Despite regulatory updates designed to expand daily price limits, the system failed to adapt, trapping the stock within old parameters.
Sopan Pharmaceuticals made its highly anticipated market debut today after listing 17,160,000 units of shares (comprising 4,290,000 general public units and 12,870,000 promoter units). NEPSE had assigned an initial opening range of Rs 92.15 to Rs 276.50 for its first transaction.
The stock successfully opened at the upper ceiling of Rs. 276.50 during the special pre-open session. However, as regular trading commenced, systemic inefficiencies became glaringly obvious. :
Under the newly implemented regulations, SOPL’s share price should have been permitted to climb by 15%, reaching approximately Rs 317.90. The TMS capped the stock at a 9.98% increase (Rs. 27.60), locking the price at Rs. 304.10. Investors reported that the TMS flatly rejected any buy orders placed above the Rs. 304.10 mark, effectively forcing the stock into an outdated 10% positive circuit limit.
This technical failure directly undermines the Securities Trading Operation (Fourth Amendment) Regulation, 2082, which was jointly enacted by the Securities Board of Nepal (SEBON) and NEPSE on April 21. The main feature of the revised regulations was to increase the daily price movement limit of listed companies from the earlier 10 per cent to 15 per cent. While the policy amendment was celebrated as a milestone to modernize the capital market and grant it greater flexibility, today's mishap highlights a severe lag in NEPSE's technological execution.
Market participants have expressed deep frustration, noting that a lack of timely IT upgrades by NEPSE directly infringes upon their right to trade confidently under active laws. Investors are urgently demanding that NEPSE rectify this system mismatch and fully integrate the 15% circuit rules across all listed securities.
