Kathmandu. Chief Executive Officer (CEO) of Nepal Stock Exchange (NEPSE) Chandra Singh Saud has resigned.

CEO Saud was embroiled in controversy after he bought shares in the same company in his wife's name while he was in the process of building the best cement. He was even asked for clarification by the Finance Ministry. Members of the Parliamentary Finance Committee had called on the Ministry of Finance to suspend Saud and initiate proceedings.

Both were widely criticized after it was revealed that the names of Bhishma Raj Dhungana, chairman of the Securities and Exchange Board of Nepal, and Saud, chief executive officer of the Nepal Stock Exchange, had been bought. Saud has bought shares in his wife's name. Chairman of the Nepal Securities Board Dhungana, on the other hand, has bought shares in the name of his daughter.

Earlier, in a meeting of the Finance Committee of the Federal Parliament, Saud had admitted that it was a mistake to buy shares in terms of his position and responsibility even though the law did not allow it. He also argued that the law did not bar him from buying and selling shares in the OTC market.

At that time, he had even declared his commitment to stay away from such weaknesses. He said that he is open-minded about paying attention to the people as the society is also looking at the person leading the institutions apart from the law. His decision on Tuesday can be seen as open-minded.

There is also a possibility of internal trading of shares bought by Saud on the basis of prior notice.