Nepal, June 6 -- A meeting of the board of directors at the Securities Board of Nepal (SEBON) failed to reach a decision on granting a license for a new stock exchange after a complaint was lodged with the Commission for the Investigation of Abuse of Authority (CIAA).

The complaint alleged that the government could suffer heavy financial losses if a license is issued to the new stock exchange. Following this, Board members including FNCCI Director General and Board Member Gokarna Awasthi, as well as members Bholanath Dhungana and Nil Bahadur Saru Magar walked out of the meeting, citing concerns over the complaint.

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