Kathmandu. Controversial Chairman of The Securities Board of Nepal Santosh Narayan Shrestha has called a meeting of the Board of Directors of the Board of Directors on Thursday, June 15, with a single agenda related to the distribution of licenses of the new stock exchange.
Board Chairman Shrestha, who is under the scanner of the CIAA, has called a meeting of the Board of Directors at 5 pm on Thursday on a single agenda related to starting the license distribution process of the new stock exchange. According to sources, Shrestha, who has been calling the meeting with the agenda of moving forward the licensing process of the new stock in the past, has called a meeting of the board of directors this time saying that it will be passed anyway.
Shrestha has been accused of demanding commission from power producers through middlemen for ipo issue. Independent Power Producers Association Of Nepal (IPPAN) had filed a complaint with the Commission for the Investigation of Abuse of Authority (CIAA) alleging that the board chairman Shrestha had demanded commission from the power producers.
Following ippan’s complaint, the CIAA team raided the securities board on May 24 and took away documents related to ipo issue. About a week ago, the CIAA team had summoned Board Chairman Shrestha to Tangal and recorded his statement.
On the other hand, there is a demand in parliament to investigate Board Chairman Shrestha. Nepali Congress lawmaker and dollar billionaire Binod Chaudhary, RPP lawmaker Roshan Karki, RASTRP lawmaker Biraj Bhakta Shrestha, among others, have demanded an inquiry against Shrestha.
CpN (Maoist Centre) lawmaker Madhav Sapkota and RASTRIYA Prajatantra Party (RPP) lawmaker Roshan Karki had demanded an investigation and action against the chairman of the securities board. The board has started preparations to distribute the license before the case after the CIAA got the information that it would take some time to register the case.
The budget for the upcoming fiscal year 2082/83 has not said anything about the new stock exchange. Nepal Stock Exchange (NEPSE) will be restructured. The High-Level Economic Suggestion Commission led by former secretary Rameshwor Khanal has also stressed on restructuring of NEPSE rather than the new stock exchange.
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