Hydropower developer Neupane chargesheeted on insider trading charges

KATHMANDU: A case has been filed against hydropower developer Guru Prasad Neupane at the District Court, Kathmandu.

The District Government Attorney’s Office, Kathmandu, filed the charge sheet on the basis of a complaint lodged by the Securities Board of Nepal (Sebon), the stock market regulator. The office is seeking a fine of Rs 32.3 million and a jail term for Neupane.

According to the charge sheet filed by the District Government Office in Kathmandu, Neupane allegedly engaged in insider trading while he was chairing the board of directors of Ridi Power Company Ltd. He reportedly profited Rs 32.3 million from transactions of the company’s shares at the Nepal Stock Exchange (Nepse).

Insider trading refers to the buying or selling of securities, such as stocks or bonds, by individuals who have access to non-public information about a company. This information is not available to the general public, and when insiders use it to make trades, they can gain an unfair advantage over other investors in the market.

Sebon decided to take action against Neupane and Gyanedralal Pradhan, the chairman of Nepal Hydro Developer, on December 16, after confirming their involvement in insider trading. Neupane was charged based on this decision.