सिंहदरबार संवाददाता
Kathmandu. The investigation process into irregularities in the Nepal Securities Board has moved forward. The Public Accounts Committee of Parliament has decided to move forward with the investigation into irregularities in the Nepal Securities Board, the highest regulatory body of the capital market.
The committee meeting held on Friday has given the responsibility of investigating the irregularities in the Securities Board and submitting a report within the next one month to MP Gokul Baskota, who is also a former minister. The task force led by Baskota will study various complaints related to irregularities in the Securities Board in detail and prepare a report within 30 days. The committee will give instructions for action based on the report of the task force led by Baskota.
The committee concluded that five complaints should be investigated out of the complaints received on different dates. “Out of the complaints received by the committee regarding the functioning and irregularities of the Securities and Exchange Board of Nepal, a task force led by Honorable Gokul Baskota has been assigned the task of investigating five of them. The task force will prepare a report within a month, and based on that report, the committee will take necessary action,” Public Accounts Committee Secretary Ekram Giri told Singha Durbar.
Recently, there have been allegations of widespread irregularities in the Securities and Exchange Board of Nepal. The board leadership is accused of haggling over public offering files, irregularities in the issuance of premium-priced IPOs, and irregularities in the distribution of broker licenses, credit rating agency licenses, and merchant banker licenses.
Similarly, the board leadership is accused of a conspiracy to force dozens of companies that have applied for public offering licenses to go to the new stock exchange after the licenses are distributed. Santosh Narayan Shrestha, who has taken over as the new chairman of the board, is also halting the work of other old files by rapidly advancing the work of his close interest group.
Apart from that, there are allegations of widespread irregularities in the licensing process of the new stock exchange. Complaints have been filed from the Audit Committee to the Authority alleging that the board’s leadership and top management are busy granting a new stock exchange license to a company promoted by certain families.
A complaint has been filed with the Authority alleging that there is a five billion rupee commission game in the appointment of the chairman of the Securities and Exchange Board of Nepal (SEBON), and current Prime Minister KP Oli and former Prime Minister Pushpa Kamal Dahal are publicly criticizing each other on this issue. Prachanda has accused his government of collapsing and the Congress-UML alliance of forming a coalition due to the appointment of the chairman of the Securities and Exchange Board and the new stock exchange license.
A writ petition has been filed in the Constitutional Bench of the Supreme Court alleging that a new stock license is being issued to vested interests by making a directive on a matter that is not even contemplated by law. A hearing on the writ petition has been scheduled for Chaitra 13 in the Constitutional Bench led by Chief Justice Prakash Man Singh Raut.
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