010

        24         Paschimanchal Finance Co. Ltd.                    27.83            25/04/2010

        25         Kuber Merchant Finance Ltd.                       100.0            26/04/2010

        26         Mahalaxmi Finance Ltd.                            324.0            08/06/2010

                                              Total                 4761.12
                            Insurance Company
        1          Alliance Insurance Co. Ltd.                       59.95             23/03/2010
        2          National Life Insurance Co. Ltd.                  125.10            26/03/2010
        3          Nepal Life Insurance Co. Ltd.                     73.87             08/06/2010
                                              Total                  258.92
                                          Grand Total               10153.73
Source: Annual trading report of NEPSE, 2009/10




Securities Board of Nepal                                 59                   Annual Report 2009/2010
In the fiscal year 2009/10, one commercial bank listed debenture of Rs. 227.7 million and
development bond ‘A’ of Rs. 9800.0 million which is presented in table 17.


                                       Table 17: Listing of debenture
                                                                                             (Rs. in million)


      S.N.                  Name of the Company             Amount           Listing Date

                    Commercial Bank
       1        Siddhartha Bank Bond 2072                    227.77           08/10/2009
                                     Total                  1800.00
                            Others
       1        Development Bond 2071 'B'                   3000.00           23/10/2009
                Development Bond 2073 'A'                   2750.00           23/10/2009
                Development Bond 2069                       1500.00           17/03/2010
                Development Bond 2072 'B'                   2550.00           29/06/2010
                                     Total                  9800.00
                                Grand Total                 10027.77


In the fiscal year 2009/10, 51 companies comprising 11 commercial banks, 13 development
banks, 25 finance companies, two other companies and one hotel listed bonus shares amounting
to Rs.3893.83 million. The detail of bonus shares listing is presented in table 18.


                                     Table 18: Listing of Bonus Share
                                                                                             (Rs. in million)


      S.N.                   Name of the Company              Amount          Listing Date

                      Commercial Bank
       1        Siddhartha Bank Ltd.                           124.20          01/09/2009
       2        Kumari Bank Ltd.                               107.56          08/10/2009
       3        Standard Chartered Bank (Nepal) Ltd.           466.51         09/12/2009

       4        Nabil Bank Ltd.                                483.37         31/12/2009

       5        Bank of Kathmandu Ltd.                         337.75          14/01/2010
       6        Himalayan Bank Ltd.                            383.78          14/01/2010
       7        Everest Bank Ltd.                              191.64          14/01/2010
       8        Nepal Industrial & Commerce Bank Ltd.          171.07          02/02/2010


Securities Board of Nepal                              60                   Annual Report 2009/2010
      S.N.                  Name of the Company             Amount     Listing Date

       9        Nepal SBI Bank Ltd.                         350.45      12/04/2010
      10        Laxmi Bank Ltd.                              76.20      12/04/2010
      11        Prime Commercial Bank Ltd.                   100.0      12/04/2010
                Total                                       2792.53
                Development Bank
       1        Biratlaxmi Bikas Bank Ltd.                    5.0      17/08/2009

       2        Nirdhan Uthan Bikas Bank Ltd.                20.99     27/10/2009

       3        Malika Bikas Bank Ltd.                       10.0      14/01/2010

       4        Sahayogi Bikas Bank Ltd.                      9.0      03/03/2010

       5        Sanima Bikas Bank Ltd.                       38.18     03/03/2010

       6        NDEP Development Bank Ltd.                   32.0      23/03/2010

       7        Paschimanchal Development Bank Ltd.          10.0      26/03/2010

       8        Paschimanchal Development Bank Ltd.          16.50     26/03/2010

       9        Swabalamban Bikas Bank Ltd.                  6.33      08/06/2010

      10        Biratlaxmi Bikas bank Ltd.                   5.50      08/06/2010

      11        Subechha Bikas Bank Ltd.                      8.0      23/06/2010

      12        Nirdhan Uthan Bikas Bank Ltd.                9.97      23/06/2010

      13        Gorkha Development Bank Ltd.                 60.81     23/06/2010

                Total                                       232.28
                Finance Company
       1        United Finance Ltd.                          15.0      17/08/2009

       2        Premier Finance Ltd.                         8.07      01/09/2009

       3        Om Finance Ltd.                              21.0      17/09/2009

       4        Guheswori Merchant Banking & Finance Ltd.    11.12     24/11/2009

       5        Universal Finance Ltd.                       12.16     14/01/2010

       6        World Merchant Banking & Finance Ltd.        14.40     25/01/2010

       7        Goodwill Finance Ltd.                        5.98      02/02/2010

       8        Shree Investment & Finance Ltd.              20.16     02/02/2010

       9        Royal Merchant Banking & Finance Ltd.        13.55     22/02/2010

      10        IME Finance Ltd.                             49.89     22/02/2010

      11        Annapurna Finance Ltd.                       26.21     03/03/2010

      12        Reliable Finance Ltd.                        16.50     03/03/2010

      13        NIDC Capital Markets Ltd.                    30.18     03/03/2010

      14        Lumbini Finance Ltd.                         29.99     12/04/2010


Securities Board of Nepal                         61                  Annual Report 2009/2010
       S.N.                      Name of the Company           Amount        Listing Date

        15         Lumbini Finance Ltd.                         41.05        12/04/2010

        16         Guheswori Merchant Banking & Finance Ltd.    11.0         12/04/2010

        17         Nepal Finance Ltd.                           22.50        25/04/2010

        18         Paschimanchal Finance Co. Ltd.               16.51        25/04/2010

        19         Paschimanchal Finance Co. Ltd.               14.43        25/04/2010

        20         Gorkha Finance Ltd.                          9.14         26/04/2010

        21         World Merchant Banking & Finance Ltd.        25.98        08/06/2010

        22         Yeti Finance Ltd.                            18.75        08/06/2010

        23         Lalitpur Finance Ltd.                        56.95        08/06/2010

        24         Nepal Awas Bikas Bitta Co. Ltd.              14.67        08/06/2010

        25         Citizen Investment Trust.                    20.0         22/06/2010

                   Total                                       525.19
                   Other
        1          Arun Valley Hydropower Co. Ltd.              68.60        08/06/2010

        2          Butwal Power Co. Ltd.                        83.90        22/06/2010

                   Total                                       152.50
                   Hotel
        1          Soaltee Hotel Ltd.                          191.33        23/03/2010

                   Total                                       191.33
                   Grand Total                                 3893.83

Source: Annual trading report of NEPSE, 2009/10




4.4 Detail of Sector Wise Listed Companies
In the fiscal year 2009/10, with the listing of 18 new companies, the total number of listed
companies reached to be 177 but with the merge of National Finance Ltd and Narayani Finance
Ltd. to be Narayani National Finance Ltd, the total number of listed companies remained to be
176 while it was 159 in the fiscal year 2008/09. The detail of listed companies in the fiscal year
2008/09 is presented in table 19.




Securities Board of Nepal                              62                   Annual Report 2009/2010
                                Table 19: Sector wise Listed Companies

   S.N.                          Sector                        Number of Listed Companies          Percent

    1       Commercial Banks                                               23                       13.07
    2       Development Banks                                              40                       22.74
    3       Finance Companies                                              62                       35.22
    4       Insurance Companies                                            19                       10.79
    5       Hotels                                                          4                        2.27
    6       Manufacturing & Processing Companies                           18                       10.22
    7       Trading Companies                                               4                        2.27
    8       Other Companies                                                 6                        3.41
                            Total                                          176                      100.0


4.5 Classification of Listed Companies
As per the provision of ‘Securities Listing Byelaws, 1996’, the listed companies that have
earned profit for the last three consecutive years, book value higher than paid up value,
submitted their financial statements to NEPSE within six months of the expiry of fiscal year,
paid up capital at least Rs.20 million, and has at least 1000 shareholders can be categorised in
group 'A' and remaining of the listed companies can be categorised in group 'B". In the fiscal
year 2009/10, NEPSE categorised 94 companies into group 'A' comprising 15 commercial
banks, 20 development banks, 43 finance companies, 11 insurance companies, one hotel
company, one manufacturing and processing company and three other companies. The detail of
the companies in group 'A' is presented in table 20.


                            Table 20: Listed Companies under Group 'A'

    S.N.               Name of the Company              S.N.               Name of the Company

 Commercial Bank
        1     Nabil Bank Ltd.                            2      Nepal Investment Bank Ltd.
        3     Standard Chartered Bank Nepal Ltd.         4      Himalayan Bank Ltd.
        5     Nepal SBI Bank Ltd.                        6      Everest Bank Ltd.
        7     Bank of Kathmandu Ltd.                     8      Nepal Industrial and Commercial Bank Ltd.
        9     Machha Puchhre Bank Ltd.                  10      Laxmi Bank Ltd.
     11       Kumari Bank Ltd.                          12      Siddhartha Bank Ltd.
     13       DCBL Bank Ltd.                            14      NMB Bank Ltd.


Securities Board of Nepal                          63                                  Annual Report 2009/2010
    S.N.               Name of the Company                S.N.              Name of the Company
     15      Kist Bank Ltd.
 Development Bank
     16      Nirdhan Uthan Bank Ltd.                      17     Chhimek Bikas Bank Ltd.
     18      Business Development Financial               19     Siddhartha Development Bank Ltd.
             Institution Ltd.
     20      Sanima Bikas Bank Ltd.                       21     Sahayogi Bikas Bank Ltd.
     22      Ace Development Bank Ltd.                    23     Infrastructure Development Bank Ltd.
     24      Gandaki Development Bank Ltd.                25     Gorkha Bikas Bank Ltd.
     26      Annapurna Bikas Bank Ltd.                    27     Swabalamban Bikas Bank Ltd.
     28      Himchuli Bikas Bank Ltd.                     29     Biratlaxmi Bikas Bank Ltd.
     30      Excel Development Bank Ltd.                  31     Tribeni Bikas Bank Ltd.
     32      Purbanchal Gramin Bikas Bank Ltd.            33     Bageswori Bikas Bank Ltd.
     34      Malika Bikas Bank Ltd.                       35     Subechha Bikas Bank Ltd.
 Finance Company
     36      Nepal Finance Co. Ltd.                        37    NIDC Capital Markets Ltd.
     38      Union Finance Ltd.                            39    Nepal Share Markets & Finance Ltd.
     40      Annapurna Finance Company Ltd.                41    Kathmandu Finance Ltd.
     42      Peoples Finance Ltd.                          43    Citizen Investment Trust.
     44      Nepal Awas Bikas Bitta Co. Ltd.               45    Narayani National Finance Ltd.
     46      Gorkha Finance Ltd.                           47    Universal Finance Ltd.
     48      Mahalaxmi Finance Ltd.                        49    ICFC Bittiya Sanstha Ltd.
     50      Goodwill Fin. Company Ltd.                    51    Paschimanchal Finance Co. Ltd.
     52      Lumbini Finance Ltd.                          53    Siddhartha Finance Ltd.
     54      Alpic Everest Finance Co. Ltd.                55    United Finance Ltd.
     56      International Leasing and Finance Co. Ltd.    57    Shree Investment and Finance Co. Ltd.
     58      Central Finance Co. Ltd.                      59    Premier Finance Co.
     60       Navadurga Finance Co. Ltd.                   61    Butwal Finance Ltd.
     62      Standard Finance Ltd.                         63    IME Financial Institution Ltd.
     64      Civil Merchant Bittiya Sanstha Ltd.           65    World Merchant Banking & Finance Ltd.
     66      Birgunj Finance Co. Ltd.                      67    Capital Merchant Banking & Finance Co. Ltd.
     68      Royal Merchant Banking & Finance Ltd.         69    Prudential Bittiya Sanstha Ltd.
     70      Lalitpur Finance Ltd.                         71    Guheswori Merchant Banking & Finance Ltd.
     72      Emporial Finance Ltd.                         73    Sagarmatha Merchant Banking & Finance Ltd.
     74      Reliable Finance Ltd.                         75    Sikhar Bittiya Sanstha Ltd.
     76      Nepal Express Finance Ltd.                    77    Kuber Merchant Finance Ltd.
     78      Prabhu Finance Company Ltd.
 Insurance Company
     79      Lumbini General Insurance Co. Ltd.            80    National Life Insurance Co. Ltd.
     81      Himalayan General Insurance Co. Ltd.          82    Alliance Insurance Co. Ltd.
     83      Everest Insurance Co. Ltd.                    84    Premier Insurance Co. Ltd.



Securities Board of Nepal                            64                                Annual Report 2009/2010
    S.N.               Name of the Company             S.N.                Name of the Company
     85      Siddhartha Insurance Co. Ltd.             86     Life Insurance Corporation (Nepal) Ltd.
     87      Sagarmatha Insurance Co. Ltd.             88     Nepal Life Insurance Co. Ltd.
     89      Sikhar Insurance Co. Ltd.
 Hotel
    90       Soaltee Hotel Ltd.
 Manufacturing Company
     91      Unilever Nepal Ltd.
 Other Companies
     92      Chilime Hydropower Company Ltd.           93     Nepal Telicom Ltd.
     94      National Hydropower Company Ltd.


4.6 Paid-up Value of Listed Securities
The total paid-up value of the listed securities by the end of the fiscal year 2009/10 reached to
Rs.79356.73 million which was Rs.61140.39 million in the fiscal year 2008/09. The total paid-
up value of the listed securities by the end of the fiscal year 2008/09 is presented in table 21.


                             Table 21: Paid-up Value of Listed Securities
                                                                                                  (Rs. in million)


      S.N.                          Sector                    Paid up value               Percent

        1         Commercial Bank                               32900.64                      41.46
        2         Development Bank                              10027.14                      12.64
        3         Finance Company                               11466.39                      14.45
        4         Insurance Company                              2432.94                      3.07
        5         Hotel                                          1580.71                      1.99
        6         Manufacturing & Processing Company             2539.74                      3.20
        7         Trading Company                                 82.18                       0.10
        8         Other Company                                 18326.98                      23.09
                            Total                               79356.73                      100.0


4.7 Turnover
The total amount of securities traded in the fiscal year 2009/10 is Rs.11851.11 million which was
Rs.21681.14 million in the fiscal year 2008/09. The detail of sector wise turnover is presented in
table 22.



Securities Board of Nepal                        65                                Annual Report 2009/2010
                                                           Table 22: Annual Turnover
                                                                                                                                   (Rs. in million)

                     S.N.                                Sector                                Amount                      Percent

                      1           Commercial Bank                                              7196.24                       60.72

                      2           Development Bank                                             1323.53                       11.17

                      3           Finance Company                                              1263.94                       10.66

                      4           Insurance Company                                             183.47                        1.55

                      5           Hotel                                                         10.15                         0.08

                      6           Manufacturing & Processing Company                            37.74                         0.32

                      7           Trading Company                                               35.43                         0.30

                      8           Other Company*                                               1800.61                       15.19

                                             Total                                             11851.11                      100.0

* Amount of preference share & mutual fund, promoter share, government and corporate debenture also included.

Monthly turnover in the fiscal year, 2009/10 is presented in chart 1. As the deal cancel is
subtracted from the annual turnover, the total monthly turnover diminished to Rs.798.71
million.


                                             Chart 1: Monthly Turnover (2009/10)
                     2500
                                        2101.86

                     2000     1858.81
    (Rs in milion)




                     1500


                                                  922.51   973.49            954.08
                     1000                                           906.56
                                                                                                                          815.80
                                                                                      652.25
                                                                                                                                   555.46
                                                                                                         484.93
                                                                                               428.75             397.9
                      500


                          0
                               Aug.     Sept.     Oct.      Nov.    Dec.     Jan.     Feb.      Mar.      Apr.    May      Jun       July




Securities Board of Nepal                                                    66                                    Annual Report 2009/2010
4.8 Market Capitalisation

By the end of the fiscal year 2009/10, the market capitalisation of the listed securities reached
to Rs.376871.37 million. The capitalisation was Rs.512939.07 million in the fiscal year
2008/09. The highest market capitalisation recorded in the fiscal year 2009/10 was Rs.506036.7
million on July 20, 2009 and the lowest was Rs.314721.0 million on April 28, 2010. By the end
of the fiscal year 2009/10, the percentage contribution of market capitalisation on nominal GDP
is estimated to be 31.86. The sector wise market capitalisation in the fiscal year 2008/09 is
presented in table 23.


                                    Table 23: Market Capitalisation
                                                                                        (Rs. in million)

                                                            Market
      S.N.                          Sector                                        Percent
                                                         Capitalisation
        1         Commercial Bank                          206282.52               54.74

        2         Development Bank                          27488.87                7.29

        3         Finance Company                           29869.59                7.92

        4         Insurance Company                         9756.61                 2.59

        5         Hotel                                     5285.58                 1.40

        6         Manufacturing & Processing Company        7592.03                 2.01

        7         Trading Company                           1617.51                 0.43

        8         Other Company                             88978.67               23.61

                            Total                          376871.37               100.0



4.9 NEPSE Index

By the end of the fiscal year 2009/10, the NEPSE index of the listed securities (Price Index)
stood to be 477.73 points, which is 271.37 points less than that of the last fiscal year end index
of 749.10 points. The highest index during the fiscal year 2009/10 was recorded at 739.02
points on July 20, 2009 and the lowest index was 405.45 points on April 28, 2010. The detail of
NEPSE index is presented in chart 2.



Securities Board of Nepal                        67                         Annual Report 2009/2010
                                       Chart 2: Nepse Index 2009/10
            800
                  721.95
            700
                                   609.55
            600          628.34                      548.61            528.9
                                            566.94                             486.25       457.81        477.73
            500                                               530.96
                                                                                     481.19
   Points




                                                                                                   476.69
            400
            300
            200
            100
             0
                  Aug.     Sept.    Oct.     Nov.    Dec.      Jan.     Feb.   Mar.   Apr.   May     Jun    July




Securities Board of Nepal                                     68                             Annual Report 2009/2010
Securities Board of Nepal   69   Annual Report 2009/2010
                COLLECTIVE INVESTMENT SCHEME
                             Citizen Investment Scheme
                             NCM Mutual Fund, 2002




Securities Board of Nepal                    70           Annual Report 2009/2010
Securities Board of Nepal   71   Annual Report 2009/2010
5. Collective Investment Scheme
5.1 Citizen Unit Scheme
In the fiscal year 2009/10, Citizen Investment Trust (CIT) sold its units amounting to Rs.1008.83
million and repurchased units amounting to Rs.662.12 million under Citizen Unit Scheme. By the
end of the fiscal year 2009/10, the total investment was Rs.360.00 million and the profit was
Rs.0.71 million under the Scheme. The total number of participants of the scheme reached 2050.
In the fiscal year 2009/10 the scheme distributed 9.0 percent dividend to its unit holders. The
performance of Citizen Unit Scheme over the years is presented in table 24.


                              Table 24: Performance of Citizen Unit Scheme
                                                                                               (Rs. in million)

                                                                       Fiscal Year
    S.N.                      Particulars
                                                   2005/06   2006/07    2007/08      2008/09     2009/10*

      1         Total amount of units sold         148.63    170.23      980.03      953.47      1008.83
      2         Total amount of unit repurchased    82.90    100.41      200.22      264.53       662.12
      3         Investment                          65.75    752.2       804.78      708.29       360.00
                (a) Government Bond                 173.9     93.2        93.2       89.12         88.80
                (b) Bank Deposit (Fixed)            317.5    490.6       529.5       432.00       218.05
                (c) Share / Debenture               26.5      28.9       42.59       47.62         53.15
                (d) Loan & Advances                 139.6    139.5       139.56      139.55           -
      4         Net Income                          50.4      49.0        65.0        2.64          0.71
      5         Dividends (%)                        7.0      6.25        6.25         9.0           9.0
      6         Number of Unit Holders              2840      2840       2426         2050         1466
                (a) Individual                      2747      2747       2323         1947         1365
                (b) Institutional                       93     93         103         103           101

*         Provisional




Securities Board of Nepal                          72                             Annual Report 2009/2010
5.2 NCM Mutual Fund, 2002
In the fiscal year 2009/10, under the NCM Mutual Fund, 2002 total investment reached to
Rs.142.26 million and the net asset value (NAV) reached to Rs.391.70. In the fiscal year
2008/09, the total investment and the NAV were Rs.151.53 million and Rs.536.85 respectively.
Total number of unit holders of the fund by the end of the fiscal year 2009/10 was 2951
comprising 2931 individuals and 20 institutions. As per the information submitted by NIDC
Capital Markets Ltd., per unit net assets value and per unit market price of the Fund are
Rs.39.17 and Rs.32 respectively by the end of the fiscal year 2009/10. The detail performance
trend of the Fund is presented in table 25.


                              Table 25: Performance of NCM Mutual Fund
                                                                                          (Rs. in million)

                                                             Fiscal Year
  S.N.    Particulars
                                               2006/07       2007/08       2008/09        2009/10
   1      Investment                             198.30         194.78        151.53          142.26
          (a) Share/Debenture                         86.0       88.95         90.80            97.95
          (b) Government Bond                         10.0        10.0          10.0             10.0
          (c) Bank Deposit                            93.3       81.93         16.34             2.64
   2      Net Income                                  23.1       47.68         34.25            13.98
          (a) Dividend in Share                       3.40        3.30          3.85             4.29
          (b) Interest in Government Bond/             0.8         0.8          3.49             2.08
          Debenture
          (c) Bank Interest                           03.9       10.67          0.72             0.85
          (d) Income from Sale of Shares              15.0       32.89         26.17             6.74
   3      Net Assets Value                           314.0      488.88        536.85          391.70
   4      Outstanding Unit (In thousands)         10000         10000          10000           10000
   5      Net Asset Value per unit (Rs.)             31.40       48.89         53.69            39.17
   6      Per unit Market Price (Rs.)                    -             -              -               -
   7      Number of Unit holder                      2417        2950           2951            2951
          (a) Institutional                            20           20               20             20
          (b) Individual                             2461        2930           2931            2931
   8      Dividend (%)                                   5          15               15               -



Securities Board of Nepal                       73                           Annual Report 2009/2010
  CORPORATE ACTIVITIES OF LISTED COMPANIES

                             Disclosure of Annual Report
                             Disclosure of Quarterly Report
                             Annual General Meetings
                             Dividend and Bonus Share Declaration
                             Operational Results of the Listed Companies




Securities Board of Nepal                  74                     Annual Report 2009/2010
Securities Board of Nepal   75   Annual Report 2009/2010
6. Corporate Activities of Listed Companies
6.1 Submission of Annual Reports
In the fiscal year 2009/10, out of 176 listed companies, 137 companies submitted their annual
reports for the fiscal year 2008/09 to SEBON. Out of 137 companies, only 37 companies
submitted the reports within the prescribed time. The detail of report submission for the fiscal
year 2008/09 is presented in table 26.


                Table 26: Listed Companies Submitting Annual Reports Timely

                                                                                                         Date of
   S.N.             Name of Listed Companies           Annual Report/Financial Statement
                                                                                                       Submission

            Commercial Bank
     1      Nabil Bank Ltd.                                     25th Annual Report                      17/09/2009

     2      Nepal Investment Bank Ltd.                          23rd Annual Report                      14/09/2009
     3      Standard Charted Bank Ltd.                          23rd Annual Report                      27/11/2009
                                                                        th
     4      Himalayan Bank Ltd.                                 17 Annual report                        26/11/2009
                                                                        th
     5      Everest Bank Ltd.                                   15 Annual report                        03/11/2009
                                                                        th
     6      Bank of Kathmandu Ltd.                              15 Annual report                        10/12/2009
                                                                    th
     7      Laxmi Bank Ltd.                                      9 Annual report                        15/11/2009
                                                                    th
     8      Kumari Bank Ltd.                                     9 Annual report                        02/11/2009
     9      Lumbini Bank Ltd.                                   12th Annual report                      01/12/2009
                                                                        th
    10      Nepal Credit & Commercial Bank Ltd.                 12 Annual report                        09/12/2009
                                                                    rd
    11      Global Bank Ltd.                                    3 Annual Report                         10/11/2009
                                                                    th
    12      Kist Bank Ltd.                                       8 Annual report                        08/10/2009
                                                                    rd
    13      Citizens Bank International Ltd.                    3 Annual Report                         19/08/2009
                                                                    nd
    14      Bank of Asia Nepal Ltd.                             2 Annual Report                         08/12/2009
            Development Bank
     1      Nirdhan Uthan Bikas Bank Ltd.                      11th Annual Report                       13/12/2009
     2      Chhimek Bikas Bank Ltd.                            8th Annual Report                        11/10/2009
                                                                 th
     3      Gandaki Bikas Bank Ltd.                            6         Annual Report                  13/12/2009
                                                                    th
     4      Sanima Bikas Bank Ltd.                               5 Annual report                        26/11/2009
                                                                   th
     5      Sahayogi Bikas Bank Ltd.                            6        Annual Report                  08/12/2009
                                                                    th
     6      Ace Development Bank Ltd.                          14            Annual Report              15/12/2009
            Finance Company
     1      Goodwill Finance Co. Ltd.                          15th Annual Report                       11/11/2009
                                                                    th
     2      United Finance Co. Ltd.                            15            Annual Report              15/11/2009
     3      Shree Investment Finance Co. Ltd.                  154th Annual Report                      15/10/2009
                                                                    th
     4      Standard Finance Co. Ltd.                          14            Annual Report              11/12/2009


Securities Board of Nepal                         76                                         Annual Report 2009/2010
                                                                                                            Date of
   S.N.             Name of Listed Companies                  Annual Report/Financial Statement
                                                                                                          Submission
     5      Royal Merchant Banking & Finance Ltd.                       8th Annual Report                  13/11/2009
     6      IME Financial Institution Ltd.                             5th Annual Report                   17/09/2009
                                                                           th
     7      ICFC Bittiya Sanstha Ltd.                                   6 Annual Report                    06/12/2009
                                                                           th
     8      Sagarmatha Merchant Banking & Finance Ltd.                  4 Annual Report                    01/12/2009
                                                                           th
     9      Reliable Finance Ltd.                                       4 Annual Report                    11/12/2009
                                                                           th
    10      Prabhu Finance Co. Ltd.                                     4 Annual Report                    17/11/2009
            Insurance Company
     1      Prudential Insurance Co. Ltd.                               8th Annual Report                  15/12/2009
            Hotel
     1      Soaltee Hotel Ltd.                                         35th Annual Report                  19/12/2009
                                                                            th
     2      Oriental Hotel Ltd.                                        12 Annual Report                    01/09/2009
            Manufacturing and Processing company
     1      Gorakhkali Rubber Udhyog Ltd.                            13th Financial Statement              06/11/2009
     2      Uniliver Nepal Ltd                                       16th Financial Statement              24/11/2009
                                                                      th
     3      Himalayan Distillery Ltd.                                9 Financial Statement                 15/12/2009
            Other
     1      Butwal Power Co. Ltd.                                    17th Financial Statement              10/12/2009


In the fiscal year 2009/10, 100 companies submitted their annual reports for the fiscal year
2008/09 to SEBON after the expiry of the report submission period. These companies
comprising nine commercial banks, 22 development banks, 45 finance companies, 11 insurance
companies, seven manufacturing and processing companies, two trading companies and four
companies from other group. The detail of report submission for the fiscal year 2008/09 is
presented in table 27.


              Table 27: Submission of Annual Report for the Fiscal Year 2008/09
                                                                                                            Date of
   S.N.             Name of Listed Companies                  Annual Report/Financial Statement
                                                                                                          Submission
            Commercial Bank
     1      Nepal SBI Bank Ltd.                                        16th Annual Report                  22/12/2009
     2      Nepal Bangladesh Bank Ltd.                                 15th Annual Report                  22/12/2009
     3      Nepal Industrial & Commercial Bank Ltd.                    Financial Statement                 02/04/2010
                                                                            th
     4      Machhapuchhre Bank Ltd.                                    11 Annual Report                    03/01/2010
                                                                            th
     5      Siddhartha Bank Ltd.                                           8 Annual Report                 04/02/2010
                                                                            th
     6      NMB Bank Ltd.                                              14 Annual Report                    28/12/2009



Securities Board of Nepal                                77                                     Annual Report 2009/2010
                                                                                                    Date of
   S.N.             Name of Listed Companies             Annual Report/Financial Statement
                                                                                                  Submission
     7      DCBL Bank Ltd.                                         9th Annual Report               28/10/2009
     8      Prime Commercial Bank Ltd.                     Information about General Meeting       16/12/2009
                                                                    nd
     9      Sunrise Bank Ltd.                                      2 Annual Report                 24/01/2010
            Development Bank
     1      Pashchimanchal Bikas Bank Ltd.                         7th Annual Report               11/01/2010
     2      Business Development Bank Ltd.                       Financial Statement               26/01/2010
                                                                   th
     3      Bhrikuti Bikas Bank Ltd.                              5 Annual Report                  06/01/2010
                                                                    th
     4      Siddhartha Development Bank Ltd.                      10 Annual Report                 10/01/2010
     5      NDEP Development Bank Ltd.                                     -                       11/01/2010
     6      Narayani Bikas Bank Ltd.                               8th Annual Report               25/03/2010
     7      Bageswori Bikas Bank Ltd.                                      -                       11/06/2010
                                                                    th
     8      Gorkha Bikas Bank Ltd.                                 5 Annual Report                 09/02/2010
                                                                    th
     9      Annapurna Bikas Bank Ltd.                              5 Annual Report                 05/01/2010
    10      Swabalamban Bikas Bank Ltd.                            8th Annual Report               13/04/2010
                                                                    th
    11      Himchuli Bikas Bank Ltd.                               4 Annual report                 29/04/2010
                                                                    th
    12      Excel Development Bank Ltd.                            4 Annual Report                 29/01/2010
    13      Biratlaxmi Development Bank Ltd.                       5th Annual Report               10/01/2010
                                                                    th
    14      Infrastructure Development Bank Ltd.                   6 Annual Report                 31/03/2010
                                                                    th
    15      Subechha Bikas Bank Ltd.                               5 Annual Report                 31/12/2009
                                                                    th
    16      Tribeni Bikas Bank Ltd.                                6 Annual Report                 03/03/2010
    17      Clean Energy Development Bank Ltd.                     3rd Annual Report               27/12/2009
                                                                    th
    18      Pashupati Development Bank Ltd.                        6 Annual Report                 08/02/2010
                                                                    nd
    19      Mahakali Bikas Bank Ltd.                               2 Annual Report                 05/03/2010
    20      Miteri Development Bank Ltd.                           4th Annual Report               14/05/2010
                                                                    nd
    21      Vivor Bikas Bank Ltd.                                  2 Annual Report                 28/02/2010
    22      Pathibhara Bikas Bank Ltd.                                     -                       04/07/2010
            Finance Company
     1      NIDC Capital Markets Ltd.                             17th Annual Report               06/04/2010
     2      Nepal Share Markets & Finance Ltd.                   Financial Statement               11/06/2010
     3      Kathmandu Finance Ltd.                               Financial Statement               08/02/2010
     4      People Finance Ltd.                                   13th Annual Report               10/04/2010
     5      Union Finance Co. Ltd.                                Financial Statement              17/01/2010
     6      Citizen Investment Trust.                             Financial Statement              06/07/2010
                                                                    th
     7      Nepal Awas Bikas Bitta Co. Ltd.                       17 Annual Report                 05/01/2010
                                                                    th
     8      Narayani National Finance Ltd.                        17 Annual Report                 20/01/2010
                                                                    th
     9      Yeti Finance Co. Ltd.                                 15 Annual Report                 27/12/2009
    10      Gorkha Finance Ltd.                                   15th Annual Report               15/02/2010
                                                                    th
    11      Universal Finance Ltd.                                14 Annual Report                 02/04/2010
                                                                    th
    12      Nepal Housing & Merchant Finance Ltd.                 15 Annual Report                 01/03/2010
                                                                    th
    13      General Finance Ltd.                                  13 Annual Report                 28/04/2009


Securities Board of Nepal                           78                                  Annual Report 2009/2010
                                                                                                      Date of
   S.N.             Name of Listed Companies                Annual Report/Financial Statement
                                                                                                    Submission
    14      Mahalaxmi finance Ltd.                                   14th Annual Report              05/01/2010
    15      Lalitpur Finance Ltd.                                    13th Annual Report              04/01/2010
                                                                          th
    16      Paschimanchal Finance Co. Ltd.                           14 Annual Report                27/04/2010
    17      Pokhara Finance Ltd.                                                    -                11/02/2010
                                                                          th
    18      Lumbini Finance & Leasing Co. Ltd.                      14 Annual Report                 08/01/2010
                                                                          th
    19      Siddhartha Finance Ltd.                                 14 Annual Report                 20/04/2010
                                                                          th
    20      Alpic Everest Finance Co. Ltd.                           16 Annual Report                14/05/2010
    21      International Leasing & Finance Co. Ltd.                 14th Annual Report              10/01/2010
                                                                          th
    22      Premier Finance Co. Ltd.                                 13 Annual Report                09/04/2010
                                                                          th
    23      Navadurga Finance Co. Ltd.                               13 Annual Report                25/03/2010
                                                                          th
    24      Butwal Finance Ltd.                                      12 Annual Report                26/04/2010
                                                                          th
    25      Janaki Finance Ltd.                                      13 Annual Report                18/01/2010
                                                                          th
    26      Om Finance Co. Ltd.                                      9 Annual Report                 19/01/2010
    27      Cosmic Merchant Banking & Finance Ltd.                                  -                06/01/2010
                                                                          th
    28      Fewa Finance Ltd.                                        7 Annual Report                 12/01/2010
                                                                          th
    29      World Merchant Banking & Finance Ltd.                    8 Annual Report                 07/02/2010
                                                                          th
    30      Birgunj Finance Ltd.                                     6 Annual Report                 30/03/2010
                                                                          th
    31      Capital Merchant Banking & Finance Ltd.                  8 Annual Report                 02/02/2010
                                                                          th
    32      Everest Finance Ltd.                                     7 Annual Report                 22/04/2010
                                                                          th
    33      Prudential Bittiya Sanstha Ltd.                          6 Annual Report                 25/03/2010
    34      Guheswori Merchant Banking & Fin. Ltd.                   8th Annual Report               10/03/2010
    35      Bhajuratna Finance & Saving Co. Ltd.                    Financial Statement              05/02/2010
                                                                          th
    36      Patan Finance Ltd.                                       8 Annual Report                 22/04/2010
                                                                          th
    37      Imperial Financial Institution Ltd.                      4 Annual Report                 23/03/2010
                                                                          th
    38      Civil Merchant Bittiya Sanstha Ltd.                      5 Annual Report                 18/02/2010
                                                                          th
    39      Nepal Express Finance Ltd.                               4 Annual Report                 06/01/2010
    40      Kuber Merchant Bittiya Sanstha Ltd.                      4th Annual Report               18/05/2010
    41      Lord Buddha Financial Institution Ltd.                        Annual Report              04/02/2010
                                                                          rd
    42      Kaski Finance Ltd.                                       3 Annual Report                 19/01/2010
                                                                          th
    43      Merchant Finance Co. Ltd.                                13 Annual Report                29/04/2010
                                                                          th
    44      Shikhar Bittiya Sanstha Ltd.                             4 Annual Report                 25/03/2010
    45      Crystal Finance Ltd.                                                    -                11/07/2010
            Insurance Company
     1      Nepal Insurance Co. Ltd.                                 61st Annual Report              10/02/2010
     2      Himalayan General Insurance Co. Ltd.                     16th Annual Report              28/04/2010
     3      United Insurance Co. (Nepal) Ltd.                          Short Statement               10/02/2010
                                                                     th        th
     4      Everest Insurance Co. Ltd.                             14 /15 Annual Report              07/03/2010
                                                                     th        th
     5      Alliance Insurance Co. Ltd.                            13 /14 Annual Report              05/04/2010
     6      Sagarmatha Insurance Co. Ltd.                           Financial Statement              05/02/2010



Securities Board of Nepal                              79                                 Annual Report 2009/2010
                                                                                                            Date of
   S.N.             Name of Listed Companies                  Annual Report/Financial Statement
                                                                                                          Submission
     7      Nepal Life Insurance Co. Ltd.                               10th Annual Report                 25/04/2010
     8      Life Insurance Corporation (Nepal) Ltd.                      8th Annual Report                 10/01/2010
                                                                          th
     9      Lumbini General Insurance Co. Ltd.                           5 Annual Report                   29/04/2010
    10      Siddhartha Insurance Co. Ltd.                               Financial Statement                02/02/2010
    11      Sikhar Insurance Co. Ltd.                                            -                         24/05/2010
            Manufacturing & Processing Company
     1      Bottlers Nepal Ltd. (Balaju)                                31st Annual Report                 27/12/2009
     2      Nepal Banaspati Ghee Udyog Ltd.                             Financial Statement                14/01/2010
     3      Raghupati Jute Mills.                                                -                         04/06/2010
                                                                          rd
     4      Bottlers Nepal (Terai) Ltd.                                 23 Annual Report                   27/12/2010
     5      Arun Banaspati Udyog Ltd.                                   Financial Statement                15/02/2010
     6      Khadya Udyog Ltd.                                           Financial Statement                14/01/2010
     7      Fleur Himalayan Ltd.                                          Audited Report                   19/05/2010
            Trading Company
     1      Bishal Bazar Co. Ltd.                                       29th Annual Report                 27/12/2009
                                                                          rd
     2      Salt Trading Co. Ltd.                                       43 Annual Report                   21/04/2009
            Other Company
     1      Nepal Telecom Co. Ltd.                                      2nd Annual Report                  18/03/2010
                                                                          rd
     2      National Hydropower Co. Ltd.                                13 Annual Report                   05/04/2010
     3      Chilime Hydropower Co. Ltd.                                          -                         08/02/2010
     4      Arun Valley Hydropower Co. Ltd.                             Financial Statement                24/12/2009


In the fiscal year 2009/10, 13 companies failed to submit their annual reports within the
prescribed time and 26 companies did not submit their annual reports. Name of the companies
failing to submit their annual reports for the fiscal year 2009/10 is given in table 28.


  Table 28: Annual Reports/Financial Statements Lately Submitting and Not Submitting
                                                      Companies
   S.N.                 Name of the Company                    S.N.                  Name of the Company
            Development Bank
     1      Nepal Industrial Development Bank Ltd.              2     Madhyamanchal Gramin Bikas Bank Ltd.
     3      Nepal Bikas Bank Ltd.                               4     Deprox Bikas Bank Ltd. *
     5      Malika Bikas Bank Ltd.*                             6     Public Development Bank Ltd. *
     7      Purbanchal Gramin Bikas Bank Ltd. *                 8     Resunga Bikas Bank Ltd.
     9      Kasthamandup Bikas Development Bank Ltd.            10    Sewa Bikas Bank Ltd.
    11      Nilgiri Bikas Bank Ltd.                             12    Nerude Laghubitta Bikas Bank Ltd.


Securities Board of Nepal                                80                                   Annual Report 2009/2010
     S.N.                   Name of the Company                        S.N.                Name of the Company
                Finance Company
         1      Nepal Finance & Saving Co. Ltd. *                       2     Annapurna Finance Co. Ltd. *
         3      Samjhana Finance Co. Ltd.                               4     Central Finance Co. Ltd. *
         5      Nepal Srilanka Merchant Banking & Fin. Ltd. *           6     Srijana Finance Ltd. *
         7      Api Finance Ltd. *
                Insurance Company
         1      Rastriya Beema Sansthan.                                2     National Life & General Insurance Co. Ltd. *
         3      Premier Insurance Co. Ltd. *                            4     Neco Insurance Ltd. *
         5      NB Insurance Co. Ltd.                                   6     Prime Life Insurance Co. Ltd.
         7      Asian Life Insurance Co. Ltd.
                Hotel
         1      Yak & Yeti Hotel Ltd.                                   2     Taragaon Regency Hotel Ltd.
                Manufacturing & Processing Company
         1      Butwal Spinning Mills Ltd.                              2     Harisiddhi Brikcs & Tiles Factory Ltd.
         3      Birat Shoe Ltd.                                         4     Sri Ram Sugar Mills Ltd.
         5      Nepal Lube Oil Ltd.                                     6     Jyoti Spinning Mills Ltd.
         7      Bhrikuti Pulp & paper Mills Ltd.                        8     Nepal Bitumen & Barrel Udyog Ltd.
                Trading Company
         1      Nepal Trading Ltd.                                      2     Nepal Welfare Co. Ltd.
                Other
         1      Nepal Film Development Co. Ltd.
*
 Companies failing to submit their annual reports timely.



6.2 Submission of Quarterly Reports
In the fiscal year 2009/10, 114 companies submitted their first-quarterly reports, 108 companies
submitted their second-quarterly reports, 125 companies submitted their third-quarterly reports
and 118 companies submitted fourth-quarterly reports to SEBON. The detail of report
submission is presented in table 29.


                  Table 29: Submission of Quarterly Report by the Listed Companies
    S.N.         Name of Listed Companies                                           Date of Submission
                                                             st                nd
                                                            1 quarterly       2 quarterly        3rd quarterly 4th quarterly
             Commercial Bank
                                                              report            report               report       report*
     1       Nabil Bank Ltd.                                12/11/2009         31/01/2010         16/05/2010      15/08/2010
     2       Nepal Investment Bank Ltd.                     10/11/2009         02/02/2010         09/05/2010      15/08/2010
     3       Standard Chartered Bank (Nepal) Ltd.           15/11/2009         11/02/2010         12/05/2010      13/08/2010

Securities Board of Nepal                                         81                                   Annual Report 2009/2010
   4    Himalayan Bank Ltd.                         15/11/2009   11/02/2010   14/05/2010   22/08/2010
   5    Nepal SBI Bank Ltd.                         16/11/2009   10/02/2010   10/05/2010   15/08/2010
   6    Nepal Bangladesh Bank Ltd.                  05/11/2009   08/02/2010   16/05/2010   29/08/2010
   7    Everest Bank Ltd.                           03/11/2009   21/02/2010       -             -
   8    Bank of Kathmandu Ltd.                      16/11/2009   11/02/2010   26/04/2010   13/08/2010
   9    Nepal Industrial & Commercial Bank Ltd.     17/11/2009   11/02/2010   13/05/2010   15/08/2010
   10   Machhapuchhre Bank Ltd.                     16/11/2009   15/02/2010   13/05/2010   15/08/2010
   11   Laxmi Bank Ltd.                             10/11/2009   23/02/2010   10/05/2010   16/08/2010
   12   Kumari Bank Ltd.                            01/11/2009   15/02/2010   09/05/2010   16/08/2010
   13   Lumbini Bank Ltd.                           01/12/2009   21/02/2010   13/05/2010   15/08/2010
   14   Nepal Credit & Commerce Bank Ltd.           18/11/2009   10/02/2010   16/05/2010   22/08/2010
   15   Siddhartha Bank Ltd.                        27/10/2009   31/01/2010   13/05/2010   17/08/2010
   16   DCBL Bank Ltd.                              13/11/2009   08/02/2010   14/05/2010   17/08/2010
   17   NMB Bank Ltd.                               16/11/2009   10/02/2010   12/05/2010   15/08/2010
   18   Global Bank Ltd.                            15/11/2009   11/02/2010   14/05/2010   15/08/2010
   19   Kist Bank Ltd.                              16/11/2009   01/02/2010   13/05/2010   17/08/2010
   20   Bank of Asia Nepal Ltd.                     03/11/2009   29/01/2010   10/05/2010   15/08/2010
   21   Citizens Bank International Nepal Ltd.      15/11/2009   02/02/2010   17/05/2010   15/08/2010
   22   Prime Commercial Bank Ltd.                  15/11/2009   11/02/2010   28/04/2010   17/08/2010
   23   Sunrise Bank Ltd.                                  -     07/02/2010   13/05/2010   17/08/2010
        Development Bank
   1    Nepal Industrial Development Corporation.          -         -            -             -
   2    Nepal Bikas Bank Ltd.                              -         -            -             -
   3    Nirdhan Uthan Bank Ltd.                     15/11/2009   11/02/2010   07/02/2010   09/08/2010
   4    Chhimek Bikas Bank Ltd.                            -     26/02/2010       -        09/08/2010
   5    Paschimanchal Bikas Bank Ltd.                      -         -        11/05/2010   08/08/2010
   6    Deprox Bikas Bank Ltd.                             -         -            -        16/08/2010
   7    Gandaki Bikas Bank Ltd.                     18/11/2009   10/02/2010   13/05/2010   12/08/2010
   8    Business Development Bank Ltd.              11/01/2010   02/03/2010   13/05/2010   16/08/2010
   9    Bhrikuti Bikas Bank Ltd.                    20/11/2009   16/02/2010   22/04/2010   22/07/2010
   10   Siddhartha Development Bank Ltd.            16/11/2009   11/02/2010   13/05/2010   16/08/2010
   11   Sanima Bikas Bank Ltd.                      17/11/2009   08/02/2010   14/05/2010   15/08/2010
   12   Narayani Development Bank Ltd.              25/11/2009   11/02/2010   14/05/2010   15/08/2010
   13   Sahayogi Bikas Bank Ltd.                    19/11/2009   11/02/2010   11/05/2010   10/08/2010
   14   Bageswori Bikas Bank Ltd.                          -         -        07/06/2010   29/08/2010
   15   Gorkha Bikas Bank Ltd.                      16/11/2009   09/02/2010       -        17/08/2010
   16   Annapurna Bikas Bank Ltd.                   19/11/2009       -        23/05/2010   05/08/2010
   17   Swabalamban Bikas Bank Ltd.                 16/11/2009   02/03/2010   11/05/2010   17/08/2010
   18   Ace Development Bank Ltd.                   10/11/2009   12/02/2010   12/05/2010   08/08/2010



Securities Board of Nepal                             82                         Annual Report 2009/2010
   19   Himchuli Bikas Bank.                    11/11/2009   10/02/2010   13/05/2010   15/08/2010
   20   Excel Development Bank Ltd.             16/11/2009   21/02/2010   14/05/2010   15/08/2010
   21   Malika Bikas Bank Ltd.                         -         -        03/06/2010        -
   22   Biratlaxmi Bikas Bank Ltd.              19/11/2009   11/02/2010   10/05/2010   30/07/2010
   23   Infrastructure Development Bank Ltd.    16/11/2009   17/02/2010       -        15/08/2010
   24   NDEP Development Bank Ltd.              04/11/2009   04/02/2010   23/04/2010   14/08/2010
   25   Subechha Bikas Bank Ltd.                26/11/2009   16/02/2010   17/05/2010   17/08/2010
   26   Tribeni Bikas Bank Ltd.                 16/11/2009   16/02/2010   14/05/2010   16/08/2010
   27   Clean Energy Development Bank Ltd.      12/11/2009   09/02/2010   11/05/2010   13/08/2010
   28   Purbanchal Gramin Bikas Bank Ltd.              -     17/02/2010       -             -
   29   Pashupati Development Bank Ltd.                -         -            -        23/08/2010
   30   Public Development Bank Ltd.                   -         -        16/05/2010        -
   31   Madhyqamanchal Gramin Bikas Bank Ltd.          -         -            -             -
   32   Mahakali Bikas Bank Ltd.                       -         -        17/05/2010   12/08/2010
   33   Miteri Development Bank Ltd.                   -         -        13/05/2010        -
   34   Vivor Bikas Bank Ltd.                   15/11/2009       -        12/05/2010   16/08/2010
   35   Pathibhara Bikas Bank Ltd.                     -         -        25/05/2010        -
   36   Resunga Bikas Bank Ltd.                        -         -            -        19/08/2010
   37   Kasthamandup Development Bank Ltd.             -         -            -        17/08/2010
   38   Sewa Bikas Bank Ltd.                           -         -        13/05/2010   12/08/2010
   39   Nilgiri Bikas Bank Ltd.                        -         -            -             -
   40   Nerude Laghubitta Bikas Bank Ltd.              -         -            -             -
   41   Excel Bikas Bank Ltd.                   23/11/2009       -        14/05/2010   15/08/2010
        Finance Company
   1    Nepal Finance & Saving Co. Ltd.                -         -            -             -
   2    NIDC Capital Markets Ltd.               16/11/2009   15/02/2010   30/05/2010   16/08/2010
   3    Nepal Share Markets & Finance Ltd.      18/11/2009   11/02/2010   13/05/2010   16/08/2010
   4    Annapurna Finance Co. Ltd.              10/11/2009   10/02/2010   10/05/2010   12/08/2010
   5    Kathmandu Finance Ltd.                  10/11/2009   08/02/2010   13/05/2010   15/08/2010
   6    Peoples Finance Ltd.                    06/11/2009   11/02/2010   10/05/2010   06/08/2010
   7    Union Finance Co. Ltd.                  20/11/2009   18/02/2010   17/05/2010   16/08/2010
   8    Citizen Investment Trust.                      -         -            -             -
   9    Nepal Awas Bikash Bitta Co. Ltd.        16/11/2009   11/02/2010       -             -
   10   Narayani Finance Ltd.                   18/11/2009   24/02/2010   20/05/2010   20/08/2010
   11   Yeti Finance Co. Ltd.                   05/12/2009   04/03/2010   16/05/2010   29/08/2010
   12   Gorkha Finance Ltd.                     11/12/2009   15/02/2010   12/05/2010   04/08/2010
   13   Samjhana Finance Ltd.                   24/11/2009   01/03/2010   10/06/2010        -
   14   Universal Finance Ltd.                  09/12/2009   03/02/2010   12/05/2010   12/08/2010
   15   Nepal Housing & Merchant Finance Ltd.          -         -        13/05/2010        -



Securities Board of Nepal                         83                         Annual Report 2009/2010
   16   General Finance Ltd.                       22/11/2009   26/02/2010   01/06/2010        -
   17   Mahalaxmi Finance Ltd.                     19/11/2009   11/02/2010   11/05/2010   09/08/2010
   18   Lalitpur Finance Ltd.                      15/11/2009   15/02/2010       -        17/08/2010
   19   Goodwill Finance Co. Ltd.                         -         -        13/05/2010   15/08/2010
   20   Paschimanchal Finance Co. Ltd.             16/11/2009       -        25/05/2010   29/08/2010
   21   Pokhara Finance Ltd.                              -         -            -             -
   22   Lumbini Finance & Leasing Co. Ltd.         12/11/2009       -        12/05/2010   11/08/2010
   23   Siddhartha Finance Ltd.                    20/11/2009   07/02/2010   02/05/2010   16/08/2010
   24   Alpic Everest Finance Co. Ltd.                    -         -            -             -
   25   International Leasing & Finance Co. Ltd.   10/11/2009   11/02/2010   13/05/2010   08/08/2010
   26   United Finance Ltd.                               -     22/02/2010   17/05/2010   12/08/2010
   27   Shree Investment Finance Co. Ltd.          06/11/2009   08/02/2010   11/05/2010   19/08/2010
   28   Central Finance Co. Ltd.                          -     02/02/2010   21/05/2010        -
        Nepal Srilanka Merchant Banking &
   29   Finance Ltd.
                                                          -         -        11/05/2010        -

   30   Premier Finance Co. Ltd.                   20/11/2009   11/02/2010   17/05/2010   12/08/2010
   31   Navadurga Finance Co. Ltd.                 24/11/2009   01/03/2010   18/05/2010        -
   32   Butwal Finance Ltd.                        16/11/2009   10/02/2010   29/04/2010   18/08/2010
   33   Janaki Finance Ltd.                               -         -        28/06/2010        -
   34   Standard Finance Ltd.                      15/11/2009   09/02/2010   13/05/2010   06/08/2010
   35   Om Finance Ltd.                            18/11/2009   15/02/2010   28/05/2010   10/08/2010
   36   CMB Finance Ltd.                           08/11/2009   04/02/2010   30/04/2010   08/08/2010
   37   Cosmic Merchant Banking & Finance Ltd.     11/11/2009       -            -             -
   38   Fewa Finance Co. Ltd.                      10/11/2009   11/02/2010   12/05/2010   18/08/2010
   39   World Merchant Banking & Finance Ltd.      22/11/2009   09/02/2010   11/05/2010   03/08/2010
   40   Birgunj Finance Ltd.                       01/12/2009   23/02/2010   11/05/2010   05/08/2010
   41   Capital Merchant Banking & Finance Ltd.    15/11/2009   08/02/2010   11/05/2010   09/08/2010
   42   Everest Finance Ltd.                              -         -            -        29/08/2010
   43   Prudential Bittiya Sanstha Ltd.            16/11/2009   17/02/2010   12/05/2010   16/08/2010
   44   Srijana Finance Ltd.                       22/11/2009   23/02/2010   17/05/2010   05/08/2010
   45   Royal Merchant Banking & Finance Ltd.      19/11/2009   11/02/2010   13/05/2010   15/08/2010
   46   Guheswori Merchant Banking & Fin. Ltd.     22/11/2009   10/02/2010   27/04/2010   11/08/2010
   47   IME Financial Institution Ltd.             25/11/2009       -            -             -
   48   Bhajuratna Finance & Saving Co. Ltd.       10/12/2009   05/02/2010   30/04/2010   16/08/2010
   49   Patan Finance Ltd.                                -         -        31/05/2010        -
   50   Imperial Financial Institution Ltd.        15/11/2009   09/02/2010   13/05/2010   12/08/2010
   51   Civil Merchant Bittiya Sanstha Ltd.        03/12/2009   18/02/2010   18/05/2010   20/08/2010
   52   ICFC Bittiya Sanstha Ltd.                  13/11/2009   05/02/2010   10/05/2010   16/08/2010
   53   Nepal Express Finance Ltd.                 16/11/2009   11/02/2010   13/05/2010   08/08/2010
   54   Kuber Merchant Bittiya Sanstha Ltd.        16/11/2009   11/02/2010       -        16/08/2010


Securities Board of Nepal                            84                         Annual Report 2009/2010
   55   Prabhu Finance Co. Ltd.                      16/11/2009   03/02/2010   18/05/2010   17/08/2010
   56   Lord Buddha Finance Ltd.                     15/11/2009   07/02/2010   29/04/2010   12/08/2010
   57   Sagarmatha Merchant Banking & Fin. Ltd.      12/11/2009   09/02/2010   30/04/2010   11/08/2010
   58   Kaski Finance Ltd.                           18/11/2009   21/02/2010   28/05/2010   17/08/2010
   59   Merchant Finance Co. Ltd.                    15/11/2009   07/02/2010   13/05/2010   12/08/2010
   60   Reliable Investment Bittiya Sanstha Ltd.     12/11/2009   17/02/2010   14/05/2010   18/08/2010
   61   Shikhar Bittiya Sanstha Ltd.                 19/11/2009   09/02/2010   17/05/2010   20/08/2010
   62   Api Finance Ltd.                                    -         -        19/05/2010   17/08/2010
   63   Crystal Finance Ltd.                                -         -            -             -
        Insurance Company
   1    Rastriya Beema Sansthan.                            -         -            -             -
   2    Nepal Insurance Co. Ltd.                     30/11/2009   11/02/2010   24/05/2010        -
   3    National Life & General Insurance Co. Ltd.          -         -            -             -
   4    Himalayan General Insurance Co. Ltd.         27/11/2009   23/02/2010   13/05/2010   27/08/2010
   5    United Insurance Co. (Nepal) Ltd.                   -     04/03/2010   24/05/2010        -
   6    Everest Insurance Co. Ltd.                   05/01/2010       -            -             -
   7    Premier Insurance Co. (Nepal) Ltd.           18/11/2009       -        23/05/2010   18/08/2010
   8    Neco Insurance Co. Ltd.                      08/12/2009   18/02/2010   16/05/2010        -
   9    Alliance Insurance Co. Ltd.                  27/11/2009   07/03/2010   30/05/2010   27/08/2010
   10   Sagarmatha Insurance Co. Ltd.                17/11/2009       -        14/05/2010   15/08/2010
   11   NB Insurance Co. Ltd.                               -         -            -             -
   12   Nepal Life Insurance Co. Ltd.                15/11/2009   11/02/2010   10/05/2010   16/08/2010
   13   Life Insurance Corporation (Nepal) Ltd.      16/11/2009       -        23/05/2010        -
   14   Prudential Insurance Co. Ltd.                18/11/2009   03/02/2010   14/05/2010   17/08/2010
   15   Lumbini General Insurance Co. Ltd.           18/11/2009   11/02/2010   13/05/2010   15/08/2010
   16   Shikhar Insurance Co. Ltd.                   17/11/2009   17/02/2010   20/05/2010        -
   17   Siddhartha Insurance Co. Ltd.                18/11/2009   15/02/2010   13/05/2010   18/08/2010
   18   Asian Life Insurance Co. Ltd.                       -         -            -             -
   19   Prime Life Insurance Co. Ltd.                       -         -            -        16/08/2010
        Hotel
   1    Yak & Yeti Hotel Ltd.                               -         -            -             -
   2    Soaltee Hotel Ltd.                           06/11/2009   31/01/2010   25/04/2010   20/04/2010
   3    Taragaon Regency Hotel Ltd.                  10/11/2009   07/02/2010   27/04/2009   04/08/2010
   4    Oriental Hotel Ltd.                          16/11/2009   07/02/2010   12/05/2009   15/08/2010
        Manufacturing & Processing Company
   1    Bottlers Nepal (Balaju) Ltd.                        -         -            -             -
   2    Nepal Lube Oil Ltd.                              -            -            -             -
   3    Nepal Banaspati Ghee Udhyog Ltd.                 -            -            -             -
   4    Sri Raghupati Jute Mills Ltd.                    -            -            -             -



Securities Board of Nepal                              85                         Annual Report 2009/2010
    5      Butwal Dhago Karkhana Ltd.                         -         -            -             -
    6      Gorakhkali Rubber Udhyog Ltd.                      -         -            -             -
    7      Jyoti Spinning Mills Ltd.                          -         -            -             -
    8      Bottlers Nepal (Terai) Ltd.                        -         -            -             -
    9      Arun Banaspati Udhyog Ltd.                         -         -        20/05/2010   19/08/2010
    10     Harisiddhi Brick & Tiles Factory Ltd.              -         -            -             -
    11     Unilever Nepal Ltd.                         15/11/2009   11/02/2010   13/05/2010   15/08/2010
    12     Khadya Udhyog Ltd.                                 -         -            -             -
    13     Birat Shoe Ltd.                                    -         -            -        01/08/2010
    14     Sri Bhrikuti Pulp & Paper Nepal Ltd.               -         -            -             -
    15     Fleur Himalayan Ltd.                               -         -            -             -
    16     Sri Ram Sugar Mills Ltd.                           -         -            -             -
    17     Nepal Bitumen & Barrel Udhyog Ltd.                 -         -            -             -
    18     Himalayan Distillery Ltd.                   15/11/2009       -        13/05/2010   15/08/2010
           Trading Company
    1      Bishal Bazar Co. Ltd.                              -         -            -             -
    2      Salt Trading Corporation Ltd.                      -         -            -             -
    3      Nepal Trading Ltd.                                 -         -            -             -
    4      Nepal Welfare Co. Ltd.                             -         -            -             -
           Other
    1      Nepal Film Development Co.Ltd.                     -         -            -             -
    2      Nepal Telecom Ltd.                          04/12/2009   10/03/2010   13/05/2010   15/08/2010
           Hydropower Company
    1      Butwal Power Co. Ltd.                       15/11/2009   10/02/2010   14/05/2010   16/08/2010
    2      Chilime Hydropower Co. Ltd.                 15/11/2009   10/02/2010   13/05/2010   16/08/2010
    3      Arun Valley Hydropower Development Co.             -         -        20/05/2010        -
    4      National Hydropower Co. Ltd.                       -         -            -             -
*
 Fourth-quarter report submitted till 29 August 2010




6.3 Annual General Meetings
As prescribed by the prevailing legislation, listed companies should conduct their AGM within
six months of the expiry of the fiscal year. Accordingly, among the listed companies, only 72
companies have held their AGM for the fiscal year 2008/09 on time. In the fiscal year 2009/10,
126 companies comprising 23 commercial banks, 25 development banks, 56 finance
companies, eight insurance companies, two hotels, four manufacturing and processing
companies, two trading companies and six companies from other sector held their AGM for the
fiscal year 2008/09. The detail of listed companies holding AGM is presented in table 30.

Securities Board of Nepal                                86                         Annual Report 2009/2010
6.4 Dividend/Bonus Share Declaration
Among the listed companies that held AGM in the fiscal year 2009/10, 43 companies declared
cash dividend and bonus shares. Out of these companies, 12 declared cash dividend, 14
declared bonus shares and 10 companies declared both dividend and bonus shares. The range of
cash dividend is from 0.526 to 325.0 percent and the bonus share declaration is 5 to 50.0
percent. The detail of dividend/bonus share declaration is presented in table 30.


           Table 30: Annual General Meetings, Dividend/Bonus Share Declaration

                                                                           Dividend/ Bonus       Percent on
  S.N.            Name of the Company               AGM       Held on
                                                                                Share            Paid-up Value

          Commercial Bank
                                                                            Cash Dividend             35
    1     Nabil Bank Ltd.                           25th      22/09/2009
                                                                             Bonus Share              50
    2     Nepal Investment Bank Ltd.                23rd      23/09/2009    Cash Dividend             20
                                                         rd
    3     Standard Chartered Bank Nepal Ltd.        23        04/11/2009     Bonus Share              50
                                                                            Cash Dividend             12
    4     Himalayan Bank Ltd.                       17th      06/12/2009
                                                                             Bonus Share           31.5557
                                                                            Cash Dividend             40
    5     Nepal SBI Bank Ltd.                       16th      11/01/2010
                                                                             Bonus Share             2.11
    6     Nepal Bangladesh Bank Ltd.                15th      13/01/2010
                                                                            Cash Dividend             30
    7     Everest Bank Ltd.                         15th      08/11/2009
                                                                             Bonus Share              30
                                                                            Cash Dividend           7.3684
    8     Bank of Kathmandu Ltd.                    15th      24/12/2009
                                                                             Bonus Share              40
                                                                             Bonus Share              15
    9     Nepal Industrial & Commercial Bank Ltd.   11th      18/12/2009
                                                                            Cash Dividend            0.79
   10     Machhapuchhre Bank Ltd.                   11th      13/01/2010
                                                        th
   11     Laxmi Bank Ltd.                           9         10/01/2010     Bonus Share             7.0
                                                        th
   12     Kumari Bank Ltd.                          9         15/11/2009          -                    -
                                                         th
   13     Lumbini Bank Ltd.                         12        11/12/2009          -                    -
   14     Nepal Credit & Commerce Bank Ltd.         12th      14/12/2009          -                    -
   15     Siddhartha Bank Ltd.                      8th       11/01/2010          -                    -
                                                        th
   16     DCBL Bank Ltd.                            9         11/12/2009          -                    -
   17     NMB Bank Ltd.                             14th      11/01/2010          -                    -
                                                        rd
   18     Global Bank Ltd.                          3         23/10/2009          -                    -
                                                        th
   19     Kist Bank Ltd.                            8         14/11/2009    Cash Dividend            3.50
                                                        nd
   20     Bank of Asia Nepal Ltd.                   2         04/01/2010    Cash Dividend             5
   21     Citizens Bank International Nepal Ltd.    3rd       15/09/2009    Cash Dividend             10
                                                                             Bonus Share             10
   22     Prime Commercial Bank Ltd.                 -        05/01/2010
                                                                            Cash Dividend           0.526


Securities Board of Nepal                           87                                Annual Report 2009/2010
                                                                           Dividend/ Bonus       Percent on
  S.N.            Name of the Company            AGM           Held on
                                                                                Share            Paid-up Value

   23     Sunrise Bank Ltd.                      2nd          01/01/2010          -                    -
          Development Bank
    1     Nirdhan Utthan Bank Ltd.               11th         14/12/2009     Bonus Share              10
                                                     th
    2     Chhimek Bikash Bank Ltd.               8            30/10/2009          -                    -
    3     Pashchimanchal Bikash Bank Ltd.        7th          13/01/2010          -                    -
                                                     th
    4     Gandaki Bikas Bank Ltd.                6            12/04/2010          -                    -
                                                     th
    5     Bhrikuti Bikas Bank Ltd.               5            09/01/2010     Bonus Share              10
                                                         th
    6     Siddhartha Development Bank Ltd.       11           12/12/2009          -                    -
    7     Sanima Bikas Bank Ltd.                 5th          17/12/2009     Bonus Share              5
    8     Narayani Development Bank Ltd.         8th          12/03/2010          -                    -
                                                     th
    9     Sahayogi Bikas Bank Ltd.               6            09/01/2010     Bonus Share              25
   10     Gorkha Bikas Bank Ltd.                 5th          14/01/2010          -                    -
                                                     th
   11     Annapurna Bikas Bank Ltd.              5            13/12/2009    Cash Dividend             15
                                                     th
   12     Swabalamwan Bikas Bank Ltd.            5            07/04/2010          -                    -
                                                         th
   13     Ace Development Bank Ltd.              14           19/11/2009          -                    -
   14     Himchuli Bikas Bank Ltd.               4th          29/03/2010          -                    -
                                                     th
   15     Excel Development Bank Ltd.            4            28/03/2010          -                    -
                                                     th
   16     Biratlaxmi Bikas Bank Ltd.             5            09/01/2010     Bonus Share              10
   17     Infrastructure Development Bank Ltd.   6th                        Cash Dividend             5
                                                              10/04/2010
                                                                             Bonus Share              10
   18     NDEP Development Bank Ltd.             3rd          13/01/2010     Bonus Share            6.667
                                                     th
   19     Subechha Bikas Bank Ltd.               5            02/01/2010          -                    -
                                                     th
   20     Tribeni Bikas Bank Ltd.                6            08/02/2010     Bonus Share              10
   21     Clean Energy Development Bank Ltd.     3rd          07/01/2010          -                    -
                                                     th
   22     Pashupati Bikas Bank Ltd.              6            11/02/2010          -                    -
                                                     nd
   23     Mahakali Bikas Bank Ltd.               2            28/03/2010          -                    -
   24     Miteri Development Bank Ltd.           4th          11/04/2010          -                    -
                                                     nd
   25     Vivor Bikas Bank Ltd.                  2            26/02/2010          -                    -
          Finance Company
   1      Nepal Finance & Saving Co. Ltd.            -        13/04/2010          -                    -
                                                         th
   2      NIDC Capital Markets Ltd.              17           09/04/2010          -                    -
   3      Nepal Share Markets and Finance Ltd.       -        12/05/2010          -                    -
                                                         th
   4      Annapurna Finance Co. Ltd.             16           09/04/2010          -                    -
   5      Kathmandu Finance Ltd.                     -        14/02/2010          -                    -
                                                         th
   6      Peoples Finance Ltd.                   13           12/03/2010          -                    -
                                                         th
   7      Union Finance Co. Ltd.                 15           13/05/2010          -                    -
   8      Citizen Investment Trust                   -             -              -                    -
                                                         th
   9      Nepal Aawas Bikash Bitta Co. Ltd.      17                -         Bonus Share              10
                                                         th
   10     Narayani National Finance Ltd.         17           11/01/2010          -                    -



Securities Board of Nepal                        88                                   Annual Report 2009/2010
                                                                           Dividend/ Bonus       Percent on
  S.N.            Name of the Company               AGM       Held on
                                                                                Share            Paid-up Value

   11     Yeti Finance Co. Ltd.                     15th      08/01/2010          -                    -
                                                         th
   12     Gorkha Finance Co. Ltd.                   15        24/12/2009     Bonus Share              15
                                                         th
   13     Universal Finance Ltd.                    14        13/04/2010          -                    -
                                                         th
   14     Nepal Housing & Merchant Finance Ltd.     15        03/04/2010          -                    -
                                                         th
   15     General Finance Ltd.                      15        01/05/2010          -                    -
                                                         th
   16     Mahalaxmi Finance Co. Ltd.                14        08/01/2010    Cash Dividend             24
                                                         th
   17     Lalitpur Finance Co. Ltd.                 13        14/01/2010          -                    -
                                                                            Cash Dividend            7.63
   18     Goodwill Finance Co. Ltd.                 15th      15/11/2009
                                                                             Bonus Share              5
   19     Paschimanchal Finance Ltd.                14th      08/04/2010          -                    -
                                                                            Cash Dividend            1.58
   20     Pokhara Finance Co. Ltd.                   -            -
                                                                             Bonus Share              30
          Lumbini Finance & Leasing Company
   21                                               14th      14/01/2010          -                    -
          Ltd.
   22     Siddhartha Finance Ltd.                    -        17/01/2010          -                    -
                                                         th
   23     Alpic Everest Finance Ltd.                16        17/05/2010          -                    -
                                                         th
   24     International Leasing & Finance Co. Ltd   14        13/01/2010    Cash Dividend           26.32
                                                         th
   25     United Finance Co. Ltd.                   15        18/12/2009     Bonus Share             12.5
                                                                            Cash Dividend            5.26
   26     Shree Investment & Finance Co. Ltd.       15th      13/11/2009
                                                                             Bonus Share              20
   27     Central Finance Co. Ltd.                  13th      14/01/2010          -                    -
          Nepal Srilanka Merchant Banking & Fin.
   28                                                -        19/05/2010          -                    -
          Ltd.
                                                                            Cash Dividend           0.526
   29     Premier Finance Co. Ltd.                  13th      13/04/2010
                                                                             Bonus Share             10
   30     Navadurga Finance Co. Ltd.                13th      10/04/2010          -                    -
                                                         th
   31     Butwal Finance Ltd.                       12        10/04/2010          -                    -
                                                         th
   32     Janaki Finance Co. Ltd.                   13        09/01/2010          -                    -
   33     Standard Finance Co. Ltd.                 13th          -               -                    -
   34     Om Finance Co. Ltd.                       9th       19/01/2010          -                    -
                                                     th
   35     Fewa Finance Ltd.                         7         18/12/2009          -                    -
                                                     th
   36     World Merchant Banking & Finance Ltd.     8         11/02/2010          -                    -
                                                         th
   37     Birgunj Finance Ltd.                      13        19/03/2010          -                    -
                                                     th
   38     Capital Merchant Banking & Finance Ltd.   8         11/02/2010          -                    -
                                                     th
   39     Everest Finance Ltd.                      7         12/04/2010          -                    -
                                                     th
   40     Prudential Bittiya Sanstha Ltd.           6         29/03/2010    Cash Dividend           10.53
                                                     th
   41     Royal Merchant Banking & Finance Ltd.     8         19/12/2009          -                    -
          Guheswori Merchant Banking & Finance                              Cash Dividend             2
   42                                               8th       14/01/2010
          Ltd.                                                               Bonus Share              10
   43     IME Financial Institution Ltd.            5th       20/09/2009     Bonus Share             5.1


Securities Board of Nepal                           89                                Annual Report 2009/2010
                                                                            Dividend/ Bonus       Percent on
  S.N.             Name of the Company               AGM       Held on
                                                                                 Share            Paid-up Value

   44     Patan Finance Co. Ltd.                     8th       09/04/2010          -                    -
                                                         rd
   45     Imperial Financial Institution Ltd.        3         12/03/2010          -                    -
                                                         th
   46     Civil Merchant Bittiya Sanstha Ltd.        5         08/01/2010          -                    -
                                                         th
   47     ICFC Bittiya Sanstha Ltd.                  6         14/12/2009    Cash Dividend             10
                                                         th
   48     Nepal Express Finance Ltd.                 4         14/01/2010          -                    -
   49     Kuber Merchant Bittiya Sanstha Ltd.        4th       23/05/2010          -                    -
                                                         th
   50     Prabhu Finance Co. Ltd.                    4         18/11/2009    Cash Dividend           10.53
   51     Lord Buddha Finance Ltd.                    -        19/02/2010          -                    -
   52     Sagarmatha Merchant Banking & Fin. Ltd.    4th       09/12/2009     Bonus Share              10
   53     Kaski Finance Ltd.                         3rd       09/01/2010          -                    -
                                                          th
   54     Merchant Finance Co. Ltd.                  13        12/04/2010          -                    -
                                                                             Cash Dividend             10
   55     Reliable Investment Bittiya Sanstha Ltd.   4th       15/12/2009
                                                                              Bonus Share              20
   56     Sikhar Bittiya Sanstha Ltd.                4th       11/04/2010          -                    -

          Insurance Company
   1      Nepal Insurance Co. Ltd.                   16th      15/06/2009          -                    -
                                                          th
   2      Himalayan General Insurance Co. Ltd.       16        09/06/2009          -                    -
                                                          th
   3      Everest Insurance Co. Ltd.                 15        12/06/2009          -                    -
   4      Alliance Insurance Co. Ltd.                 -        03/08/2009          -                    -
                                                          th
   5      Sagarmatha Insurance Co. Ltd.              13        06/03/2009          -                    -
                                                         th
   6      Life Insurance Corporation (Nepal) Ltd.    8         20/03/2009          -                    -
   7      Prudential Insurance Co. Ltd.              8th       16/03/2009    Cash Dividend             5
   8      Lumbini General Insurance Co. Ltd.         5th       09/04/2009          -                    -

          Hotel
                                                                             Cash Dividend           11.579
   1      Soaltee Hotel Ltd.                         35th      17/12/2009
                                                                              Bonus Share              20
   2      Oriental Hotels Ltd.                       12th      16/09/2009          -                    -
          Manufacturing and Processing Company
   1      Bottlers Nepal (Balaju) Ltd.               31st      11/01/2010          -                    -
                                                          th
   2      Gorakhkali Rubber Udyog Ltd.               13        11/12/2009          -                    -
   3      Bottlers Nepal (Terai) Ltd.                23rd      12/01/2010          -                    -
                                                          th
   4      Unilever Nepal Ltd.                        16        27/11/2009    Cash Dividend            325

          Trading Company
   1      Bishal Bazar Co. Ltd.                                              Cash Dividend             10
                                                     29th      09/01/2010
                                                                              Bonus Share              15
   2      Salt Trading Corporation Ltd.                                      Cash Dividend             5
                                                     42nd      12/04/2010
                                                                              Bonus Share              15
          Other Company
   1      Nepal Film Development Co. Ltd.             -        11/01/2010          -                    -


Securities Board of Nepal                            90                                Annual Report 2009/2010
                                                                                         Dividend/ Bonus           Percent on
  S.N.                Name of the Company              AGM                  Held on
                                                                                              Share                Paid-up Value

      2      National Hydropower Co. Ltd.                   13th        08/04/2010                 -                    35
      3      Butwal Power Co. Ltd.                                                         Cash Dividend                20
                                                            17th       08/01/2010
                                                                                            Bonus Share                 10
      4      Chilime Hydropower Co. Ltd.                    13rd       07/03/2010                  -                     -
      5      Nepal Telecom Co. Ltd.                         2nd        29/03/2010                  -                     -
      6      Arun Valley Hydropower Development
                                                            12th       29/12/2009                  -                     -
             Co. Ltd.


6.5 Operational Results of Listed Companies
In the fiscal year 2009/10, among the companies submitting their annual reports/financial
statements for the fiscal year 2008/09 to SEBON, 146 companies were in profit and remaining
companies were in loss. The detail of operational results of the listed companies and the market
price of their shares for the fiscal year 2008/09 is presented in table 31.


          Table 31: Operational Results of the Listed Companies for the fiscal year 2008/09
                                                                                                                     (Rs. in million)

                                                              Net worth                  Profit Per                Market Price
                                                  Paid-up                       Net                      Total
 S.N       Name of the Listed Company                         per Share                    Share                   of the Share
                                                  Capital                      Profit                    Assets
                                                                (Rs.)                      (Rs.)                       (Rs.)
           Commercial Bank
  1        Nabil Bank Ltd.                        965.75           324.38      1031.05    106.76        43867.40       4899
  2        Nepal Investment Bank Ltd.             2407.07          159.61      900.62      37.42        53010.80       1388
  3        Standard Chartered Bank (Nepal) Ltd.   931.97           323.62      1025.11    109.99        40587.47       6010
  4        Himalayan Bank Ltd.                    1216.22          252.48      752.83      61.90        39320.32       1760
  5        Nepal SBI Bank Ltd.                    874.53           194.88      316.37      36.18        30916.68       1900
  6        Nepal Bangladesh Bank Ltd.             1860.32          59.60       2158.10    116.01        11964.55        280
  7        Everest Bank Ltd.                      638.82           314.05      638.73      99.99        36916.85       2455
  8        Bank of Kathmandu Ltd.                 844.40           201.49      461.73      54.68        20496.01       1750
           Nepal Industrial & Commercial Bank
  9                                               1140.48          144.66      317.43      27.83        18750.63       1126
           Ltd.
 10        Macchhapucchre Bank Ltd.               1479.27          106.03      123.25      8.33         17490.78        489
 11        Laxmi Bank Ltd.                        1098.09          122.25      189.00      17.21        18386.41       1062
 12        Kumari Bank Ltd.                       1186.10          137.01      261.44      22.04        18538.57        700
 13        Lumbini Bank Ltd.                      1096.08          86.96       332.21      30.31        7547.87         435
 14        Nepal Credit & Commerce Bank Ltd.      1399.56          78.55       415.46      29.69        10590.85        335
 15        Siddhartha Bank Ltd.                   952.20           134.32      217.92      22.89        17881.75       1000
 16        DCBL Bank Ltd.                         1655.29          112.39      103.06      6.23         8858.64         460
 17        NMB Bank Ltd.                          1424.64          111.73       62.95      4.42         15856.66        499
 18        Global Bank Ltd.                       1000.00          104.89       26.30      2.63         12626.47        570


Securities Board of Nepal                                  91                                          Annual Report 2009/2010
 19    Kist Bank Ltd.                           2000.00       101.15   89.66    4.48     11151.54      378
 20    Bank of Asia Nepal Ltd.                  1000.00       101.60   61.49    6.15     11643.51      571
 21    Citizens Bank International Nepal Ltd.   1000.00       103.41   95.81    9.58     12966.07      660
 22    Prime Commercial Bank Ltd.               700.00        123.64   142.71   20.39    13456.89       -
 23    Sunrise Bank Ltd.                        1337.50       103.80   84.78    6.34     16757.25       -
       Development Bank
  1    Nirdhan Utthan Bank Ltd.                 100.00        171.09   25.48    25.48    1567.59       183
  2    Chhimek Bikas Bank Ltd.                   51.00        174.32   26.60    52.15    1342.24       328
  3    Paschimanchal Bikas Bank Ltd.            110.00        124.25   21.85    19.86    1264.77       780
  4    Deprox Bikas Bank Ltd.                    28.30        211.63   20.78    73.40     691.79       225
  5    Gandaki Bikas Bank Ltd.                  100.00        127.00   15.63    15.63    1250.03       550
  6    Business Development Bank Ltd.           210.00        124.14   34.42    16.39    1618.11       650
  7    Bhrikuti Bikas Bank Ltd.                  70.49        196.73   29.17    41.38    1550.54       140
  8    Siddhartha Development Bank Ltd.         645.00        102.69   35.19    5.46     2449.79       253
  9    Sanima Bikas Bank Ltd.                   766.77        113.04   57.76    7.53     5845.14       783
 10    Narayani Bikas Bank Ltd.                  34.99        162.46   15.08    43.10     677.64       298
 11    Sahayogi Bikas Bank Ltd.                  36.00        136.67   11.65    32.35                  208
 12    Bageswori Bikas Bank Ltd.                 49.50        135.52   10.13    20.46     645.99       625
 13    Gorkha Bikas Bank Ltd.                   596.72        115.66   49.63    8.32     4337.78       717
 14    Annapurna Bikas Bank Ltd.                210.00        103.46   25.32    12.06    1003.31       483
 15    Swabalamban Bikas Bank Ltd.               63.49        258.40   23.46    36.95    1209.32       581
 16    Ace Development Bank Ltd.                750.46        107.46   51.90    6.92     3949.92       588
 17    Himchuli Bikas Bank Ltd.                 102.60        131.75   24.44    23.82    1541.29
 18    Malika Bikas Bank Ltd.                    60.00        248.68    5.79    9.65     1260.63      1227
 19    Biratlaxmi Bikas Bank Ltd.                55.00        160.13   11.70    21.27     827.16       734
 20    Infrastructure Development Bank Ltd.     320.00        122.01   42.50    13.28    2061.33       525
 21    NDEP Development Bank Ltd.               320.00        159.78   32.13    10.04    2663.07       417
 22    Subechha Bikas Bank Ltd.                  40.00        153.93   11.65    29.13     617.25       642
 23    Tribeni Bikas Bank Ltd.                   50.00        168.20   14.20    28.40     845.11       744
 24    Clean Energy Development Bank Ltd.       320.00        105.79   20.88    6.53     3402.30       846
 25    Purbanchal Gramin Bikas Bank Ltd.         60.00        130.00   19.01    31.69    1032.96       1096
 26    Pashupati Development Bank Ltd.          200.00        108.93    7.79    3.90      908.95       515
 27    Public Development Bank Ltd.              90.00        107.81    6.88    7.65     1307.99
 28    Mahakali Bikas Bank Ltd.                  11.82        109.77    1.24    10.49     109.46
 29    Miteri Development Bank Ltd.              31.60        103.29    2.71    8.58      234.07
 30    Vivor Bikas Bank Ltd.                    414.80        103.18   48.34    11.65    2559.86
 31    Pathibhara Bikas Bank Ltd.                25.50        106.43    2.41    9.45      320.76
 32    Sewa Bikas Bank Ltd.                      60.00        117.78    9.90    16.50     893.76
       Finance Company
  1    Nepal Finance & Saving Co. Ltd.           67.50        196.61   25.37    37.58     827.04       400
  2    NIDC Capital Markets Ltd.                131.52        166.97   69.91    53.16    4552.95       1200
  3    Nepal Share Markets & Finance Co. Ltd.   432.00        160.37   48.34    11.19    3030.43       282


Securities Board of Nepal                                92                             Annual Report 2009/2010
  4    Annapurna Finance Co. Ltd.              262.08        140.61    52.10    19.88    2812.70       970
  5    Kathmandu Finance Ltd.                  75.90         161.73    17.86    23.53     511.97       326
  6    Peoples Finance Ltd.                    202.10        122.41    27.37    13.54    1247.40       285
  7    Union Finance Co. Ltd.                  159.91        120.13    19.38    12.12    1200.91       520
  8    Citizen Investment Trust.
  9    Nepal Awas Bikas Bitta Co. Ltd.         144.97        137.15    21.71    14.98     875.20       245
                               *
 10    Narayani Finance Ltd.                   215.92        127.19    34.04    15.77    1149.99       1116
 11    Yeti Finance Co. Ltd.                   62.50         163.71    21.17    33.87     640.40       370
 12    Gorkha Finance Co. Ltd.                 59.55         178.81     4.88    8.19      551.35       308
                               *
 13    National Finance Ltd.                   217.41        131.75    42.25    19.44    1170.13       1050
 14    Universal Finance Ltd.                  131.38        134.65    18.09    13.77    1320.82       335
 15    Nepal Housing & Merchant Finance Ltd.   184.95        139.41    46.64    25.22    1664.42       360
 16    General Finance Ltd.                    24.24         274.23    10.82    44.63     717.16       179
 17    Mahalaxmi Finance Ltd.                  96.00         159.21    27.90    29.06    1523.61
 18    Lalitpur Finance Co. Ltd.               113.91        202.61    67.37    59.14    2025.75       810
 19    Goodwill Finance Co. Ltd.               115.50        115.53    17.30    14.98    1361.18       625
 20    Paschimanchal Finance Co. Ltd.          114.43        168.96    36.27    30.70    1118.64       297
 21    Pokhara Finance Ltd.                    240.00        164.40    89.61    37.34    1626.48       442
 22    Lumbini Finance & Leasing Co. Ltd.      120.00        238.72    73.12    60.93    1444.52       561
 23    Siddhartha Finance Ltd.                 86.93         154.63    26.09    30.01     887.79       1360
 24    Alpic Everest Finance Ltd.              77.99         171.52     4.74    6.08     1237.80       481
       International Leasing & Finance Co.
 25                                            648.00        116.88    223.70   34.52    2863.53       610
       Ltd.
 26    United Finance Ltd.                                   137.69    40.43    24.50                  814
 27    Shree Investment & Finance Co. Ltd.                   155.27    28.64    28.42                  794
 28    Central Finance Co. Ltd.                126.90        135.03    28.25    22.26    1568.69       493
       Nepal Srilanka Merchant Banking &
 29                                            263.26        (56.12)   199.29   75.70     411.47       124
       Finance Ltd.
 30    Premier Finance Co. Ltd.                97.10         123.69    13.40    13.80     899.72       343
 31    Navadurga Finance Co. Ltd.              45.59         158.84    10.05    22.04     741.72       511
 32    Butwal Finance Ltd.                     82.74         156.16    19.79    23.92    1516.01       1032
 33    Janaki Finance Co. Ltd.                 50.00         191.96    21.41    42.81     705.83       505
 34    Standard Finance Ltd.                   166.98        427.69    12.66    7.58     1760.15       340
 35    Om Finance Ltd.                         104.96        142.73    26.14    24.90    1452.81       390
 36    CMB Finance Ltd.                        75.05         29.87     33.20    44.24     404.95       518
 37    Fewa Finance Co. Ltd.                   91.00         189.30    29.01    31.88    1401.66       800
       World Merchant Banking & Finance
 38                                            86.40         158.33    26.22    30.35    1441.45       410
       Ltd.
 39    Birgunj Finance Ltd.                    85.30         226.25    24.92    29.22    1725.20       1320
 40    Everest Finance Ltd.                    20.00         190.85     9.84    49.20     280.99       298


Securities Board of Nepal                               93                              Annual Report 2009/2010
 41    Prudential Bittiya Sanstha Ltd.            100.00        112.25   14.76   14.76    1070.82       440
 42    Srijana Finance Ltd.                        28.00        122.68   2.49    8.90      120.63       113
 43    Royal Merchant Banking & Finance Ltd.      134.26        122.90   21.88   16.30    1588.10       550
       Guheswori Merchant Banking &
 44                                               109.81        125.51   19.87   18.09     824.33       740
       Finance Ltd.
 45    IME Financial Institution Ltd.             249.46        126.20   60.46   24.24    2777.61       939
 46    Bhajuratna Finance & Saving Co. Ltd.        38.50        171.56   6.70    17.40     261.26       150
 47    Patan Finance Ltd.                          50.00        170.00   8.25    16.50     463.61       304
 48    Imperial Financial Institution Ltd.         89.90        130.63   13.97   15.54     863.83       505
 49    ICFC Bittiya Sanstha Ltd.                  329.38        106.66   46.35   14.07    1998.38       550
 50    Nepal Express Finance Ltd.                  80.00        134.28   7.39    9.24      473.38       305
 51    Kuber Merchant Bittiya Sanstha Ltd.         50.00        183.60   7.22    14.44     905.29       670
 52    Prabhu Finance Co. Ltd.                    160.00        106.98   23.18   14.49    2379.82       542
 53    Lord Buddha Finance Ltd.                    75.00        115.56   8.96    11.95     513.74       415
       Sagarmatha Merchant Banking &
 54                                                50.00        142.83   12.99   25.98     928.67       739
       Finance Ltd.
 55    Kaski Finance Ltd.                          50.00        152.48   10.33   20.66     931.30       904
 56    Merchant Finance Co. Ltd.                   30.00        99.07    6.29    20.97     241.45       277
 57    Reliable Investment Bittiya Sanstha Ltd.    82.50        140.90   22.99   27.87    1742.51       700
 58    Api Finance Ltd.                            60.00        113.57   4.15    6.91      400.59
 59    Crystal Finance Ltd.                        49.00        191.17   10.59   21.61     965.33
       Insurance Company
  1    Nepal Insurance Co. Ltd.                   102.68        200.15   47.51   46.27     205.51       367
  2    Himalayan General Insurance Co. Ltd.       100.80        150.75   24.42   24.23     151.97       285
  3    Everest Insurance Co. Ltd.                 101.25        181.89    6.5    6.42      184.16       285
  4    Premier Insurance Co. (Nepal) Ltd.         102.00        144.29   13.63   13.36     147.17       190
  5    Neco Insurance Co. Ltd.                    110.00        128.18   7.95    7.23      143.25       125
  6    Alliance Insurance Co. Ltd.                 59.95        192.49   13.71   22.87     115.40       180
  7    Sagarmatha Insurance Co. Ltd.              102.10        189.95   42.68   41.80     194.40       252
  8    Nepal Life Insurance Co. Ltd.              300.00        95.16    8.04    2.68     4248.67       1295
       Life Insurance Corporation (Nepal)
  9                                               250.00        91.63    87.12   34.85    3716.04       680
       Ltd.
 10    Prudential Insurance Co. Ltd.              100.00        121.02   10.80   10.80     121.90       200
 11    Lumbini General Insurance Co. Ltd.         125.00        112.25   15.04   12.03     140.31       184
 12    Shikhar Insurance Co. Ltd.                 125.00        122.07   25.50   20.40     156.02       331
 13    Siddhartha Insurance Ltd.                  100.00        106.34   6.55    6.55      107.75       193
       Hotel
  1    Soaltee Hotel Ltd.                          95.67        33.16    97.68   10.21     398.16       207

  2    Taragaon Regency Hotel Ltd.                1674.37       38.07    6.54    0.39     3314.74        78

  3    Oriental Hotel Ltd.                        496.93        (6.02)   14.13   2.84     1426.88       193



Securities Board of Nepal                                  94                            Annual Report 2009/2010
       Manufacturing and Processing Company
  1    Bottlers Nepal (Balaju) Ltd.              194.89         266.92      20.53    10.53       673.15       700

  2    Nepal Lube Oil Ltd.                       20.29          227.40      4.36     21.49       46.14        250

  3    Nepal Banaspati Ghee Udhyog Ltd.          20.25         (1370.27)   (7.31)    (36.10)     80.01        300

  4    Sri Raghupati Jute Mills Ltd.             180.70         77.25       18.60    10.29       221.37       100

  5    Gorakhkali Rubber Udhyog Ltd.             287.17        (176.52)    (10.90)   (2.85)      664.22        38

  6    Bottlers Nepal (Terai) Ltd.               121.00         202.46      78.59    64.95       277.26       742

  7    Unilever Nepal Ltd.                       92.07          747.12     444.04    482.29      687.87       4250

  8    Khadya Udhyog Ltd.                        12.93          88.94      (8.86)    (68.52)     63.60        231

  9    Shree Bhrikuti Pulp & paper Nepal Ltd.    434.55        (230.28)    (50.42)   (11.60)    1610.13        50

 10    Fleur Himalayan Ltd.                      24.86         (285.16)    (5.59)    (22.49)     (70.89)       75

 11    Nepal Bitumen & Barrel Udhyog Ltd.        21.07          142.05      9.33     44.28       310.40        64

 12    Himalayan Distillery Ltd.                 367.23         12.40      (18.30)   (4.98)      533.60       101

       Trading Company
  1    Bishal Bazar Co. Ltd.                     49.14          182.68      29.60    60.24       89.77        3264
  2    Salt Trading Corporation Ltd.             28.54         4746.88      11.56    40.50      1787.65       346
       Other Company
  1    National Hydropower Co. Ltd.              694.14         91.88       12.09     1.74      1569.59        94
  2    Butwal Power Co. Ltd.                     839.06         183.60     291.59    34.75      1546.27       1270
  3    Chilime Hydropower Co. Ltd.               729.60         379.66     735.36    100.79     2773.34       1296
  4    Nepal Telecom Co. Ltd.                   15000.00        277.53     10178.0   67.85      46280.63      629
                                                                              2
  5    Arun Valley Hydropower Development        120.00         188.80      34.76    28.97       344.26
       Co. Ltd.




Securities Board of Nepal                                 95                                   Annual Report 2009/2010
                            APPENDICES




Securities Board of Nepal       96       Annual Report 2009/2010
Securities Board of Nepal   97   Annual Report 2009/2010
                                         Appendix-1
                                    Personnel of SEBON


                                        Dr Surbir Paudyal
                                           Chairman



Surveillance Department                      Planning and Development Department
1. Mr Niraj Giri-Director                           1. Dr Nabaraj Adhikari-Deputy Director
2. Mr Anuj Kumar Rimal-Officer                      2. Mrs. Manju Upadhaya-Officer
3. Mr Narayan Prasad Sharma-Officer                 3. Mr Gopal Krishna Acharya-Officer
                                                    4. Mr Nabin Man Baidhya-Officer
                                                    5. Mr Jeeban Amgain-Officer
Regulation Department                               6. Mr Deepak Sharma-Sr. Assistant
1. Mr Paristha Nath Poudyal- Director               7. Mr Bharat Raj Aryal-Sr. Assistant
2. Mr Niranjaya Ghimire-Officer                     8. Mr Amit Devkota-Sr. Assistant
                                                    9. Mr Raju Bahadur G.C-Assistant
                                                    10. Mr Rajan Thapa-Assistant

Corporate Finance Department                        Legal Department
1. Mr Dhruba Timilsina-Deputy Director              1. Mr Mukti Nath Shrestha-Deputy Director
2. Mr Ambika Prasad Giri-Officer                    2. Mr Krishna Prasad Ghimire-Officer
                                                    3. Mrs. Jyoti Sharma Pudasaini-Officer
                                                    4. Mr Subash Poudyal-Legal Advisor

Financial Information Analysis Department           Management Department
1. Mr Mekh Bahadur Thapa-Deputy Director            1. Mr Binaya Dev Acharya-Deputy Director
2. Mrs. Sarita Gautam- Officer                      2. Mr Bigyan Shrestha-Deputy Director
                                                    3. Mr Anuj Kumar Rimal-Officer
                                                    4. Mr Suraj Pradhananga-Sr Assistant
                                                    5. Ms. Seema Pokhrel-Sr Assistant
                                                    6. Mr Nabaraj Pandit- Assistant
                                                    7. Mrs. Sashi Aryal-Assistant
Support Staff
1. Nahakul Bhattarai
2. Rajesh Lage
3. Rajan Khatiwada
4. Arjun Prasad Dhakal
5. Dipak Chhetri
6. Naba Raj Paudel
7. Binod Maharjan
8. Ramesh Thapa


Securities Board of Nepal                     98                         Annual Report 2009/2010
                                        Appendix - 2
           SEBON Balance Sheet as of 16th July 2010, Income Statement and
                 Cash FlowStatement for the Fiscal Year 2009/10

                                Balance Sheet as of16th July 2010
                                      2009/2010                              2008/2009
         Liabilities                          Amount                               Amount
 Revolving Fund                                 24,350,000.0                            24,350,000.0
 General Reserves                             61,063,605.99                            61,063,605.99
 Staff Welfare Fund                                       -                                2,250,000.0
 Medical Fund                                  3,481,932.83                               3,005,656.92
 Gratuity Fund                                 3,242,626.02                               2,367,846.57
 Staff Security Fund                            2,700,000.0                                2,700,000.0
 Profit & Loss A/C                            39,435,702.61
 Total                                       134,273,867.45                              95,737,109.48

                                              Assets
 Fixed Asset
 At Cost                    17,212,740.95                       16,778,614.38
 Less: Depreciation          7,167,760.93                        6,096,677.02
 Net Fixed Assets                             10,044,980.02                              10,681,937.36
 Investment                                  112,244,394.44                              82,802,848.73
 Current Assets
 Bank                       24,579,626.63                           7,712,250.09
 Loans & Advances            4,374,818.18                           4,623,817.72
 Deposit                     2,316,341.29                           2,232,043.04
 Income Receivable           5,852,254.17                           5,168,156.14
 Total Current Assets       37,123,040.27                       19,736,266.99
 Less: Total Current
 Liabilities                25,138,547.28                       17,483,943.60
 Net Current Assets                           11,984,492.99                               2,252,323.39
 Total                                       134,273,867.45                              95,737,109.48




Securities Board of Nepal                      99                              Annual Report 2009/2010
                                      Appendix - 2 (Contd.)


                                     Income Statement
                      For the period of 16th July 2009 to 15th July 2010

 Particulars                                               2009/2010              2008/2009
 Income
 Grants from Government                                   3,000,000.0            4,000,000.0
 Securities Market Income                               56,795,069.49          54,753,624.64
 Interest Income                                         7,964,186.15           4,975,256.05
 Miscellaneous Income                                       485,799.0              137,299.0
 Total Income                                           68,245,054.64          63,866,179.69

 Expenses
 Staff Expenses                                         14,959,174.51          11,645,610.48
 Administrative Expenses                                12,159,094.61          12,394,055.90
 Depreciation Expense                                    1,691,082.91            7,84,764.77
 Total Expenses                                         28,809,352.03          24,824,431.15

 Surplus of Income over Expenditure                     39,435,702.61          39,041,748.54
 Last Year Surplus                                                0.0             871,857.45
 Total Surplus                                          39,435,702.61          39,913,605.99
(Unaudited)




Securities Board of Nepal                     100                       Annual Report 2009/2010
                                              Appendix - 2 (Contd.)


                                              Cash Flow Statement
                               For the period of 16th July 2009 to 15th July 2010
                                                               2009/2010                               2008/2009
 Particulars                                     Rs.                 Rs.                   Rs.                 Rs.
 Cash Flow From Operating Activities
 Net Profit before Appropriation                  39,435,702.61                             39,041,748.54
 Add: Depreciation                                 1,691,082.91                                  784,764.77
 Add: Gratuity Expenses                                639,449.76                                583,630.84
 Add: Medical Expesnes                                 383,178.01                            1,125,811.30
 Less: Income from sale of fixed Assets                (399,999.0)

 Less: Interest Income                            (7,964,186.15)                            (4,975,256.05)
 Operating Profit before working capital
 changes                                                                   33,785,228.14                           36,560,699.40

 (Increase)/Decrease in Current Assets             (347,440.57)                             (2,095,077.72)
 Increase/(Decrease) in Current Liabilities        7,654,603.68                              8,057,051.91
 Payment to Staff Welfare Fund                     (2,250,000.0)                            (10,600,000.0)
 Payment from Staff Medical Fund                         -                                       (3,787.04)
 Payment from Gratuity Fund                              -                                         -
 Cash Flow from working Capital                                             5,057,163.11                           (4,641,812.85)


 Cash Flow from Investing Activities
 Interest Income                                   8,292,613.74                              4,975,256.05
 Add: Accrued Interest of Last Year                3,866,519.29                              2,486,526.50

 Less: Accrued Interest of Current Year           (4,038,475.46)                            (3,866,519.29)
 Net Cash Flow from Interest Income                                         8,120,657.57                            3,595,263.26

 Less: Purchase of Fixed Assets                   (1,054,126.57)                            (6,912,363.37)
 Add: Sale of Fixed Assets                              400,000.0
 Less: (Purchase) / Sale of Investment           (29,441,545.71)                           (29,366,501.90)
 Net Cash flow from Investing Activities                              (30,095,672.28)                          (36,278,865.27)

 Net Increase in Cash and Cash
 Equivalents                                                               16,867,376.54                            (764,715.46)
 Cash and Cash Equivalents at beginning                                     7,712,250.09                            8,476,965.55
 Cash and Cash Equivalents at the end of
 Period                                                                24,579,626.63                                7,712,250.09




Securities Board of Nepal                                    101                                   Annual Report 2009/2010
                                                   Appendix - 3
                               List of Licensed Securities Businesspersons

  S.       Name of Securities Businessperson                     Address              Tel. No.     Fax No.
  N.
       Broker
   1   Kumari Securities (P) Ltd.                       POB 20189, Dillibazar,      4418036         4418369
                                                        Kathmandu
   2   Arun Securities (P) Ltd.                         POB 8136, Putlisadak,       4419051         4420572
                                                        Kathmandu
   3   Opel Securities (P) Ltd.                         Ramshahpath, Kathmandu      4423509         4258065
   4   Market Securities and Exchange Co. (P) Ltd.      Khicha Pokhari, Newroad     4248973         4249558
                                                        Kathmandu
   5   Agrawal Securities (P) Ltd.                      POB: 4760 Sankardev Marg,   4430780,
                                                        Ktm                         229739
   6   Aashutosh Brokerage & Securities (P) Ltd.        Khichapokhari, Kathmandu    4227510,       4240162
                                                                                    4220276
   7   Pragyan Securities (P) Ltd.                      POB: 10087, Kamaladi        4491683,       01622890
                                                        Mode, Kathmandu             4498234
   8   Malla and Malla Stock Broking Co. (P) Ltd.       Dillibazar, Kathmandu       4414263,        4414008
                                                                                    4416050,
                                                                                    4432088
   9   Annapurna Securities Service (P) Ltd.            Putalisadak, Kathmandu      4419051,        4420572
                                                                                    4460640
  10   Nepal Stock House (P) Ltd.                       POB: 8978Anamnagar,         4265887         4255732
                                                        Kathmandu
  11   Primo Securities (P) Ltd.                        POB 748, Putalisadak,       4230787         4239214
                                                        Kathmandu                   4253564
  12   Khandelwal & Stock Broking Co. (P) Ltd.          Indrachowk, Kathmandu       4230787,        4226507
                                                                                    4212948
  13   Sagarmatha Securities (P) Ltd.                   Putalisadak, Kathmandu      4433221
  14   Nepal Investment & Securities Trading (P) Ltd.   Baneshwor, Bhimsengola,     4413201,        4490727
                                                        Kathmandu                   4495450
  15   Sipla Securities (P) Ltd.                        6/50 New Road, Kathmandu    4255782        4255580
  16   Midas Stock Broking Co. (P) Ltd.                 Putalisadak, Kathmandu      4240115,
                                                                                    4240089
  17   Siprabi Securities (P) Ltd.                      POB 5705, Kupondol,         5530701
                                                        Kathmandu
  18   Sweta Securities (P) Ltd.                        RadhaKuti Arcade,           4444791
                                                        Putalisadak, Kathmandu
  19   Asian Securities Ltd.                            Putalisadak, Kathmandu      4240609,        4241817
                                                                                    4258160
  20   Sri Krishna Securities Ltd.                      Dhakhwa Building, New       4224262,       4224262
                                                        Road Kathmandu              4222209
  21   Trishul Securities & Investment Ltd.             POB 1874, Putalisadak,      4440709        4438197
                                                        Kathmandu
  22   J.F. Securities (P) Ltd.                         POB 20946, Putalisadak,     4442912         4442912
                                                        Kathmandu
  23   Premier Securities Co. Ltd.                      POB: 11185, Ramshahpath,    4231339        4255580
                                                        Kathmandu




Securities Board of Nepal                               102                            Annual Report 2009/2010
                                              Appendix - 4
                                      Licensed Merchant Bankers

S.N.                          Name                                    Address          Tel. No.      Fax No.
    1   Ace Development Bank Ltd.                            Narayanchour, Naxal, Ktm 4441110,      4445554
        (Issue Manager,Share Registration,Underwriting and                            4249396/88,
        Investment Management)                                                        4266101

    2   NCM Merchant Banking Ltd.                            Kamalpokhari, Ktm        4423219/398   4423401
        (Issue Manager,Share Registration,Underwriting and
        Investment Management)
    3   NMB Capital Ltd.                                     Babarmahal, Ktm          4253596       4246156
        (Issue Manager,Share Registration,Underwriting and
        Investment Management)
    4   Citizen Investment Trust                             Putalisadak, Ktm         4228759
        (Issue Manager,Share Registration)                                            4240598
    5   Elite Capital Ltd.                                   Putalisadak, Ktm         4222460       4240645
        (Issue Manager,Share Registration)
    6   Vivor Capital Ltd.                                   Tripureshwor, Ktm        4222460
        (Issue Manager,Share Registration,Underwriting and
        Investment Management)
    7   NSM Merchant Banking Ltd.                            Putalisadak, Ktm         4233368,
        (Issue Manager,Share                                                          4233378
        Registration,Underwriting.Investment Management)
    8   Civil Capital Markets Ltd.                           Kamaladi, Ktm            4168654
        (Issue Manager,Share Registration)
    9   Investment Management Merchant Banker Ltd.           Kamaladi, Ktm            4440300
        (Issue Manager,Share Registration,Underwriting and
        Investment Management)
  10    Beed Invest Ltd.                                     Krishnagalli, Lalitpur   5548400
        (Investment Management)
  11    Growmore Merchant Banker Ltd.                      Durbar Marg, Ktm           4431385
        (Issue Manager,Underwriting Share Registration and                            4250366
        Investment Management)
  12    Nabil Investment Banking Ltd.                        Chabahil, Ktm            4464470
        (Issue Manager,Share Registration,Underwriting and
        Investment Management)
  13    Laxmi Capital Market Ltd.                            Pulchok, Lalitpur
        (Share Registration, Investment Management)
  14    Araniko Capital Management Company Ltd.              Mahabouddha, Ktm
        (Share Registration, Investment Management)




Securities Board of Nepal                             103                             Annual Report 2009/2010
                                                    Appendix - 5
                                                    Securities Issue
                                                (Fiscal Year 1993/94 – 2009/10)
                                                                                                              (Rs. in million)
                                                                        Issue
                                                       Types of                     Issue      Subscription     Issue
  S.N.                       Issuer                                    Amount
                                                       Securities                   Date           (%)         Manager

         Fiscal Year 1993/94
   1     Nepal Med Ltd.                               Ordinary Share      2.70    30/08/1993      111.47           CIT

   2     Nepal Share Markets and Finance Ltd.         Ordinary Share      4.00    06/10/1993      495.30          NCML

   3     Himalayan General Insurance Co. Ltd.         Ordinary Share     12.00    09/12/1993      188.13          NCML

   4     Nimrod Pharmaceuticals Ltd.                  Ordinary Share     18.00    19/12/1993      188.31           CIT

   5     Harisiddhi Brick & Tile Factory Ltd.         Ordinary Share     53.20    19/12/1993      289.83          NCML

   6     Nepal Lever Ltd.                             Ordinary Share     13.80    05/01/1994      653.51          NCML

   7     Necon Air Ltd.                               Ordinary Share     16.50    20/01/1994      356.61           CIT

   8     Necon Air Ltd.                                Pref. Share       14.00    20/01/1994                       CIT

   9     United Insurance Co.(Nepal) Ltd.             Ordinary Share     24.00    09/02/1994      440.15          NCML

   10    Nepal SBI Bank Ltd.                          Ordinary Share     36.00    03/03/1994     1404.56           CIT

   11    Peoples Finance Ltd.                         Ordinary Share      9.80    30/05/1994     1620.69           CIT

   12    Annapurna Finance Ltd.                       Ordinary Share      2.00    22/05/1994     2803.95          NSML

   13    Nepal Film Development Co. Ltd.              Ordinary Share     21.90    19/06/1994      506.22          NCML

   14    Agro Nepal Ltd.                              Ordinary Share      9.00    26/06/1994      859.06           CIT

   15    Birat Shoe Ltd.                              Ordinary Share      5.00    03/07/1994      394.30          NCML

   16    Birat Shoe Ltd.                               Pref. Share        2.50    03/07/1994      194.30          NCML

         Total                                                           244.40

         Fiscal Year 1994/95
   17    Premier Insurance Co. Ltd.                   Ordinary Share     12.00    30/08/1994     1936.45          NCML

   18    Ace Laboratories (Nepal) Ltd.                Ordinary Share     12.26    14/09/1994      100.00          NFCL

   19    Everest Insurance Co. Ltd.                   Ordinary Share     12.00    18/10/1994     1084.64          NCML

   20    Nepal Bangladesh Bank Ltd.                   Ordinary Share     36.00    26/10/1994     2219.62          NCML

   21    Himgiri Textile Industries Ltd.              Ordinary Share     19.20    24/11/1994      156.85           CIT

   22    Balaju Textile Industries Ltd.               Ordinary Share      7.50    04/12/1994      100.00          NSML

   23    Kathmandu Finance Ltd.                       Ordinary Share      8.00    10/02/1995      772.26          NCML

         Leatherage Bansbari Tannery and Shoe
   24                                                 Ordinary Share     15.00    27/03/1995      71.15           NCML
         Factory Ltd.

   25    Citizen Investment Trust                     Ordinary Share     16.00    27/04/1995      331.13          NFCL

   26    Everest Bank Ltd.                            Ordinary Share     36.00    07/06/1995      514.35          NCML

         Total                                                           173.96

         Fiscal Year 1995/96
   27    Nepal Awas Bikash Bit. Co. Ltd.              Ordinary Share     20.00    29/08/1995      94.925           RBB

   28    Narayani Finance Co. Ltd.                    Ordinary Share      4.00    29/10/1995      220.25          NFCL




Securities Board of Nepal                                    104                               Annual Report 2009/2010
                                                                      Issue
                                                     Types of                    Issue      Subscription    Issue
  S.N.                         Issuer                                Amount
                                                     Securities                  Date           (%)        Manager

   29    Nepal Finance and Savings Co. Ltd.          Right Share       2.00    01/12/1995        -             -

   30    Brikuti Pulp & Paper Nepal Ltd.            Ordinary Share    105.00   21/02/1996      104.87         CIT

   31    Colour Scan Nepal Ltd                      Ordinary Share    14.34    11/04/1996       7.19          CIT

   32    HISEF Finance Ltd                          Ordinary Share    24.00    14/04/1996      104.16       NCML

   33    Yeti Finance Co. Ltd.                      Ordinary Share     8.00    28/04/1996      106.09       NCML

   34    Ace Finance Co. Ltd.                       Ordinary Share    12.00    07/05/1996      120.73       NSML

   35    Universal Finance & Capital Markets Ltd.   Ordinary Share    15.00    14/05/1996      44.96          CIT

   36    Fleur Himalayan Co. Ltd.                   Ordinary Share    12.28    14/05/1996      63.38        NCML

   37    Samjhana Finance Co. Ltd                   Ordinary Share    10.12    25/06/1996      88.93         RBB

   38    Seti Cigarette Factory Ltd.                 Right Share      67.00    11/07/1996      77.90           -

         Total                                                       293.74

         Fiscal Year 1996/97
   39    Nepal Housing & Merchant Finance Ltd.      Ordinary Share    12.00    22/09/1996      117.20       NSML

   40    Bank of Kathmandu Ltd.                     Ordinary Share    45.00    17/11/1996      536.33       NCML

   41    Himalyan General Insurance Co. Ltd.         Right Share      30.00        -             -           AFC

   42    Bottlers Nepal Ltd.                         Right Share      225.20   14/04/1997        -            CIT

   43    Nepal Share Markets and Finance Ltd.        Right Share      20.00    06/07/1997      100.00        AFC

         Total                                                       332.20

         Fiscal Year 1997/98
   44    Nepal Bitumin & Barrel Udyog Ltd.          Ordinary Share     7.40    08/09/1997      99.40        NSML

   45    General Finance Ltd.                       Ordinary Share     8.00    16/09/1997      100.00       NSML

   46    Shreeram Sugar Mills Ltd                   Ordinary Share    46.50    20/11/1997      52.90        NCML

   47    Shreeram Sugar Mills Ltd.                    Debenture       93.00    20/11/1997      18.42        NCML

   48    Neco Insurance Ltd.                        Ordinary Share    20.00    23/11/1997      121.05      CIT & RBB

   49    Nepal United Co. Ltd.                       Right Share       3.01    18/02/1998      44.41         NFCL

   50    Nepal Bank Ltd.                             Right Share      241.95   25/12/1997                     CIT

   51    Mahalaxmi Finance Limited                  Ordinary Share    10.00    18/01/1998      188.52        NFCL

   52    Paschimanchal Finance Ltd.                 Ordinary Share     8.00    25/01/1998      171.80       NSML

   53    Annapurna Finance Co. Ltd.                  Right Share       5.00    03/03/1998      81.72         NFCL

   54    Lalitpur Finance Co. Ltd.                  Ordinary Share     9.50    04/05/1998      146.75       NCML

   55    Goodwill Finance & Investment Co. Ltd.     Ordinary Share    10.00    26/06/1998      116.06       NCML

         Total                                                       462.36

         Fiscal Year 1998/99
   56    Alliance Insurance Co. Ltd.                Ordinary Share    20.00    11/11/1998      62.63          CIT

                                                                                                           NCML &
   57    Taragaon Regency Hotels Ltd.               Ordinary Share    120.00   31/01/1999      247.12
                                                                                                            NMB

                                                                                                           NCML &
   58    Taragaon Regency Hotels Ltd.                 Pref Share      80.00    31/01/1999      135.17
                                                                                                            NMB




Securities Board of Nepal                                  105                              Annual Report 2009/2010
                                                                      Issue
                                                     Types of                    Issue      Subscription    Issue
  S.N.                       Issuer                                  Amount
                                                     Securities                  Date           (%)        Manager

   59    Pokhara Finance Ltd.                       Ordinary Share     8.00    04/04/1999      265.75         CIT

   60    Nepal Share Market Ltd.                     Right Share      30.00    09/06/1999                    AFC

         Total                                                       258.00

         Fiscal Year 1999/2000
   61    Universal Fin. & Capital Mkt. Ltd.         Ordinary Share     3.26    28/09/1999      451.84         CIT

                                                                                                            NCML &
   62    Nepal Industrial & Commercial Bank Ltd     Ordinary Share    175.00   02/12/1999      815.92
                                                                                                             NMB

   63    Necon Air Ltd.                              Right Share      89.60    03/03/2000      95.31          CIT

   64    Lumbini Fin. & Leasing Co. Ltd.            Ordinary Share    24.00    30/04/2000     1156.29        NSML

   65    Paschimanchal Fin. Co. Ltd.                 Right Share      20.00    14/03/2000      129.65        NSML

   66    Ace Finance Co. Ltd.                        Right Share      15.00    11/04/2000      100.00        NSML

         Total                                                       326.86

         Fiscal Year 2000/01
   67    Oriental Hotels Ltd.                       Ordinary Share    150.00   25/07/2000      628.60       NCML

   68    Sagarmatha Insurance Co. Ltd.              Ordinary Share    10.20    17/08/2000     3322.17       NCML

   69    Siddhartha Finance Ltd.                    Ordinary Share     8.00    05/12/2000     1771.88        NMB

   70    Nepal Merchant Banking & Finance Ltd.      Ordinary Share    50.00    15/01/2001     4705.09       NCML

   71    Alpic Everest Finance Ltd.                 Ordinary Share     5.00    05/02/2001     4217.62      NEFINSCO

         Nepal Bangladesh Finance and Leasing Co.                                                           NSML &
   72                                               Ordinary Share     7.50    14/03/2001     3257.12
         Ltd.                                                                                                NSMB

   73    Narayani Finance Ltd.                       Right Share      12.58    28/03/2001      122.02        NSML

   74    Nepal Development Bank Ltd.                Ordinary Share    48.00    03/07/2001     2906.35      NMB & CIT

   75    Everest Bank Ltd.                           Right Share      119.21   11/07/2001      27.17          CIT

         Total                                                       410.49

         Fiscal Year 2001/02
   76    Bank of Kathmandu Ltd.                      Right Share      234.00   31/08/2001      98.30        NCML

   77    Himalayan Distillery Ltd.                  Ordinary Share    173.46   13/09/2001      10.57        NCML

   78    Nepal Housing & Merchant Finance Ltd.       Right Share      15.00    07/01/2002      100.00        NSML

   79    Union Finance Co. Ltd.                     Ordinary Share    24.00    15/01/2002      878.39       NCML

   80    Development Credit Bank Ltd.               Ordinary Share    48.00    23/02/2002     1409.71        NMB

   81    Ace Finance Ltd.                            Right Share      45.00    25/02/2002      100.00        NSML

   82    Nepal SBI Bank Ltd.                         Right Share      287.87   25/03/2002      97.26         NMB

   83    NIDC Capital Markets Ltd.                   Right Share      40.00    08/04/2002      95.00          CIT

   84    United Finance Ltd.                        Ordinary Share    24.00    30/05/2002     1055.73        NMB

   85    Himalayan Bank Ltd                           Debenture       360.00   18/06/2002                    NMB

   86    Nepal Life Insurance Co. Ltd.              Ordinary Share    50.00    24/10/2002      756.08        NMB

   87    Everest Bank Ltd.                           Pref. Share      140.00   28/10/2002      141.68        NSML

         Total                                                       1441.33



Securities Board of Nepal                                  106                              Annual Report 2009/2010
                                                                     Issue
                                                    Types of                    Issue      Subscription    Issue
  S.N.                      Issuer                                  Amount
                                                    Securities                  Date           (%)        Manager

         Fiscal Year 2002/03
   88    International Leasing & Finance Co. Ltd   Ordinary Share    30.00    29/07/2002     2170.67         NMB

   89    Nirdhan Utthan Bank Ltd.                  Ordinary Share     3.30    05/08/2002      388.12         CIT

   90    Life Insurance Corporation (Nepal) Ltd.   Ordinary Share    50.00    05/08/2002     1743.44        NCML

   91    Nepal Sri Lanka Merchant Bank Ltd.        Ordinary Share    40.00    28/08/2002      615.41        NCML

   92    Shree Investment & Finance Co. Ltd.       Ordinary Share    16.00    02/09/2002     1868.89         CIT

   93    Gorkha Finance Ltd.                       Ordinary Share    10.00    15/09/2002      864.45        NSML

   94    Janaki Finance Co. Ltd.                   Ordinary Share     8.00    21/09/2002     1583.89      NEFINSCO

   95    Nepal Investment Bank Ltd.                 Right Share      57.24    27/09/2002      97.42         NCML

   96    Central Finance Co. Ltd.                  Ordinary Share     8.00    15/11/2002      852.41        NCML

   97    Nabadurga Finance Co. Ltd.                Ordinary Share     8.00    19/12/2002     1451.55      NEFINSCO

   98    Premier Finance Co. Ltd.                  Ordinary Share     8.00    06/01/2003     1026.36        NCML

   99    Machhapuchere Bank Ltd.                   Ordinary Share    165.00   13/01/2003      198.35         NMB

  100    Nepal Share Market & Fin. Ltd.             Right Share      60.00    29/01/2003      85.35          CIT

  101    Mahalaxmi Finance Ltd.                     Right Share      25.00    28/02/2003                    NFCL

  102    N.B. Insurance Co. Ltd.                   Ordinary Share    20.00    29/04/2003      132.69         CIT

  103    Peoples Finance Ltd                        Right Share      20.00    03/06/2003      56.69         NCML

  104    Butwal Finance Ltd.                       Ordinary Share    20.00    05/06/2003      803.74         NMB

  105    Om Finance Co. Ltd.                       Ordinary Share     8.00    01/07/2003     1637.83      NEFINSCO

         Total                                                      556.54

         Fiscal Year 2003/04
  106    Laxmi Bank Ltd.                           Ordinary Share    192.50   04/08/2003      251.35         CIT

  107    Standard Finance Ltd.                     Ordinary Share    24.00    07/08/2003      362.54         NMB

  108    Alpic Everest Finance Ltd.                 Right Share      20.00    04/09/2003      100.51      NEFINSCO

  109    Nepal Investment Bank Ltd.                  Debenture       300.00   03/11/2003      102.28         AFC

  110    Cosmic Merchant Bqnking & Fin Ltd.        Ordinary Share    24.00    11/11/2003      717.83         NMB

  111    Kumari Bank Ltd.                          Ordinary Share    150.00   18/12/2003      811.35      CIT & NCML

  112    Siddartha Finance Ltd.                     Right Share      20.00    09/12/2003      88.84       NEFINSCO

  113    Fewa Finance Co. Ltd.                     Ordinary Share     8.00    23/02/2004     2355.00         NMB

  114    Nepal Credit & Commerce Bank Ltd.         Ordinary Share    210.00   31/03/2004      122.10      CIT & NCML

  115    Prudential Insurance Co. Ltd.             Ordinary Share    20.00    14/04/2004      956.81         NMB

  116    NB Finance & Leasing Co. Ltd.              Right Share      30.00    15/06/2004      66.84         NSMB

  117    Chhimek Bikas Bank Ltd.                   Ordinary Share     3.00    03/06/2004      139.27         NMB

  118    Pachhimanchal Dev.Bank Ltd.               Ordinary Share     6.00    10/06/2004     2023.28        NCML

  119    Kist Merchant Banking & Finance Ltd.      Ordinary Share    20.00    21/06/2004      179.60         NMB

         Total                                                      1027.50

         Fiscal Year 2004/05



Securities Board of Nepal                                 107                              Annual Report 2009/2010
                                                                        Issue
                                                       Types of                    Issue      Subscription    Issue
  S.N.                       Issuer                                    Amount
                                                       Securities                  Date           (%)        Manager

  120    Nepal Bangaladesh Bank Ltd                    Right Share      359.92   16/07/2004      95.26        NSMB

  121    Lumbini Bank Ltd.                            Ordinary Share    150.00   26/07/2004      721.24        CIT

  122    World Merchant Banking & Fin. Ltd.           Ordinary Share    24.00    03/09/2004      965.17        NMB

                                                                                                              NCML&
  123    National Hydro Power Co. Ltd.                Ordinary Share    140.00   03/09/2004      21.55
                                                                                                               NSML

  124    Annapurna Finance Co. Ltd.                    Right Share      20.00    05/11/2004      97.33        NCML

  125    Birgunj Finance Ltd.                         Ordinary Share    24.00    22/11/2004      704.48        NMB

  126    Deprosc Development Bank Ltd.                Ordinary Share     3.48    27/01/2005      259.34        NMB

  127    Everest Bank Ltd.                              Debenture       300.00   20/04/2005      100.00        CIT

  128    Nirdhan Utthan Bank Ltd.                      Right Share      15.00    25/04/2005      65.92         NMB

  129    Nepal SBI Bank Ltd.                           Right Share      215.93   03/05/2005      96.50         NMB

  130    Nepal Investment Bank Ltd.                    Right Share      295.29   13/05/2005      99.04         AFC

  131    Everest Finance Ltd.                         Ordinary Share     8.00    17/05/2005      540.46        NMB

  132    Capital Merchant Banking & Finance Ltd.      Ordinary Share    28.00    06/06/2005      202.49        CIT

  133    National Finance Co. Ltd.                     Right Share      43.20    15/06/2005      97.06        NCML

         Total                                                         1626.82

         Fiscal Year 2005/06
  134    Chilime Hydro Power Co. Ltd.                 Ordinary Share    237.41   28/08/2005      509.84        CIT

  135    Development Credit Bank Ltd.                  Right Share      80.00    24/08/2005      95.87         NMB

  136    Prudential Bittiya Santha Ltd.               Ordinary Share    24.50    11/09/2005      113.34       NCML

                                                                                                              NMB &
  137    Siddhartha Bank Ltd.                         Ordinary Share    150.00   15/09/2005     1865.33
                                                                                                              NCML

  138    Bank Of Kathmandu Ltd.                         Debenture       200.00   22/09/2005      133.31        NMB

  139    Srijana Finance Ltd.                         Ordinary Share     4.00    22/09/2005      121.08       NCML

  140    Kumari Bank Ltd.                              Right Share      125.00   21/12/2005      153.46       NCML

         Gandaki Development Financial Institution
  141                                                 Ordinary Share    15.00    13/01/2006      397.51        NMB
         Ltd.

  142    Fewa Finance Co. Ltd.                         Right Share      30.00    18/01/2006      97.40         NMB

         Business Development Financial Institution
  143                                                 Ordinary Share    12.00    22/01/2006     2188.34       NCML
         Ltd.

  144    Om Finance Co. Ltd.                           Right Share      30.00    18/01/2006      99.66         NMB

  145    Royal Merchant Banking & Fin Ltd.            Ordinary Share    17.50    27/02/2006      283.30        CIT

  146    Goodwill Finance Ltd.                         Right Share      25.00    03/03/2006      94.96        NCML

  147    Janaki Finance Co. Ltd.                       Right Share      10.00    15/03/2006      98.33       NEFINSCO

  148    Central Finance Ltd.                          Right Share      12.00    26/03/2006      98.32        NCML

  149    Taragaun Regency Hotels Ltd.                  Right Share      446.45   26/03/2006      57.45        NCML

  150    Bhajuratna Finance & Saving Co. Ltd.         Ordinary Share    10.50    26/03/2006      274.36       NCML

  151    Guheswori Merchant Banking & Finance Ltd.    Ordinary Share    20.00    02/04/2006      213.54       NCML

  152    Siddhartha Bikash Bank Ltd.                  Ordinary Share    20.00    07/05/2006      222.43        NMB

  153    IME Financial Institution Ltd.               Ordinary Share    17.50    16/05/2006      458.46        NMB



Securities Board of Nepal                                    108                              Annual Report 2009/2010
                                                                       Issue
                                                      Types of                    Issue      Subscription    Issue
  S.N.                        Issuer                                  Amount
                                                      Securities                  Date           (%)        Manager

                                                                                                             NMB &
  154    Shikhar Insurance Co Ltd.                   Ordinary Share    25.00    22/05/2006     4375.86
                                                                                                             NCML

  155    Bhrikuti Development Bank Ltd.              Ordinary Share     6.42    21/05/2006      214.42       NCML

  156    Machhapuchere Bank Ltd.                      Right Share      165.00   25/05/2006      87.13         NMB

  157    Kist Merchant Banking & Finance Ltd.         Right Share      50.00    30/05/2006      78.01         NMB

  158    Nepal Share Markets & Finance Ltd.           Right Share      40.00    04/06/2006      90.94         CIT

  159    Nepal Investment Bank Ltd.                    Debenture       250.00   09/06/2006      100.00        AFC

  160    Nepal Industrial & Commercial Bank Ltd.       Debenture       200.00   12/06/2006      100.00        AFC

  161    Patan Finance Ltd.                          Ordinary Share    20.00    03/07/2006      116.06      NEFINSCO

  162    Nepal SBI Bank Ltd                            Debenture       200.00   04/07/2006      101.20        CIT

         Total                                                        2443.28

         Fiscal Year 2006/07
  163    Pokhara Finance Ltd.                         Right Share      20.00    20/07/2006      99.00         NMB

  164    Narayani Industrial Bikash Bank Ltd.        Ordinary Share     6.00    27/07/2006      614.00      NEFINSCO

  165    Sanima Bikash Bank                          Ordinary Share    96.00    09/08/2006     4031.00        NMB

  166    Lumbini Bank Ltd.                            Right Share      100.00   13/08/2006      100.00       NCML

  167    Paschimanchal Bikash Bank Ltd.               Right Share      28.00    20/08/2006      76.00        NCML

  168    Bageswori Bikash Bank Ltd.                  Ordinary Share     9.00    27/08/2006      448.00        NMB

  169    Alpic Everest Finance Ltd.                   Right Share      20.00    07/09/2006      96.00         NMB

  170    Peoples Finance Ltd.                         Right Share      40.00    28/09/2006      56.00        NCML

  171    Sahayogi Bikash Bank Ltd.                   Ordinary Share     6.00    10/10/2006     1917.00       NCML

  172    Chhimek Bikash Bank Ltd.                     Right Share      20.00    27/10/2006      81.00         NMB

  173    Nepal Development Bank Ltd.                  Right Share      160.00   25/12/2006      54.00        NCML

                                                                                                            NCML &
  174    Gorkha Development Bank (Nepal) Ltd.        Ordinary Share    96.00    12/01/2006     10832.00
                                                                                                             NMB

  175    Ace Finance Co. Ltd.                         Right Share      194.00   31/01/2007      99.00        NCML

  176    Navadurga Finance Co. Ltd.                   Right Share      11.00    02/02/2007      99.00       NEFINSCO

  177    Annapurna Finance Co. Ltd.                   Right Share      80.00    09/02/2007      99.00        NCML

  178    Emporial Financial Institution Ltd.         Ordinary Share    19.50    20/02/2007     2568.00        NMB

  179    Swabalamban Bikash Bank Ltd.                Ordinary Share     6.00    04/03/2007     9623.00        NMB

  180    Himchuli Bikash Bank Ltd.                   Ordinary Share    12.00    05/03/2007     13362.00      NCML

  181    ICFC Financial Institution Ltd.             Ordinary Share    24.40    06/05/2007     3506.00        NMB

  182    Annapurna Bikash Bank Ltd.                  Ordinary Share    29.40    11/03/2007     2194.00      NEFINSCO

  183    Laxmi Bank Ltd.                              Right Share      122.00   25/04/2007      98.00         NMB

  184    Civil Merchant Financial Institution Ltd.   Ordinary Share    20.00    26/04/2007     1500.00      NEFINSCO

  185    Capital Merchant Banking & Finance Ltd.      Right Share      84.00    27/04/2007      80.00         CIT

  186    Yeti Finance Ltd.                            Right Share       6.30    29/04/2007      83.00        NCML

  187    Business Development Bank Ltd.               Right Share      30.00    11/05/2007      100.00        AFC

  188    Nepal Express Finance Ltd.                  Ordinary Share    15.00    11/05/207       782.00       NCML



Securities Board of Nepal                                   109                              Annual Report 2009/2010
                                                                          Issue
                                                        Types of                     Issue      Subscription    Issue
  S.N.                       Issuer                                      Amount
                                                        Securities                   Date           (%)        Manager

  189    Kist Merchant Banking & Finance Ltd.           Right Share       100.00   23/05/2007      99.00        NCML

  190    Siddhartha Bank Ltd.                           Right Share       100.00   04/06/2007      99.00         AFC

  191    Biratlaxmi Bikash Bank Ltd.                  Ordinary Share      20.00    10/06/2007     1340.00       NCML

  192    Nepal Investment Bank Ltd.                      Debenture        250.00   12/06/2007      100.00        AFC

  193    Malika Bikash Bank Ltd.                      Ordinary Share      15.00    15/06/2007     5484.00        NMB

  194    Lumbini Bank Ltd.                              Right Share       150.00   19/06/2007        -           AFC

  195    Excel Development Bank Ltd.                  Ordinary Share       6.00    24/06/2007     1897.00        NMB

  196    Everest Bank Ltd.                            Preference Share    400.00   04/07/2007      147.37        CIT

         Total                                                           2295.50

         Fiscal Year 2007/08
  197    Merchant Finance Co. Ltd.                    Ordinary Share      12.00    13/08/2007        -         NEFINSCO

  198    Lumbini General Insurance Co. Ltd.           Ordinary Share      25.00    24/08/2007      71.73         NMB

  199    Siddhartha Insurance Ltd.                    Ordinary Share      25.00    02/09/2007      60.63         NMB

  200    Infrastructure Development Bank Ltd.         Ordinary Share      24.00    30/10/2007      93.55         NMB

  201    Kuber Merchant Bittiya Sanstha Ltd.          Ordinary Share      22.50    14/11/2007      44.47         NMB

  202    Prabhu Finance Co. Ltd.                      Ordinary Share      48.00    22/11/2007      77.30         NMB

  203    Agriculture Bikas Bank Ltd.                  Ordinary Share     125.00    30/11/2007        -           ACE

         Nepal Development & Employment Bank          Ordinary Share
  204                                                                    128.00    11/03/2008      35.05         ACE
         Ltd.

  205    Sikhar Bittiya Sanstha Ltd.                  Ordinary Share      20.00    22/06/2008      26.71       NEFINSCO

  206    Clean Energy Development Bank Ltd.           Ordinary Share      96.00    19/06/2008      36.46         NMB

  207    Subechha Development Bank Ltd.               Ordinary Share      12.00    25/06/2008      61.83         ACE

  208    Kaski Finance Ltd.                           Ordinary Share      20.00    27/06/2008      21.93         NMB

  209    Lord Buddha Financial Institutions Ltd.      Ordinary Share      22.50    29/06/2008      16.73         ACE

  210    Sagarmatha Merchant Banking & Fin. Ltd.      Ordinary Share      20.00    06/07/2008      25.78         CIT

         Reliable Investment Financial Institutions   Ordinary Share                                            NMB &
  211                                                                     24.80    07/07/2008      31.52
         Ltd.                                                                                                   NCML

  212    Global Bank Ltd.                             Ordinary Share     300.00    09/07/2008      34.25        NCML

  213    Nepal Electricity Corporation                  Debenture        1500.00   14/02/2008       1.11         NMB

  214    Kumari Bank Ltd.                               Debenture        400.00    15/05/2008       1.01         NMB

  215    Himalaya Bank Ltd.                             Debenture        500.00    22/06/2008       1.00         ACE

  216    Nepal Investment Bank Ltd.                     Debenture        250.00    26/06/2008       1.00         ACE

  217    Nabil Bank Ltd.                                Debenture        300.00    13/07/2008       1.00        NCML

  218    Nepal Investment Bank Ltd.                     Right Share      201.30    29/01/2008       0.99         ACE

  219    Siddhartha Bank Ltd.                           Right Share      138.00    25/02/2008       0.99         NMB

  220    NIC Bank Ltd.                                  Right Share      158.40    14/03/2008       0.96        NCML
  221    Lumbini Bank Ltd.                              Right Share      250.00    31/03/2008       0.85         ACE

  222    Kumari Bank Ltd.                               Right Share      180.00    24/04/2008       0.99        NCML



Securities Board of Nepal                                     110                               Annual Report 2009/2010
                                                                 Issue
                                                  Types of                 Issue      Subscription    Issue
  S.N.                     Issuer                               Amount
                                                  Securities               Date           (%)        Manager

  223    Laxmi Bank Ltd.                          Right Share   183.00   02/05/2008       0.99         NMB

  224    Nepal Credit & Commerce Bank Ltd.        Right Share   700.00   07/08/2007        -          NCML

  225    Paschimanchal Bikas Bank Ltd.            Right Share    47.50   02/12/2007       0.89         ACE

  226    Bhrikuti Bikas Bank Ltd.                 Right Share    30.00   10/12/2007       0.97        NCML

  227    Development Credit Bank Ltd.             Right Share   806.40   03/01/2008       0.99         NMB

  228    Siddhartha Bikas Bank Ltd.               Right Share    50.00   10/02/2008        -           ACE

  229    Sanima Bikas Bank Ltd.                   Right Share    64.00   07/05/2008       0.99        NCML

  230    Ace Development Bank Ltd.                Right Share    96.00   25/05/2008        -          NCML

  231    Gorkha Bikas Bank Ltd.                   Right Share   160.00   26/05/2008       1.23         CIT

  232    Business Development Bank Ltd.           Right Share   150.00   29/05/2008       0.67         ACE

  233    Himchuli Bikas Bank Ltd.                 Right Share    60.00   30/05/2008       0.99        NCML

  234    Annapurna Bikas Bank Ltd.                Right Share   150.00   10/06/2008        -         NEFINSCO

  235    Sahayogi Bikas Bank Ltd.                 Right Share    10.00   17/06/2008       0.99        NCML

  236    Capital Merchant Banking & Fin. Ltd.     Right Share   161.00   09/12/2007       0.77         ACE

  237    Premier Finance Co. Ltd.                 Right Share    14.40   27/01/2008       0.98        NCML

  238    Nirdhan Uthan Bank Ltd.                  Right Share    39.50   16/11/2007        -          NCML

  239    Central Finance Ltd.                     Right Share    24.00   11/09/2007        -          NCML

  240    Nepal Merchant Banking & Finance Ltd.    Right Share   800.00   08/01/2008       0.95         NFC

  241    Nepal Share Markets & Finance Ltd.       Right Share   240.00   19/11/2007       0.99         CIT

  242    IME Financial Institutions Ltd.          Right Share    50.00   26/11/2007       0.99         NMB

  243    Prudential Bittiya Sanstha Ltd.          Right Share    50.00   14/03/2008       0.86         ACE

  244    Paschimanchal Finance Co. Ltd.           Right Share    27.80   19/05/2008       0.97         NFC

  245    Kist Merchant Banking & Fin. Ltd.        Right Share   600.00   16/05/2008       0.85         ACE

  246    Goodwill Finance Ltd.                    Right Share    50.00   25/05/2008       0.99         ACE

  247    United Finance Ltd.                      Right Share    75.00   30/05/2008       0.98        NCML

  248    Nepal Express Finance Ltd.               Right Share    30.00   02/06/2008       0.99        NCML

  249    Royal Merchant Banking & Fin. Ltd.       Right Share    60.60   01/06/2008       0.99         ACE

  250    ICFC Bittiya Sanstha Ltd.                Right Share   224.80   10/06/2008       0.85         NMB

  251    International Leasing & Finance Ltd.     Right Share   504.00   09/06/2008       0.92        NCML

  252    Nepal Housing & Merchant Finance. Ltd.   Right Share    80.40   25/06/2008       0.83         ACE

  253    Shree Investment Finance Ltd.            Right Share    16.80   23/06/2008       0.99         NMB

  254    Standard Finance Ltd.                    Right Share    72.60   30/06/2008       1.01        NCML

  255    Gorkha Finance Ltd.                      Right Share    30.00   13/07/2008       1.06         CIT

  256    Guheswori Merchant Banking & Fin. Ltd.   Right Share    37.00   15/07/2008        -          NCML

  257    Nepal Awas Bikas Bitta Co. Ltd.          Right Share    70.50   15/07/2008       0.96         NFC

  258    Sagarmatha Insurance Co. Ltd.            Right Share    23.60   20/02/2008       0.96         ACE
  259    Premier Insurance Co. Ltd.               Right Share    39.00   26/06/2008       0.86         ACE



Securities Board of Nepal                              111                            Annual Report 2009/2010
                                                                Issue
                                                Types of                    Issue      Subscription    Issue
  S.N.                      Issuer                             Amount
                                                Securities                  Date           (%)        Manager

  260    Himalayan General Insurance Ltd.       Right Share     37.80     07/07/2008        -           ACE

         Total                                                 10668.20

         Fiscal Year 2008/09
  261    Citizens Bank International Ltd.        Ordinary       300.00    08/02/2009      20.98         ACE

  262    Bank of Asia Nepal Ltd.                 Ordinary       300.00    09/02/2009      18.90         NMB

  263    Sunrise Bank Ltd.                        Ordinary      375.00    03/05/2009      26.75         NMB

  264    Prime Commercial Bank Ltd.               Ordinary      300.00    24/06/2009      29.85         CIT

  265    Tribeni Bikas Bank Ltd.                  Ordinary      15.00     17/07/2009                    ACE

                                                  Ordinary                                             NCML
  266    Pashupati Bikas Bank Ltd.                              80.00     12/08/2009
                                                                                                        NFC
  267    Madhyamanchal Gramin Bikas Bank Ltd.     Ordinary      30.00     22/05/2009      15.26         NFC

  268    Vivor Bikas Bank Ltd.                    Ordinary      265.20    10/06/2009       7.18         NMB

  269    Public Development Bank Ltd.             Ordinary      60.00     28/06/2009      28.26        NCML

  270    Api Finance Ltd.                         Ordinary      18.00     02/03/2009      26.24        NCML

  271    Crystal Finance Ltd.                     Ordinary      21.00     16/06/2009      31.06         NMB

  272    Arun Valley Hydropower Dev. Co. Ltd.     Ordinary      51.50     23/06/2009      27.74         NMB

  273    Siddhartha Bank Ltd.                    Debenture      400.00    05/10/2008        -           ACE

  274    Laxmi Bank Ltd.                         Debenture      350.00    12/10/2008        -         NMB

  275    Machhapuchhre Bank Ltd.                Rights Share    493.00    29/07/2008        -         NMB

  276    Kist Bank Ltd.                         Rights Share   1200.00    09/11/2008        -           ACE

  277    Nepal Bangladesh Bank Ltd.             Rights Share   1116.89    08/12/2008        -           NMB

  278    Nepal Investment Bank Ltd.             Rights Share    803.03    17/02/2009        -          NCML

  279    NMB Bank Ltd.                          Rights Share    330.00    17/05/2008        -          DCBL

  280    DCBL Bank Ltd.                         Rights Share    553.73    19/05/2009        -         NMB

  281    Gandaki Development Bank Ltd.          Rights Share    50.00     29/07/2008        -         NMB

  282    Swabalamwan Bikas Bank Ltd.            Rights Share    35.00     28/11/2008        -         NMB

  283    Bageswori Bikas Bank Ltd.              Rights Share    15.00     10/12/2008        -         NMB

  284    Nepal Bikas Bank Ltd.                  Rights Share    320.00    19/02/2009        -          NCML

  285    Infrastructure Development Bank Ltd.   Rights Share    240.00    09/03/2009        -           NMB

  286    Siddhartha Development Bank Ltd.       Rights Share    537.86    08/04/2009        -           ACE

  287    Sanima Bikas Bank Ltd.                 Rights Share    384.00    18/05/2009        -           CIT

  288    Ace Development Bank Ltd.              Rights Share    292.86    20/05/2009        -          ELITE

  289    Narayani Development Bank Ltd.         Rights Share    10.00     28/05/2009        -          ELITE

  290    Gorkha Development Bank Ltd.           Rights Share    120.00    01/06/2009        -           ACE

         Nepal Development & Employment         Rights Share
  291                                                           160.00    01/06/2009        -           ACE
         promotion Bank Ltd.

  292    Bhrikuti Bikas Bank Ltd.               Rights Share    141.00    05/06/2009        -          NCML




Securities Board of Nepal                             112                              Annual Report 2009/2010
                                                                   Issue
                                                  Types of                     Issue      Subscription    Issue
  S.N.                       Issuer                               Amount
                                                  Securities                   Date           (%)        Manager

  293    Excel Development Bank Ltd.              Rights Share     60.00     1706/2009         -          ACE

  294    Kathmandu Finance Ltd.                   Rights Share     37.95     29/07/2008        -          ACE

  295    Narayani Finance Ltd.                    Rights Share     150.07    31/07/2008        -          NMB

  296    Yeti Finance Ltd.                        Rights Share     31.25     03/08/2008        -          ACE

  297    Om Finance Ltd.                          Rights Share     14.00     09/09/2008        -          NFC

  298    Union Finance Ltd.                       Rights Share     72.52     21/10/2008        -          NCML

  299    Srijana Finance Ltd.                     Rights Share     14.00     14/11/2008        -          NCML

  300    National Finance Ltd.                    Rights Share     62.80     18/11/2008        -          NMB

  301    Nepal Srilanka Merchant Bank Ltd.        Rights Share     200.00    18/11/2008        -          NCML

  302    Peoples Finance Ltd.                     Rights Share     168.00    01/12/2008        -          ACE

  303    Pokhara Finance Ltd.                     Rights Share     180.00    29/12/2008        -          NMB

  304    IME Financial Institution Ltd.           Rights Share     125.00    12/01/2009        -          NMB

  305    Samjhana Finance Ltd.                    Rights Share     27.83     02/02/2009        -          NCML

  306    Universal Finance Ltd.                   Rights Share     60.23     08/04/2009        -          NFC

  307    Civil Merchant Bittiya Sanstha Ltd.      Rights Share     50.00     23/04/2009        -          NFC

  308    Premier Finance Ltd.                     Rights Share     47.52     27/04/2009        -          NCML

  309    Imperial Finance Ltd.                    Rights Share     50.00     11/05/2009        -          NCML

  310    World Merchant Banking & Finance Ltd.    Rights Share     72.00     12/05/2009        -          NMB

  311    Central Finance Ltd.                     Rights Share     25.39     01/06/2009        -          ACE

  312    Standard Finance Ltd.                    Rights Share     834.90    03/06/2009        -          NCML

  313    Lumbini Finance & Leasing Co. Ltd.       Rights Share     45.00     14/06/2009        -          ACE

  314    Navadurga Finance Co. Ltd.               Rights Share     54.71     15/06/2009        -          NMB

  315    Prabhu Finance Ltd.                      Rights Share     80.00     19/06/2009        -          ELITE

  316    Patan Finance Ltd.                       Rights Share     50.00     19/06/2009        -          NCML

  317    Everest Finance Ltd.                     Rights Share     20.00     23/06/2009        -          ACE

  318    Nepal Share Markets & Finance Ltd.       Rights Share    1567.73    28/06/2009        -           CIT

  319    Nepal Express Finance Ltd.               Rights Share     24.00     01/07/2009        -          NCML

  320    General Finance Ltd.                     Rights Share    2424.18    07/07/2009        -          NCML

  321    Neco Insurance Co. Ltd.                  Rights Share     55.00     18/08/2009        -           CIT

  322    United Insurance Co. ( Nepal) Ltd.       Rights Share     28.80     18/05/2009        -          NCML

  323    National Life Insurance Co. Ltd.         Rights Share     132.00    22/05/2009        -           CIT

  324    National Hydropower Co. Ltd.             Rights Share     694.94    28/07/2008        -          NCML

         Total                                                    16828.51

         Fiscal Year 2009/10
  325    Miteri Bikas Bank                       Ordinary Share    13.54     16/10/2009       85.27       ACE
  326    Mahakali Bikas Bank                     Ordinary Share     8.18     02/11/2009       84.33       ACE
  327    Kasthamandup Development Bank Ltd.      Ordinary Share     96.0     17/11/2009       49.71       NCML



Securities Board of Nepal                               113                               Annual Report 2009/2010
                                                                  Issue
                                                  Types of                  Issue      Subscription    Issue
  S.N.                      Issuer                               Amount
                                                  Securities                Date           (%)        Manager

  328    Pathibhara Bikas Bank Ltd.             Ordinary Share    24.50   24/11/2009       36.14         NMB
  329    Resunga Bikas Bank Ltd.                Ordinary Share    9.18    01/12/2009       39.55      Civil Capital
  330    Udham Bikas Bank Ltd.                  Ordinary Share    15.0    13/12/2009         -          NCML
  331    Nerudeh Laghubitta Bikas Bank Ltd.     Ordinary Share     6.0    01/01/2010       45.96        NCML
  332    Sewa Bikas Bank Ltd.                   Ordinary Share    40.0    07/01/2010       27.68         NMB
  333    City Development Bank.                 Ordinary Share    60.0    02/02/2010       28.07         ACE
  334    Manakamana Bikas Bank Ltd.             Ordinary Share    300.0   25/02/2010       5.42         NCML
  335    Nilgiri Bikas Bank Ltd.                Ordinary Share    15.0    12/03/2010       20.0       Elite Capital
  336    Gaurishanker Development Bank Ltd.     Ordinary Share    60.0    15/03/2010       10.25         ACE
  337    Western Development Bank Ltd.          Ordinary Share    23.0    01/06/2010       15.11        NCML
  338    Alpine Development Bank Ltd.           Ordinary Share    33.0    23/05/2010       11.48         NMB
  339    Diyalo Bikas Bank Ltd.                 Ordinary Share    35.0    31/05/2010       12.31         ACE
  340    Araniko Development Bank Ltd.          Ordinary Share    98.0    25/06/2010       5.10        Growmore
  341    Bishwa Bikas Bank Ltd.                 Ordinary Share    93.60   16/07/2010       7.40        Growmore
  342    Agriculture Development Bank          Ordinary Share     960.0   04/04/2010       2.97            ACE
  343    NMB Bank Ltd.(Further Public Issue)    Ordinary Share   203.77   19/03/2010         -           DCBL
  344    Zenith Finance Ltd.                    Ordinary Share    42.0    04/04/2010       13.89        NCML
  345    Subhalaxmi Finance Ltd.                Ordinary Share    60.0    26/04/2010       5.06          ACE
  346    Suryadarshan Finance Co. Ltd.          Ordinary Share    40.0    03/06/2010       13.04         NMB
  347    Unique Financial Institute Ltd.        Ordinary Share    40.0    06/06/2010       10.42        NCML
  348    Seti Bittiya Sanstha Ltd.              Ordinary Share    19.60   28/06/2010         -        Civil Capital
  349    Swastik Merchant Finance Co. Ltd.      Ordinary Share    30.0    02/07/2010       9.93          ACE
  350    Asian Life Insurance Co.Ltd.           Ordinary Share    108.0   27/10/2009       15.14        NCML
  351    Surya Life Insurance Co. Ltd.          Ordinary Share    108.0   02/03/2010       4.22          NMB
  352    Prime Life Insurance Co. Ltd.         Ordinary Share     108.0   09/03/2010       10.17        NCML
  353    Lumbini Bank Ltd.                       Right Share      300.0   15/08/2009        -           NCML
  354    Laxmi Bank Ltd.                         Right Share     439.23   19/11/2009        -            NMB
  355    Nepal SBI Bank Ltd.                     Right Share     437.26   29/12/2009        -             CIT
  356    Global Bank Ltd.                        Right Share      500.0   02/02/2010        -         Elite Capital
  357    Bank of Asia Nepal Ltd.                 Right Share      500.0   16/05/2010        -         Civil Capital
  358    Sunrise Bank Ltd.                       Right Share      375.0   29/06/2010        -           NCML
  359    Malika Bikas Bank.                      Right Share      150.0   14/08/2009        -            NMB
  360    Business Development Bank Ltd.          Right Share      441.0   05/10/2009        -            ACE
  361    Himchuli Bikas Bank Ltd.                Right Share     317.40   06/01/2010        -            NMB
  362    Paschimanchal Development Bank Ltd.     Right Share      210.0   14/02/2010        -          Growmore
  363    Annapurna Bikas Bank Ltd.               Right Share      462.0   11/03/2010        -         Elite Capital
  364    Tribeni Bikas Bank Ltd.                 Right Share      50.0    26/02/2010        -            ACE
  365    Pashupati Bikas Bank Ltd.               Right Share      50.0    11/06/2010        -          Growmore



Securities Board of Nepal                              114                             Annual Report 2009/2010
                                                                  Issue
                                                   Types of                   Issue      Subscription    Issue
  S.N.                       Issuer                              Amount
                                                   Securities                 Date           (%)        Manager

  366    Sahayogi Bikas Bank Ltd.                  Right Share     15.0     22/06/2010        -           NCML
  367    Fewa Finance Ltd.                         Right Share    182.0     24/07/2009        -         Elite Capital
  368    Sagarmatha Merchant Bank & Finance Ltd.   Right Share     75.0     14/08/2009        -             CIT
  369    Lord Buddha Finance Ltd.                  Right Share    37.50     04/09/2009        -            ACE
  370    Kaski Finance Ltd.                        Right Share    100.0     08/09/2009        -            ACE
  371    Birgunj Finance Ltd.                      Right Share    334.70    18/09/2009        -            NMB
  372    Goodwill Finance Ltd.                     Right Share    173.25    24/09/2009        -            ACE
  373    International Leasing & Finance Ltd.      Right Share   1360.80    15/12/2009        -           NCML
  374    Kuber Merchant Finance Ltd.               Right Share    100.0     24/12/2009        -            NMB
  375    Mahalaxmi Finance Ltd.                    Right Share    324.0     31/01/2010        -            NMB
  376    Butwal Finance Ltd.                       Right Share    337.26        -             -            NMB
  377    Yeti Finance Ltd.                         Right Share    62.50     14/03/2010        -         Elite Capital
  378    CMB Finance Ltd.                          Right Share    75.05     13/04/2010        -         Civil Capital
  379    Prudential Finance Ltd.                   Right Share    200.0     15/04/2010        -         Civil Capital
  380    United Finance Ltd.                       Right Share    165.0     21/05/2010        -         Elite Capital
  381    Om Finance Ltd.                           Right Share    105.0     25/06/2010        -           NCML
  382    Gorkha Finance Ltd.                       Right Share    69.14     30/06/2010        -          Growmore
  383    Merchant Finance Co. Ltd.                 Right Share     90.0     15/07/2010        -          Growmore
  384    Alliance Insurance Company Ltd.           Right Share    59.95     04/11/2009        -           NCML
  385    Nepal Life Insurance Co. Ltd.             Right Share     75.0     01/01/2010        -           NCML

                              Total                              10822.41

                        Grand Total                              50212.31




Securities Board of Nepal                               115                              Annual Report 2009/2010
                                                        Appendix-6
                                               List of Listed Companies
 S.N.       Name of the Company                 Listing                      Address                          Tel. No.        Fax No.
                                                 Date
        Commercial Bank
   1    Nabil Bank Ltd.                        24/11/1985   POB 3729, Nabil House, Kamaladi,              4429546, 4429547   4429548
                                                            Kathmandu                                     4435380-85
                                                            E-mail : nabil@nabil.com.np

   2    Nepal Investment Bank Ltd.             22/07/1986   POB 3412, Darbar Marg, Kathmandu              4228229, 4242530   4226349
   3    Standard Chartered Bank (Nepal) Ltd.   04/07/1988   POB 3990, Naya Baneshwor, Kathmandu           4782333, 4783753   4780762
                                                            E-mail : ANZ@Dixitu.com

   4    Himalayan Bank Ltd.                    05/07/1993   POB 20590, Tridevi Marg, Thamel,              4250201, 4227749   4222800
                                                            Kathmandu                                     4227745, 4227756
                                                            E-mail : hbl@hbl. mos.com.np

   5    Nepal SBI Bank Ltd.                    17/01/1995   POB 6049, Hattisar, Kamalpokhari,             4435516, 4435613   4435612
                                                            Kathmandu
                                                            E-mail : nsblco@mos.com.np

   6    Nepal Bangladesh Bank Ltd.             24/12/1995   POB 9062, Bijuli Bazar, New Baneshwor,        4783975, 4783976, 4781824
                                                            Kathmandu                                     4783972
                                                            E-mail : nbbl@mos.com.np

   7    Everest Bank Ltd.                      07/04/1996   POB 13384, Lazimpat, Kathmandu                4443377, 4443863   4443160
                                                            E-mail : elb@mos.com.np                       4443864
   8    Bank of Kathmandu Ltd.                 17/07/1997   POB 9044, Kamal Pokhari, Kathmandu            4414541            4418990
                                                            E-mail : info@bok.mos.com.np

   9    Nepal Industrial & Commercial Bank     13/06/2000   Central Off. POB 252 Main Road, Biratnagar    021-521921         021-522748
        Ltd.                                                Email: nicb@brt wlink.com.np                  4243718
                                                            City Off. New Road. POB 7367 Ktm                                 4227507
                                                            Email: newroad@ nicbank.com.np

  10    Machhapuchhare Bank Ltd.               28/05/2003   Central Off. POB:41, Naya Bazar, Pokhara-9,   061-530900         061-530500
                                                            Corp: off: POB:12427, Putalisadak,            4425356
                                                            Kathmandu
                                                            Email: machbank@.mbl.com.np

  11    Laxmi Bank Ltd.                        20/04/2004   POB. 61, Adrashanagar, Birgunj, Parsa.        021-526195         021-530393
                                                            Ktm office: POB:19593, Hattisar, Kathmandu    4444684, 4444685   4444640
                                                            Email: info@laxmibankltd.com

  12    Kumari Bank Ltd.                       29/07/2004   POB:21128, Putalisadak, Kathmandu             4232112            4231960
                                                            Email: info@kbl.com.np                        4232113

  13    Lumbini Bank Ltd.                      10/11/2004   Pragati Path, Narahangardh, Chitwan           056-524150,        056-524250
                                                            Corporate Office: Darbarmarg, Kathmandu       056-521919
                                                            Email: lumbiniktm@mis.com,np                  4243165, 4243158   4227590

  14    Nepal Credit & Commerce Bank Ltd.      31/01/2005   POB: 36, Siddhartha Nagar, Lumbini            071-521952         071-571953
                                                            Corporate office: POB12559, Bagbazar, Ktm     4246991            4244610

  15    Siddhartha Bank Ltd.                   24/02/2006   POB: 13806, Tindhara Marg, Kamaladi.          4442918, 4442920   4442921
  16    DCBL Bank Ltd.                         13/06/2002   POB:7716, Kathmanduplaza, Kamaladi, Ktm       4231120            4231469
                                                            Email: info@dcbl.com.np                       4231490

  17    NMB Bank Ltd.                          20/06/2001   POB: 11543, Babarmahal, Ktm                   4246160            4246156
                                                            Email: nmb@wlink.com.np




Securities Board of Nepal                                       116                                        Annual Report 2009/2010
 S.N.       Name of the Company                   Listing                     Address                         Tel. No.         Fax No.
                                                   Date
  18    Global Bank Ltd.                         26/03/2009   POB: 19327, Adarsanagar, Birgunj, Parsa     4002507             4441502
                                                              Corporate Office: Panipokhari, Ktm          4002508
                                                              Email: info@globalbank.com.np
  19    Kist Bank Ltd.                           28/12/2004   POB: 8975, Kamalpokhari, Kathmandu          4434457,4444480     4444838
                                                              Email: Kistfinance@wlink.com.np             4435463

  20    Bank of Asia Nepal Ltd.                  25/05/2009   Tripureshwor, Kathmandu                     4263212,4263213     4258826

  21    Citizens Bank International Nepal Ltd.   25/05/2009   Saradasadan, Kamaladi, Ktm                  4262699             426503
  22    Prime Commercial Bank Ltd.               12/09/2009   Central off. Newroad, Ktm                   01-4233388          01-4233390
                                                              Email: info@pcbl.com.np

  23    Sunrise Bank Ltd.                        12/09/2009   P.O. Box: 15203,Gairidhara Ktm              4004560, 4004561    01-4422475
                                                              Email: info@sunrisebank.com.np

  24    Agricultural Development Bank Ltd.       10/08/2010   Central off. Ramshah Path , Kathmandu,      01-4262885,         01-4262616
                                                                                                          01-4262596

        Development Bank
   1    Nepal Industrial Development             18/03/1985   POB 10, Darbar Marg, Kathmandu              4228322, 427220     4227428
        Corporation                                           E-mail : nidc@Wlink.com.np

   2    Nepal Development Bank Ltd.              31/12/2001   POB 11017, Heritage Plaza, Kathmandu        4245740, 4245759,   4245753
                                                              Email: ndb@ccsl.com.np                      4254639
   3    Nirdhan Uthan Bank Ltd.                  24/04/2003   Central Off. POB:41, Siddharthanagar,       071-523764,         521647
                                                              Rupandehi,                                  523768
                                                              Email: nirdhan@.mail.com.np

   4    Chhimek Development Bank Ltd.            28/12/2004   Ajar Amar Road, Hetaunda-4, Makawanpur      057-521575          057-522460
                                                              Contact Office: POB7629, Sanugauchar, Ktm   057-523768
                                                              Email: cbb@ntc.net.com.np                   4415825

   5    Paschimanchal Bikash Bank Ltd.           28/12/2004   Mahendra Path, Butwal 8, Rupandehi          071-549899          071-549901
                                                                                                          071-549900

   6    Deprox Bikash Bank Ltd.                  29/05/2005   Sahid Path, Narayanghat, Chitawan           056-527900          056-527900
                                                              Kathmandu office:                           4262396
                                                              Email: ddbank@narayani.com.np

   7    Gandaki Bikas Bank Ltd.                  26/06/2006   POB: 160, New Road, Pokhara-9               061-540466,         061-541255
                                                                                                          061-541244

   8    Business Development Bank Ltd.           14/09/2006   POB: 264, New Road, Pokhara-9               061-540725          061-540524
                                                              Email: info@bifil.com.np

   9    Bhrikuti Bikash Bank Ltd.                21/09/2006   POB: 73, Traffic Chowk, Butwal-8            071-544967,         071-541483
                                                              Email: bdbank@nec.com.np                    546967

  10    Sidhartha Bikash Bank Ltd.               21/09/2006   Main Office: Butwal-11, Milanchowk,         071-545543,         071-550457
                                                              Rupendehi                                   548502,547740
                                                              Email: sdbl@hons.com.np

  11    Sanima Bikash Bank Ld.                   13/02/2006   Nagpokhari, Naxal, Kathmandu,               4428979,4428980     4428969
                                                              Email: Sanima@sanimabank.com

  12    Narayani Development Bank Ltd.           10/01/2006   Ratnagar, Chitwan                           056-561258          056-561670
  13    Sahayogi Bikash Bank Ltd.                14/05/2007   POB: 18, Vidyapati Chowk, Janakpurdham-4    041-525972,         041-525971
                                                              Email:sahayogi@jncsweb.net                  525971

  14    Bageshwori Bikash Bank Ld.               14/05/2007   POB: 46, Dhambodhi Chowk, Nepalgunj,        081-526246,         081-526346
                                                              Banke                                       523457
                                                              Email: bdbl@wlink.com.np




Securities Board of Nepal                                         117                                      Annual Report 2009/2010
 S.N.       Name of the Company                 Listing                      Address                          Tel. No.    Fax No.
                                                 Date
  15    Gorkha Bikash Bank Ltd.                06/06/2007   POB: 5617, Tribeni Collection, Putalisadak,   4255650        4242829
                                                            Kathmandu
                                                            Email: info@gdbl.com.np
  16    Annapurna Bikas Bank Ltd.              01/08/2007   Banepa, Kavre, Nepal                          011-660480     660481

  17    Swabalamban Bikas Bank Ltd.            01/08/2007   Janakpur-4, Dhanusa, Nepal                    041-524342     525748
                                                            Email: sb_bank@in.cweb.net

  18    Ace Development Bank Ltd.                           P.O. Box. 13383 Naxal, Kathmandu              01-4441110     4445554
                                                            Email: info@ace.com.np
  19    Himchuli Bikas Bank Ltd.               18/09/2007   POB: 44, Mahendrapul, Pokhara                 061-551800,    551833
                                                            Email:himchulibbs@wlink.com.np                551900

  20    Excel Development Bank Ltd.            06/11/2007   Anarmani-3, Birtamod, Jhapa, Nepal            023-543564,    543563
                                                            Email:exelbirta@yahoo.com                     543714

  21    Malika Bikas Bank Ltd.                 10/02/2007   Dhangadi-4, Kailali, Nepal,                   091-520775,    524800
                                                            Email:mdbankdhn@ntc.net.np                    523738
                                                            Website:www.mdbank.com.np

  22    Biratlaxmi Bikas Bank Ltd.             19/12/2008   Biratnagar-8, Hanumandas Road, Nepal          021-538051,    538218
                                                            Email:biratlaxmi@wlink.com.np                 538052
  23    Infrastructure Development Bank Ltd.   24/04/2008   Tribhuwan Chowk, Banepa, Kavre, Nepal         011-660543,    660552
                                                            Email: info@idbank.com.np                     660578
  24    Nepal Development & Employment         01/10/2008   POB: 25092, Kamaladi, Ktm                     4242272        4251653
        Promotion Bank Ltd.                                 Email: info@ndep.com.np                       4242553
  25    Subechha Bikas Bank Ltd.               26/12/2008   Pulchok, Narayangadh, Bharatpur-3             056-531738     056-531738
                                                            Email-triveni@wlink.com.np                    521734

  26    Tribeni Bikas Bank Ltd.                08/02/2009   POB: 30, Narayangadh, Chitwan                 056-528831     056-522992
                                                            Email: subechha@wlink.com.np

  27    Clean Energy Development Bank Ltd.     08/02/2009   Sitapaila Chowk, Ringroad, Ktm                4671444        4277013
                                                            Email: info@cedbl.com                         4671666

  28    Purbanchal Gramin Bikas Bank Ltd.      08/03/2009   Morang, Biratnagar                            021-529817     021-524259
                                                                                                          522740

  29    Pashupati Development Bank Ltd.        26/03/2009   Banepa, Kavre                                 011-660384     011-660383
                                                            Email: pbank@wlink.com.np                     660385
  30    Vibor Bikas Bank                       12/09/2009   Tripureshwor, Kathmandu                       01 -4233373    4233376
                                                            Email:info@viborbank.com

  31    Madhyamanchal Gramin Bikash Bank       03/01/2010   Janakpur, Dhanusa                             41-520785,     41-521647
        Ltd.                                                                                              41-521642

  32    Public Development Bank Ltd.           03/01/2010   Adarshnagar, Birgunj                          051-527822     051-527866

  33    Mahakali Bikas Bank Ltd.               14/01/2010   Mahendranagar, Kanchanpur, Mahakali           099-521365     099-525790
                                                            Email: mahakalib_bank@yahoo.com

  34    Miteri Development Bank Ltd.           07/02/2010   Dharan-5, Sunsari                             025-531317     025-531354
                                                            Email: miteribank@wlink.com.np

  35    Pathibhara Bikash Bank Ltd.            04/04/2010   Taplejung                                     021-540702,    021-540701
                                                            Email: pathibharabank@nns.com.np              021-540703

  36    Resunga Bikas Bank Ltd.                04/04/2010   Tamghas, Gulmi                                79-520715,     79-520248
                                                                                                          79-520995
  37    Kasthamandap Development Bank          10/06/2010   Pako, New Road, Kathmandu                     4258400        4233804
                                                            Email: kdbl@kdbl.com.np




Securities Board of Nepal                                       118                                        Annual Report 2009/2010
 S.N.        Name of the Company              Listing                     Address                        Tel. No.         Fax No.
                                               Date
  38    Sewa Bikas Bank Ltd.                 10/06/2010   Butwal-8, Rupendehi                        071-546993,         71-542694
                                                          Email: info@sewabank.com.np                071-546994

  39    Nilgiri Bikas Bank Ltd.              30/06/2010
  40    Nerude Laghubitta Bikash Bank Ltd.   30/06/2010   Bhanu Tole, Biratnagar-14, Morang, Nepal   21-524560,          21-531087
                                                          Email: info@nerude.org.np                  21-440178

  41    City Development Bank Ltd.           10/08/2010   Post Box : 372, Chipledhunga, Pokhara      061-521505,         061-533038
                                                                                                     061-521912
                                                          Email : mail@citybank.com.np
  42    Manakamana Development Bank Ltd.     10/08/2010   Post Box No.:12711Durbar Marg,             1-4268719           01-4269308
                                                          Kathmandu, Nepal
                                                          Email: info@manakamanabank.com
  43    Udhyam Bikas Bank Ltd.               23/09/2010   Narayangadh, Chitwan                       056-523086          056-523086
                                                          Email : edbl@wlink.com.np

  44    Alpine Development Bank Ltd.         23/09/2010   Main Road, Hetauda-4, Makawanpur           057-524674,         057-524673
                                                          Email: info@alpinedevbank.com.np           524682


  45    Gaurishankar Development Bank Ltd.   11/11/2010   Kawasoti, Nawalparasi
  46    Diyalo Bikash Bank Ltd.              11/11/2010   Banepa-8, Kavre                            011-661215          011-660703
                                                          Email : info@diyalobank.com.np             011-660702

  47    Garima Bikas Bank Ltd.                            MahendraPul Pokhara                        061-533694          061-533695
                                                          Email : mahendrapul@garimabank.com.np      061-533695

  48    Jyoti Bikas Bank Ltd.                             P.O. Box: 26518Kamaladi, Kathmandu,        4411116, 4427550    01-4442192
                                                          Email: info@jbbl.com.np
  49    Kankai Bikas Bank Ltd.

        Finance Company
   1     Nepal Finance & Saving Co. Ltd.     02/02/1993   POB 6867, Kamaladimode, Putalisadak,       4220031,            4241237
                                                          Kathmandu                                  4247020
                                                          E-mail: NEFINSCO@info.com.np

   2    NIDC Capital Markets Ltd.            28/06/1993   POB 7423, Kamal Pokhari, Kathmandu         4423398, 4415958    4423401
                                                          E-mail: ncml@wlink.com.np                  4423219

   3    National Finance Co. Ltd.            06/07/1993   POB 6942, Pako, New Road, Kathmandu        4242302, 4228380    4222920
                                                          E-mail : nfc@nfcl.wlink.com.np             4240134
   4    Nepal Share Markets Co. Ltd.         28/10/1993   POB 7958, Ram Shah Path, Kathmandu         4425864, 4426984    4430109,
                                                                                                     4430153, 4250427    4241696

   5    Annapurna Finance Company Ltd.       22/09/1994   POB 288, Chipledhunga, Pokhara - 4         061-522671,         061-525797
                                                          E-mail : anapurna@afc.mos.com.np           061-524556

   6    Kathmandu Finance Ltd.               13/07/1995   POB 5090, New Plaza, Putlisadak,           4430506, 4430527
                                                          Kathmandu

   7    Peoples Finance Ltd.                 07/08/1995   POB 9416, K. K. M. Building,               4255829, 4262405,   4260951
                                                          Tripureswor, Kathmandu                     4252178
                                                          E-mail : finance@peoples.Wlink.com.np

   8    Union Finance Co. Ltd.               27/11/1995   POB 9263, Kathmandu Plaza, X Block,        4240779,            4246551
                                                          Third Floor, Kamaladi, Kathmandu           4240813,
                                                          E-mail : union@unlimit.com.np              4231512

   9    Citizen Investment Trust             26/12/1995   POB 5823, Putalisadak, Kathmandu           4228759, 4240598    4240645
  10    Nepal Abas Bikash Bitta Co. Ltd.     01/05/1996   POB 5624, Naya Baneshwor, Kathmandu        4780259, 4782753    4782753



Securities Board of Nepal                                     119                                     Annual Report 2009/2010
 S.N.       Name of the Company                Listing                      Address                       Tel. No.         Fax No.
                                                Date
  11    Narayani Finance Ltd.                 25/06/1996   Central Office : POB 03, Sahid Chowk,      056-520313,         056-522230
                                                           Narayanghat, Chitwan                       056-520345
                                                           E-mail : narayani@nafil.mos.com.np
                                                           City Office : POB 4861, Baluwatar,         4422554             4426690
                                                           Kathmandu

  12    Yeti Finance Co. Ltd.                 23/01/1997   POB 35,Main Road, Hetauda, Nepal           057-520822,         057-521842
                                                                                                      057-521842
                                                           Contact Office: Teku, Kathmandu            4240711, 4226423

  13    Gorkha Finance Co. Ltd.               19/02/1997   POB 10951, Siddhi Bhowan Kantipath,        4222508, 4220337-   4258239
                                                           Kathmandu                                  38 , 445442         4445442
  14    Shamjana Finance Co. Ltd.             28/03/1997   Head Office : Banepa, Kavre                011-661207
                                                           City Office : POB 10457                    4231051             4231050
                                                           Ward No. 30 Kamalachhi , Kathmandu

  15    Universal Finance Ltd.                10/04/1997   POB 12396, Siddhi Bhavan, Kantipath,       4230234, 4240998,   4245895
                                                           Kathmandu.                                 4226002
  16    Nepal Housing & Merchant              08/08/1997   POB 10609, Batule ghar, Dillibazar,        4430528, 4430838,   4436183
        Finance Ltd.                                       Kathmandu                                  4436182
                                                           E-mail : nhmf@ccsl.com.np
  17    General Finance Ltd.                  20/04/1998   Central Office: POB 20258 Chabahil,        4484753, 4484754    4484753
                                                           Kathmandu                                  4258880
                                                           Branch Office: New Road (Ranjana Galli),
                                                           Kathmandu

  18    Mahalaxmi Finance Ltd.                31/08/1998   POB 65, Alikiiya Road, Birgunj             051-523271,         051-524340
                                                                                                      051-529143

  19    Lalitpur Finance Co. Ltd.             08/10/1998   GPO 8975, EPC 585, Lagankhel, Lalitpur     5536598,            5531916
                                                           Email: lalitpur@fclWlink.com.np            5523850

  20    Goodwill Finance Co. Ltd.             22/12/1998   POB 8867 Dillibazar, Kathmandu             4422290, 4422878    4416052
                                                           Email: goodwill@FinanceWlink.com.np

  21    Pashchimanchal Finance Co. Ltd.       20/05/1999   POB 11, Butwal, Rupandehi                  071-541609,         071-541924
                                                                                                       071-543924

  22    Pokhara Finance Ltd.                  02/09/1999   POB;470, Gairapatan, Pokhara               061-524942,         061-531610
                                                           Email: :pfl@ Pofil.mos.com.np              061-524975
                                                                                                      531145

  23    Lumbini Finance & Leasing Co. Ltd.    08/01/2001   POB 11503, Tridavi Marga, Thamel,          4423443, 4423445    4425655
                                                           Kathmandu
  24    Siddhartha Finance Ltd.               20/06/2001   Siddhartha Nagar, Bhairahwa                071-521478,         071-523272
                                                           Contact Office: Ramshahpath, Kathmandu     4442968
                                                           Email: sfil@mos.com.np

  25    Alpic Everest Finance Ltd.            12/10/2001   POB 12034, Aradhana Complex, Bagbazar,     4241605, 4228470    4241605
                                                           Kathmandu
                                                           Email: alpic@info.com.np

  26    International Leasing & Finance Co.   26/11/2002   POB 8975, Naya Baneshwor, Kathmandu        4480067, 4481010,   4482267
        Ltd.                                                                                          4481011

  27    United Finance Ltd.                   26/11/2002   POB 12311, I.J.Plaza, Durbar marg,         4241648, 4241649    4241645
                                                           Kathmandu
                                                           Email: ufl@mos.com.np

  28    Shree Investment & Finance Co. Ltd.   14/02/2003   POB 10717,Dillibazar Kathmandu             4421779, 4422038,   4421779
                                                           Email: shreefin@finance.mos.com.np         4426146, 4415344

  29    Central Finance Co. Ltd.              18/03/2003   POB 7062, Kupondol, Lalitpur               5522289, 5536420,   5523526
                                                           Email: central@ntc.net.np                  5544517




Securities Board of Nepal                                      120                                      Annual Report 2009/2010
 S.N.        Name of the Company                Listing                         Address                      Tel. No.         Fax No.
                                                 Date
  30    Nepal Srilanka Merchant Banking &      24/04/2003   POB 12248, N.S.L.B Building, Kamaladi,       4440300, 4440824,   441034
        Finance Ltd.                                        Kathmandu                                    4441200, 4441198

  31    Premier Finance Co. Ltd.               28/05/2003   POB 13471, Manbhawan, W. No.5, Lalitpur      5521402, 5521223    5550412
  32    Navadurga Finance Co. Ltd.             05/08/2003   POB.25, Itachhe, Bhaktapur.                  6612999, 6614699    6611999
                                                            Email: mafaco@infoclub.com.np

  33    Butwal Finance Ltd.                    30/12/2003   POB.25, Amarpath 7, Butwal, Rupandehi.       071-44288,          071-48711
                                                            Email: butwalfin@bcci.com.np                  071-44888

  34    Janaki Finance Co. Ltd.                30/12/2003   POB.30, Bhanuchok, Janakpurdham-2,           041-521586,         041-523340
                                                            Dhanusha                                     041-523339

  35    Standard Finance Ltd.                  02/03/2004   POB.8973 NCP.164,                            44418532, 4433853   4435833
                                                            Sama Marga, Kamalpokhari, Kathmandu

  36    Om Finance Co. Ltd.                    02/03/2004   POB.538, Newroad, Pokhara.                   061-32600,          061-32800
                                                                                                         061-32700

  37    Cosmic Merchant Banking & Finance      02/05/2004   POB.21507,Lal durbar, Kathmandu              4222154, 4223178    4232678
        Ltd.                                                Email: cmbfl@wlink.com.np

  38    Fewa Finance Co. Ltd.                  17/09/2004   B.P. Chok, Chipledhunga, Pokhara             061-538300          061-538738

  39    World Merchant Banking & Finance       31/01/2005   Kajilal Bhawan, Hetauda-1                    057-521479,         057-523229
        Ltd.                                                                                             057-525100

  40    Birjung Finance Ltd.                   20/03/2005   Nina Commercial Complex, Adrasha Nagar,      051-523468,         051-530764
                                                            Birgunj                                       051-527429
                                                            Email: bfl@bfl.com.np

  41    Capital Merchant Banking & Finance     27/11/2005   POB:4193, Battisputali, Kathmandu.           4471458, 4469738,   4496321
        Ltd.                                                Email: cmbfl@ntc.net.np                      4469702


  42    Everest Finance Ltd.                   27/11/2005   Narayan Path, Siddhartha Nagar, Bhairahawa   071-526507          071-526508
                                                            Email: efl@softtach.com.np
  43    Prudential Bittiya Sanstha Ltd.        23/02/2006   POB:5681, Dillibazar, Kathmandu.             4445988, 4446454    4446453

  44    Srijana Finance Ltd.                   26/05/2006   Lahan, Siraha                                033-560769,
                                                                                                         031-520979

  45    Royal Merchant Banking & Finance       26/06/2006   POB:24062, Durbar Marg, Kathmandu.           4242900             4231347
        Ltd.                                                Email: rmbank@mos.com.np
  46    Guheshwori Merchant Banking &          06/07/2006   POB:8975 EPC 446, Jawalakhel, Lalitpur-13.   5521506, 5539407    5536179
        Finance Ltd.
  47    IME Financial Institution Ltd.         15/09/2006   POB: 19797, Kantipath, Kathmandu             4239170, 4239171    4218083
                                                            Email: info@imefil.com                       4239168

  48    Bhajuratna Finance & Saving Co. Ltd.   21/09/2006   Birgunj, Parsa-14                            4249534             4261316
                                                            POB: 133, Kantipath, Kathmandu

  49    Patan Finance Ltd.                     11/05/2007   Manbhavan, Lalitpur                          5551102, 5539475    5544206

  50    Imperial Financial Institutions Ltd.   27/08/2007   POB: 24262, Putalisadak, Kathmandu           4432373, 4427923    4435314
                                                            Email:imperial@ipil.com.np                   2003474

  51    Civil Merchant Bittiya Sanstha Ltd.    18/09/2007   Kuleswor, Kathmandu                          4289524, 4671916    4289596

  52    ICFC Bittiya Sanstha Ltd.              11/10/2007   POB: 14350, Thirbam-3, Bhatbhateni, Ktm      4425292             4425294
                                                            Email: icfc@subisu.net.np

  53    Nepal Express Finance Ltd.             19/12/2008   Traffic Chowk-8, Butwal, Nepal               071-546895,         541683
                                                            Email:nepexidt@wlink.com.np                  546896
  54    Kuber Merchant Bittiya Sanstha Ltd.    13/05/2008   ktm.metropolitan-31, Putalisadak, Ktm        4239797,4239798     4239796
                                                            Email:kubermbst@wlink.com.np



Securities Board of Nepal                                       121                                        Annual Report 2009/2010
 S.N.        Name of the Company                 Listing                      Address                        Tel. No.         Fax No.
                                                  Date
  55    Prabhu Finance Ltd.                     10/08/2008   Prabhu Complex, Lainchour, Ktm              4442364             4442545
                                                             Email: prabhubank@prabhuban.com             4429124             4442216

  56    Lord Buddha Finance Ltd.                14/12/2008   POB: 20100, Newroad, Ktm                    4212770,4212870     4216825
  57    Sagarmatha Merchant Banking &           14/12/2008   POB: 8975, Manbhavan. Lalitpur              5547841             5535419
        Finance Ltd.                                                                                     5535158

  58    Kaski Finance Ltd.                      26/12/2008   POB: 244, Newroad, Pokhara-9, Kaski         061-523011          061-523699
                                                             Email: kafil@pinet.com.np                   061-523733
  59    Merchant Finance Co. Ltd.               15/02/2009   POB: 10390, Newroad, Pako, Ktm              4246402             4246403
                                                             Email: merchantfil@wlink.com.np             4241244

  60    Reliable Investment Bittiya Sanstha     26/03/2009   POB: 6247, Bagdurbar, Sundhara, Ktm         4218927             4218997
        Ltd.                                                                                             4218989
  61    Sikhar Bittiya Sanstha Ltd.             26/03/2009   POB: 25762, Thapathali, Ktm                 4100525,4100526     4100527

  62    Api Finance Ltd.                        23/09/2009   Lekhnath-7, Talchowk, Kaski                 061-561667,         061-561668
                                                             Email: info@apifinance.com                  061-561767

  63    Crystal Finance Ltd.                    06/11/2009   China Town Shopping Center,Sundhara         4218269,            4219058
                                                                                                         4218270

  64    Suryadarshan Finance Co.Ltd.            23/09/2010   New Baneshwor, Kathmandu                    01-4423743,         4004583
                                                                                                         4419565
                                                             E-mail: sdfcl@wlink.com.np
  65    Zenith Finance Ltd.                     23/09/2010   P.O. Box: 19441,New Road, Kathmandu         01- 4233404,        01- 4233208
                                                                                                         01- 4233405
                                                             Email : info@zemfil.com.np
  66    Swastik Merchant Finance Co. Ltd.       25/10/2010   Khichapokhari, Kathmandu                    01-4233517,         4233519
                                                                                                          01-4233518

  67    Subha Laxmi Finance Co. Ltd.            13/10/2010   Naxal, Kathmandu                            01-4441734          4441736
                                                             Email : subhalaxmi@wsm.com.np               01-4441735

  68    Unique Financial Institution Ltd.       11/11/2010   P.O. Box : 25263                            01-4440955,         4440938
                                                             New Plaza, Putalisadak, Kathmandu           4440956
                                                             Email : uniqe@uniqefinane.com.np

        Insurance Company
   1    Rastriya Beema Sansthan                 08/11/1984   POB 527, Ramsaha Path, Kathmandu            4262520             4262610
                                                             E-mail : beema@wlink.com.np

   2    Nepal Insurance Co. Ltd.                08/11/1984   POB 3623, NIC Building, Kamaladi,           4221353,            4225446
                                                             Kathmandu                                   4245565/68
                                                             E-mail : nic@wlink.com.np

   3    National Life & General Insurance Co.   20/12/1988   POB 4332, Lazimpat, Kathmandu               4412625, 4416556,   4416427
        Ltd.                                                                                             4418113, 4426002

   4    Himalayan General Insurance Co. Ltd.    26/01/1994   POB 148, Darbar Marg, Kathmandu             4231788, 4231581    4223906,
                                                             E-mail : ktm@hgi.com.np                                         4226604

   5    United Insurance Co.(Nepal) Ltd.        01/08/1994   POB 9075, I.J. Plaza, Darbar Marg,          4230958, 4240957,   4246687
                                                             Tindhara Pathashala, Kathmandu              4246686, 4220492
                                                             E-mail : uic@dmarg.mos.com.np

   6    Everest Insurance Co. Ltd.              03/04/1995   POB 10675, Hattisar, Kathmandu              4240363, 4243631    4240083
                                                             E-mail : eveinsco@mos.com.np                4255679, 4255680

   7    Premier Insurance Co. Nepal Ltd.        03/05/1995   POB 9183, Tripureshwor, Kathmandu           4249956             4420554
                                                             E-mail : premier@picl.com.np                4259537             4249708
   8    Neco Insurance Co. Ltd.                 30/03/1998   POB 12271, Hattisar, Laldarbar, Kathmandu   4427354, 4427355    4418761
                                                             E-mail : info@necoins.mos.com.np


Securities Board of Nepal                                        122                                       Annual Report 2009/2010
 S.N.         Name of the Company              Listing                      Address                          Tel. No.        Fax No.
                                                Date
   9     Alliance Insurance Co. Ltd.          14/04/2000    City Off Kings way, Kathmandu                4222836, 4253166   4241411
                                                            Redg Off. POB 10811. Sitapaila, Ring Road.   4242484
                                                            Email: SK@aicwlink. com.np
  10     Sagarmatha Insurance Co. Ltd.        15/03/2001    POB 12211, Kathmandu Plaza, Kamaladi,        4240896, 4241245, 4247947
                                                            Email: sagarmatha@insuranceWlink.com.np      4247941

  11     N.B. Insurance Co. Ltd.              13/04/2001    Bagbazar, Kathmandu                          4418862

  12     Nepal Life Insurance Co. Ltd.        22/01/2003    Heritage Plaza, Kamaladi, Kathmancu.         4223440, 4241212, 4240143
                                                            Email: nlic@mos.com.np                       4223189

  13     Life Insurance Corporation (Nepal)   21/03/2003    POB 21905, Kathmandu Plaza, Kamaladi,        4229688            4229689
         Ltd.                                               Kathmandu
                                                            Email: lic@licnepal.com
  14     Prudential Insurance Co. Ltd.        10/11/2004    Birgunj- 7                                   051-531681,        051-522726
                                                                                                          051-522588
                                                            Corp Office: Tribeni Complex,                4219860, 4256704   4219527
                                                            Putalisadak,Ktm
                                                            E-mail: Prudential @wlink.com.np

  15     Lumbini General Insurance Co. Ltd.   23/06/2006    POB: 23100, Tridevi Marg, Thamel. Ktm        4411707            4411692
                                              (promoters)   Email: lgic@mos.com.np
                                              20/03/2008
                                              (ordinary)

  16     Shikhar Insurance Co. Ltd.                         POB: 11133, Everest Complex, New             44784515,          4784513
                                                            Baneshwor, Kathmandu                          4784514
                                                            Email: shikharins@mos.com.np
  17     Siddhartha Insurance Ltd.            11/03/2008    POB: 24876, Tripureshwor -11 Ktm,            4257766,           4257776
                                                            Email:sil@info.com.np                        4254547

  18     Asian Life Insurance Co. Ltd.        04/04/2010    POB: 25943,Maitidevi, Ktm.                   01-4410115         4442138
                                                            Email : asianlife@asianlife.com.np           01- 4430270

  19     Prime Life Insurance Co. Ltd.        30/06/2010    P.O.Box No: 25979, Hattisar                  01-4441778         4441436
                                                            Kathmandu,Nepal                              01-4441664
                                                            Email: info@primelifenepal.com
  20     Surya Life Insurance Co. Ltd.        10/08/2010    Gairadhara                                   01-4423743,        4004583
                                                            Ktm,Email:info@suryalife.com.np              01-4419565

         Hotel
   1     Yak & Yeti Hotel Ltd.                22/10/1984    POB 1016, Lal Darbar, Darbar Marg, Ktm.      4248999,           4227782
                                                            E-mail : businesscentre@yakandyeti.com        4240520

   2     Soaltee Hotel Ltd.                   07/02/1993    POB 3800, Tahachal, Kathmandu                4273999            4272206
                                                            E-mail : shl@shicp.com.np

   3    Taragaon Regency Hotels Ltd.          13/10/1998    POB 9604, Bouddha, Kathmandu                 4491234            4470409,
                                                                                                                            4481786

   4    Oriental Hotels Ltd.                  21/08/2001    POB 2269, Lazimpat, Kathmandu                4411818, 4423888   4411720

         Manufacturing and Processing Company
   1     Bottlers Nepal Ltd.                  05/11/1986    POB 2253, BID Balaju, Kathmandu              4350602, 4351871   4350227
   2     Nepal Lube Oil Ltd.                  14/12/1986    Corporate Off : POB 1916, Chaudhari Tower,   5545891-95         4244763
                                                            Jhamishikhel, Lalitpur.
                                                            Factory: Amlekhgunj, Bara                    053-529104         053-529104
                                                            E-mail : gulf@mos.com.np




Securities Board of Nepal                                       123                                       Annual Report 2009/2010
 S.N.        Name of the Company                 Listing                       Address                          Tel. No.       Fax No.
                                                  Date
   3    Nepal Banaspati Ghee Udyog Ltd.         05/06/1988   City Office: POB 483, Kalimati, Kathmandu      4271270, 4271014   4271704
                                                             Factory : POB 8, HID, Hetauda, Narayani        057-520369,
                                                             Zone                                           057-520660,        057-520751
                                                             E-mail : santintd@Wlink.com.np                  057-520752,
                                                                                                            057-520753

   4    Sri Raghupati Jute Mills Ltd.           17/06/1988   Head Office: POB 22, Golchha House,            021-530316         021-524809
                                                             Main Road, Biratnagar
                                                             Factory: POB 114, Mills Area,Rani,             021-524896
                                                             Biratnagar
                                                             E-mail : raghujm@ccls.com.np

   5    Butwal Dhago Karkhana Ltd.              14/11/1988   City Office: POB 3550, Anamnagar,              4251295, 4252537   4251293
                                                             Kathmandu
                                                             Head Office: POB 37, Ramnagar, Butwal          071-540963
                                                                                                                               071-540308

   6    Gorakhkali Rubber Udhyog Ltd.           08/03/1991   Office: POB 1700, Kalimati, Kathmandu          4271102, 4274537   4270367
                                                                                                            065-540069
                                                             Factory: Majuba, Deurali, Gorkha                                  065-540080
                                                             E-mail : gral@wlink.com.np

   7    Jyoti Spinning Mills Ltd.               27/09/1991   GPO Box 133, Jyoti Bhawan, Kantipath,          4227517,           4224720,
                                                             Kathmandu                                      4225490            4226314
                                                             Factory: Jyoti Firm, POB:1, Parwanipur,        051-539405         051-539409
                                                             Birgunj
                                                                                                            051-539405
                                                             E-mail : jsml@jyoti.mos.com.np

   8    Bottlers Nepal (Terai) Ltd.             07/11/1991   Office: POB 2253 BID Balaju, Kathmandu.        4350602            4350227
                                                             Factory: POB: 20, Bharatpur-9, Chitwan         056-520416,        056-520316
                                                                                                             056-520031
   9    Arun Vanaspati Udyog Ltd.               16/12/1991   Office : GPO 363, Golchha House,               4250001, 4221101   4224823
                                                             Ganabahal, Kathmandu                           025-540049
                                                             Fact: POB 24, 25 Duhabi, Sunsari               025-540051         025-524395
                                                             M.D.'s Office : Golchha House, Main Road,      021-525310,        025-524395
                                                             Biratnagar                                     021-525081
                                                             E-mail : ovul@ccsl.com.np
                                                             E-mail : golcha@ccsl.com.np

  10    Harisiddhi Brick & Tiles Factory Ltd.   05/05/1994   City Office : POB 476, Kamaladi, Kathmandu     4241344, 4248327   4240665
                                                             Factory : Harisiddhi, Lalitpur                 5521451, 5521178
                                                             E-mail : nbgroup@mos.com.np                                       5522776

  11    Unilever Nepal Ltd.                     22/09/1994   CorporateOff: POB7765Heritage Plaza,           4253351, 4269218   4254097
                                                             Kathmandu                                      057-521632,
                                                             Factory: POB 11, Hetauda, Makawanpur           521958             520655
                                                             E-mail : nilktm@mos.com.np

  12    Khadhya Udyog Ltd.                      25/11/1994   City Office :POB 483, Kalimati, Kathmandu      4271395            4271704
                                                             Factory : POB 6, Hetauda Industrial District   057-520127,        057-520276
                                                             E-mail : noonkath@mos.com.np                   057-520315

  13    Birat Shoe Ltd.                         25/10/1994   Head Office: POB 1887, Dillibazar,             4418429            4414859
                                                             Kathmandu                                      4371666, 4290666
                                                             Factory: Budhanilkantha, Kathmandu

  14    Shree Bhrikuti Pulp and                 01/06/1997   Head Office: POB 3259, Naya Baneswor,          4486155, 4471030   4472443
        Paper Nepal Ltd.                                     Kathmandu                                      056-520230,
                                                             Factory: Gaidakot, Nawalparasi                 056-520266         056-521176
                                                             Email: bhrikuti@mos.com.np




Securities Board of Nepal                                        124                                         Annual Report 2009/2010
 S.N.        Name of the Company           Listing                      Address                       Tel. No.        Fax No.
                                            Date
  15    Fleur Himalayan Ltd.              03/09/1997   Mkt. Office : Gha -3, Pulchowk, Lalitpur   5529436, 5529059    5529434
                                                                                                  051-521097
                                                       Factory.: Adarsha Nagar, Birgunj                               051-522084
                                                       E-mail : nplmkt@Wlink.com.np

  16    Sri Ram Sugar Mills Ltd.          18/04/1999   Registered Off:Golchha                     4250001,            4249723
                                                       House,Ganabahal,Kathmandu                  4250004
                                                       Factory:Mahammadpur (Garuda), Rautahat     055-529506          055-529504
                                                       District
                                                       E-mail : sriram@golchha.com

  17    Nepal Bitumen and Barrel          10/05/1999   City Office: POB 4508, Pulchok, Lalitpur   5536311,            5536815
        Udhyog Ltd.                                    Factory.: Amlekhgunj, Bara                 5520343
                                                       E-mail: bitumin@panchakanya.mos.com.np     053- 529103         053-529109

  18    Himalayan Distillery Ltd.         21/03/2003   POB 423 Jawalakhel, Lalitpur               5522010, 5538239,   5538236
                                                       Email: jd@ecomail.com.np                   5538875

        Trading Company
   1    Bishal Bazar Co. Ltd.             08/11/1984   POB 4565, Sukrapath, Kathmandu             4242185, 4222423    4248893
                                                                                                  4228343

   2    Salt Trading Corporation Ltd.     08/11/1984   POB 483, Kalimati, Kathmandu               4270315, 4271208,   4271704,
                                                       Email: noonkath@mos.com.np                 4271014             4271395
                                                       saltkath@mos.com.np

   3    Nepal Trading Ltd.                18/12/1992   POB 7146, Chakra Path, Sanepa, Lalitpur    5522941             5535730


   4    Nepal Welfare Company Ltd.        12/12/1994   POB 9478, Maitidevi, Kathmandu             4429406

        Other
   1    Nepal Film Development Co. Ltd.   15/07/1996   GPO 549, Balaju Industrial Estate,         4350113, 4350947    4350511
                                                       Kathmandu
                                                       E-mail : nfdc@complex.mos.com.np

   2    National Hydropower Co. Ltd.      02/07/2003   POB: 6518, Ktm Email:nspc@info.com.np      4437359             4410411
                                          promoters                                               4437362
                                          18/09/2007
                                          ordinary
   3    Butwal Power Co. Ltd.             28/12/2004   POB: 11728, Kumaripati, Lalitpur           5535595, 5538404    5527901
                                                       Email: service@bpc.com.np
   4    Chilime Hydropower Co. Ltd.       30/05/2005   POB: 25210, Kalikasthan, Kathmandu         4417434,            4443076
                                                       Email: chpol@wlink.com.np

   5    Nepal Telecom Co. Ltd.            10/08/2008   Central Office: Bhadrakali, Ktm
                                                       Website: www.ntc.net.np




Securities Board of Nepal                                  125                                     Annual Report 2009/2010
                   SECURITIES MARKET SCENARIOS




Securities Board of Nepal      126         Annual Report 2009/2010
Securities Board of Nepal   127   Annual Report 2009/2010
Securities Market Scenarios


                                 Sector Wise Issue (In percentage)
                                            (FY 1993/94 to 2009/10)

       Manufacturing and                        Trade
                                                               Others(5.71)
        Processing (1.88)                       (0.01)

                                                                              Commercial Bank
                   Hotels (1.66)                                                 (36.26)


    Insurance Company
           (2.31)




                 Finance Company                                          Development Bank
                      (35.26)                                                  (16.92)




                             Instruments Wise Issue (In percentage)
                                            (FY 1993/94 to 2009/10)

                            Debentures (10.8)
             Preference shares                                         Ordinary Shares
                   (1.33)                                                  (19.41)




                   Rights Shares (68.46)




Securities Board of Nepal                                128                       Annual Report 2009/2010
                                                                 Securities Issue Amount
                      18000                                                                                                                                               16829
                      16000
                      14000
   (Rs. in million)




                      12000                                                                                                                                                              10822
                                                                                                                                                                   9968
                      10000
                       8000
                       6000
                       4000                                                                                                                  2443 2296
                                                                                                  1441                        1627
                       2000      244   174       294      332     462     258     327      411                557 1028
                          0




                                                                           Paid up Capital
                      90000.00
                                                                                                                                                                                         79356.00
                      80000.00
                      70000.00                                                                                                                                                61140.39
                      60000.00
   (Rs in million)




                      50000.00
                      40000.00
                                                                                                                                                                   29465.80
                      30000.00                                                                                                                          21799.00
                                                                                                                                             19958.00
                                                                                                                                  16772.00
                      20000.00                                                                                12560.00 13405.00
                                                                                                    9685.00
                                                                                    7347.00 8165.00
                      10000.00              2962.00 3359.00 4477.00
                                                                    4960.00 6487.00
                                  2182.00
                          0.00




Securities Board of Nepal                                                              129                                                         Annual Report 2009/2010
                                                                   Annual Turnover
                      25000.00                                                                                                       22821.00
                                                                                                                                            21681.14

                      20000.00
   (Rs. in million)




                      15000.00
                                                                                                                                                 11851.11

                      10000.00                                                                                                 8360.00

                                                                                                               4508.00
                       5000.00                                                      2344.00               2144.00
                                                                                                                         3451.00
                                                                     1500.00 1157.00       1541.00
                                  422.00 1054.00 216.00 416.00 203.00                              576.00
                          0.00




                                                              Market Capitalisation
                      600000.00
                                                                                                                                          512939.07
                      500000.00
   (Rs. in million)




                                                                                                                                                 376871.37
                      400000.00                                                                                                     366248.00


                      300000.00
                                                                                                                              186301.00
                      200000.00
                                                                                                                     96764.00
                                                                           43123.00
                      100000.00                                                   46349.00      35240.00      61366.00
                                         12963.00     12698.00      23508.00             34704.00      41424.00
                                  13872.00      12295.00     14289.00
                           0.00




Securities Board of Nepal                                                      130                                            Annual Report 2009/2010
                                                     Yearly Nepse
              1200

              1000                                                                                     963.36


              800                                                                                               749.1
                                                                                              683.95
   (Points)




              600

              400                                     360.7     348.43                                           477.73
                                                                                    286.67
                     226.03   185.61                                     204.86              386.83
              200                           163.35   216.92
                                                                  227.54          222.04
                         195.48    176.31
                0




Securities Board of Nepal                                 131                                  Annual Report 2009/2010

				
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