KATHMANDU: The Independent Power Producers’ Association of Nepal (IPPAN) has accused the Securities Board of Nepal (SEBON) of delaying hydropower IPO and rights share approvals for 28 months, causing losses of over Rs 108.5 billion to the energy sector.

At a press meet, IPPAN said SEBON unlawfully introduced the “real net worth” requirement—undefined in law—to cancel six IPO applications and restrict issuance until projects begin power generation.

The delay, it added, has fueled local obstructions and free-share demands, with the 45 MW Bhotekoshi Project suffering losses of Rs 320 million.

IPPAN has given SEBON 15 days to act or face lawsuits, complaints to the CIAA, and nationwide virtual and street protests.

It urged the government to ensure timely IPO approvals and restore investor confidence in the energy sector.