सिंहदरबार संवाददाता
Kathmandu. Former Prime Minister and Chairman of the CPN-Maoist Center, Pushpa Kamal Dahal ‘Prachanda’ has revealed that there has been a major manipulation in the new stock exchange. Speaking in the House of Representatives, Prachanda accused the government of making guidelines that were not envisaged by the law to feed the middlemen.
He said, “Now the eyes of the middlemen have gone to the Securities and Exchange Board of Nepal. The government is preparing to issue licenses for the new stock exchange by preparing guidelines that were not envisaged by the law (guidelines that were not envisaged by the law). It has moved forward on the wrong path. I want to tell you from this rostrum. Like telecommunication frequencies, the state should create an environment where the new stock exchange license is considered its property. If it has to be given, it should be given not through the commission. It should be given through open competition. I want to say emphatically that the current illegal process should be stopped.”
Prachanda has claimed that the government is working only for vested interests. He added, “At this time, even though the people are unhappy with the government, I have found that the middlemen and vested interests are very happy, but I want to tell those middlemen and vested interests that you understand. The immunity you get by buying the government will not be permanent. The resources and means you have captured will not be there forever. I want to say this today from this rostrum with a challenge. Those files of yours will be reopened. The Nepali people will open them. We will open them.”
A case has been filed in the Constitutional Bench of the Supreme Court alleging that the process of granting licenses to the new stock exchange is not in accordance with the law. Law student Krishna Bahadur Thapa filed a case on Poush 23, alleging a legal error in distributing licenses for new stocks. The next hearing of the case, registered with registration number 081-wc-0035, has been scheduled for Falgun 21.
When the first hearing was scheduled for Magh 9, the hearing could not be held due to lack of time. Now, the writ petition is being heard on Falgun 21 in a bench headed by Chief Justice Prakash Man Singh Raut of the Supreme Court. The senior-most judges in the constitutional bench headed by the Chief Justice are Sapana Pradhan Malla, Kumar Regmi, Dr. Manoj Kumar Sharma and Dr. Kumar Chudal is the chairman.
The writ petition states that the Nepal Securities Board is trying to establish a corporate body to operate the securities market by misinterpreting Section 118 of the Securities Act, 2063. The hearing of this case has been fixed for Falgun 21.
The writ claims that the board has issued the ‘Directive on Providing Recommendations by the Board to Establish a Corporate Body to Operate the Securities Market, 2079’, using its power not provided by law. The directive is in conflict with Section 118 of the Securities Act, 2063, and therefore, the directive on providing recommendations from the board to establish a corporate body for the operation of the securities market, 2079, has been demanded to be revoked.
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