Kathmandu. Shubhi Agrawal, wife of Shulabh Agrawal, the then chairman of Himalayan Life Insurance Company, said that Subhi Agrawal owes Rs 62,89,56,371.70 to Bhrikuti Stock Broking Company. This is what the Securities Board of India (SEBI) has done.

Shubhi was found to have been involved in the loan transaction from Himalayan Life Insurance, which is owned by her husband Shulabh Agrawal. Shubhi has been found to have been doing business from October 22, 2081 till now. He has not deposited any amount for the purchase of securities during this period. It has been found that Shubhi has been given a limit on PIN transactions without keeping the amount in advance.

Although he did not deposit the amount for the purchase of shares, he has deposited securities in his account.

As of July 30, 2082, the outstanding amount to be paid to Bhrikuti Stock Broking Company Pvt. Ltd. has reached Rs 1.36 billion, 9 lakh 32 thousand 349 rupees. Since February 7, 2082, the amount of Rs 6289,56,371.70 is yet to be paid. During the period, he bought and sold shares of Nepal Reinsurance, NLG Insurance and Guardian Micro Life Insurance.

Shubhi has been found to have bought and sold the said companies from October 22, 2081 to December 22, 2082. He was found guilty of the offence as per Section 96 and Section 98 of the Securities Act, 2063. Section 96 deals with influencing the stock market and Section 98 deals with fraudulent transactions.

Section 101 of the Act provides for punishment for such an offence. According to Section 96 of the Constitution, the offender can be fined Rs 50,000 to Rs 175,000 or imprisonment up to one year or both. In addition, if anyone has suffered any loss, compensation should also be paid.

Similarly, Section 98 of the Act provides for a fine of Rs 100,000 to Rs 300,000 or imprisonment up to two years or both. It has also been mentioned that the victims should be compensated.