According to SEBON, Pragyan Securities, Biratnagar branch circulated messages like 'Buy a share of Civil Bank as 40 percent right is confirm, guaranteed profit' in the Viber group. A complaint was filed against the firm which was investigated. The fine was levied after the firm was found guilty of the misdeed.
The board said that the firm was penalized on the ground of lack of supervision to its branch office and lack of corporate governance under the Securities Act, 2063, Section 101, Subsection 7.
