Kathmandu. The plan of the directors of Himalayan Reinsurance Company to take over the government-owned Nepal Reinsurance Company has been shattered.

Those who are trying to capture Nepal Reinsurance Company at any cost are involved in fraudulent transactions and influencing the stock market.

A study conducted by the Securities Board of India (SEBON) has shown this. While studying the fraudulent transactions, price fluctuations and fraudulent transactions carried out by businessman Deepak Bhatta, the involvement of other businessmen and companies has also been found.

A study conducted by the Board found that Deepak Bhatta and Sandip Chachan, chief executive of Bhrikuti Stock Broking Company, had committed the offence as per Clause 96 (1) and Clause 98 of the Securities Act, 2063.

Bhatt and Chachan have been found to have used money from Himalayan Reinsurance Company, Himalayan Capserv, Nepal Micro Insurance Company, Himalaya Securities Banker, HLI Large Cap Fund, Rohit Gupta and Shekhar Golchha to carry out such illegal activities.

Similarly, Shubhi Agrawal, Himalayan Life Insurance, Rishi Raj Mor and Raj Bahadur Shah have also increased the share prices of Nepal Reinsurance. They have been found guilty as per sub-section (3) of Section 103 of the Securities Act, 2063.

Similarly, Bhatta has been found guilty of the offence as per Sections 94, 95 and 98 of the Securities Act, 2063. Chachan, the chief executive officer of Bhukuti Stock Broking, seems to have helped.

Shubhi Agrawal, Raj Bahadur Shah and Rishiraj Mor have been found guilty of offence as per Section 96 (1) and Section 98 of the Securities Act, 2063. Chachan, the executive chief of Bhrikuti Stock Broking, has helped in this.

Likewise, Himalaya Investment Bank and Himalayan Life Insurance have been found to have committed offences as per Section 94 (a) and Section 95 of the Securities Act, 2062 (2006).

The board found that the shares of Himalaya Capserv, Himalayan Reinsurance, Crest Micro Life Insurance and Protective Micro Insurance had committed an offence as per Section 94 (a) and Section 95 of the Securities Act, 2063.

Shubhi Agrawal, Himalaya Investment Banker, Himalayan Reinsurance, HLI Large Cap Fund, Himalayan Capserv, Crest Micro Life Insurance, Guardian Micro Life Insurance, Liberty Micro Life Insurance, Protective Micro Insurance and Himalayan Life Insurance have been involved in the increase in the share price of NLG Insurance.

The said transactions have been found to have committed offences as per sub-section (1) of Section 96 and Section 98 of the Securities Act, 2063. Shubhi Agrawal, Rishi Raj Mor and Bhukuti Stock Broking Company Pvt. Ltd. have played a role in increasing the share price of Guardian Micro Life Insurance.

They have been found guilty of the offence as per Section 96 (1) and Section 98 of the Securities Act, 2063. Himalayan Reinsurance Ltd. and HLI Large Cap Fund.