Kathmandu. Trading in shares of 88 companies listed on the Nepal Stock Exchange (NEPSE) has been suspended. Nepse has decided to stop the share trading of 88 companies including banks and financial institutions, insurance companies and hydro power companies that do not submit their financial statements on time.

At present, 334 companies are listed in Nepse. Out of which, 88 companies have not submitted their financial statements to Nepse from the previous fiscal year to the third quarter of the current fiscal year. 88 companies of 11 groups listed in Nepse have not submitted their financial statements on time.

There are 40 banks and financial institutions regulated by Nepal Rastra Bank for violating the provisions of the listing regulations. Of which, there are 7 commercial banks, 10 development banks, 11 finance companies and 12 microfinance financial institutions. Similarly, 5 non-life insurance companies and 4 life insurance companies under the regulation of the Insurance Committee have not submitted their financial statements to Nepse on time.

Similarly, 19 hydropower companies, 14 manufacturing and processing companies, 3 other companies and 1 investment company have not submitted their financial statements on time. NCC Bank, Sanima Bank, Himalayan Bank, Mega Bank, Nepal Bank and Siddhartha Bank are among the commercial banks whose share trading will be stopped due to Nepse's action.

Similarly, Corporate, Jyoti, Lumbini, Mahalakshmi, Sangrila, Saptakoshi, Sindhu, Narayani, Miteri and Karnali Development Banks have not disclosed their details to Nepse.

Similarly, finance companies include Central, Goodwill, Guhveshwari, Gurkhaj, Multipurpose, Pokhara, Progressive, Reliance, Samridhi, Sirjana and Janaki Finance. Similarly, Nepse has started the process of stopping the share trading of Laxmi, Nirdhan, NMB, CPIC, New National, Low Jana Utthan, Suryodaya, Swadeshi, Upkar, Vijay, RMDC and Win Nepal Microfinance Financial Institution towards microfinance.

Among the listed insurance companies are Himalayan General, Prabhu Insurance, Shikhar Insurance, United Insurance, Lumbini Jalral, Jyoti Life, LIC Nepal, Prime Life and Reliance Life Insurance.