August 25, 2021 | Investopaper
Chandra Singh Saud, Chief Executive Officer (CEO) of Nepal Stock Exchange (NEPSE), resigned on Tuesday. Speaking at a press conference at Nepse’s office, CEO Saud said he had resigned to help with the investigation, saying he had done nothing wrong during his tenure.
CEO Saud was embroiled in controversy after he was found to have bought shares of the Sarbottam Cement in his wife’s name while the company was in the process of issuing shares through the book-building process.
Saud also presented a 28-point progress report stating that important works have been done for the development of the market during his tenure.
He was even asked for clarification by the Finance Ministry. The Finance Committee also drew the attention of the Ministry of Finance to suspend CEO Saud and initiate action. He had only two months left in his tenure at Nepse. Saud resigned after he found out that an investigation report had been prepared by the committee and that further investigation and action would be taken after the suspension.