Kathmandu, May 11 -- The taskforce formed under the Securities Board of Nepal has concluded that the software used by Nepal Stock Exchange to operate the trading system is of low quality which has resulted in frequent disruptions during stock trading.

In the report that the board submitted to the Ministry of Finance two weeks ago, the regulator has pointed out the flaws in the trading system, suspecting the high level officials of the stock exchange to be involved in embezzling money while awarding the contract to YCO, an Indian vendor company. "The report shows that the stock exchange has focused only on developing a matching system in the software rather than addressing multiple tasks related to trading," said an official of the board....