The Nepalese Government has released a notification in the Nepal Gazette on Poush 18, 2081, following the resolution of the Office of the Prime Minister and the Council of Ministers. Exercising the powers conferred under Section 7, Sub-section (2) of the Asset (Money Laundering) Prevention Act, 2064, and based on the guidance from the Coordination Committee, the government has appointed the Securities Board of Nepal (SEBON) as the overseeing authority for investment firms that meet either of the succeeding conditions:
A paid-up capital of Rs. 5 crores or greater
An annual transaction volume of Rs. 10 crores or above
In this context, such investment firms are mandated to register with SEBON in accordance with Rule 10 of the Asset (Money Laundering) Prevention Regulations, 2055, and must provide the following documents and information for registration.
- An official application for registration with SEBON
- Information regarding the Board of Directors, including names, addresses, contact details, and records of shareholders
- The company’s revised Memorandum and Articles of Association
- A certificate of criminal clearance for the company
- A duplicate of the company’s Permanent Account Number (PAN) registration certificate
- Information on the Chief Executive Officer, including name, address, and contact number
- A certified copy of the resolution from the Board of Directors approving the registration with SEBON
- A letter of authorization from the Board of Directors concerning the registration process
- Audited financial statements, together with a report detailing annual transactions and audit conclusions
- Documents and information confirming the company’s paid-up capital
Investment firms that qualify under this criterion must adhere to the specified requirements to ensure compliance with SEBON regulations.
