सिंहदरबार संवाददाता
Kathmandu. Dr. Yubaraj Khatiwada’s name is associated with titles such as former governor of Nepal Rastra Bank, former vice-chairman of the National Planning Commission and former finance minister. Not only that, he is also a former Nepali ambassador to the US and currently serves as the economic and development advisor to the powerful Prime Minister.
Dr. Khatiwada, who was the powerful finance minister of the NCP government, is now also being called the ‘de-facto prime minister’. The same Dr. A video clip of Khatiwada from a year ago is currently going viral on social media and he has started facing ethical questions.
The Rastriya Swatantra Party (RSWP), which is currently in opposition, organized a ‘policy churning’ program in Kathmandu on October 29 and 30, 2080. Dr. Khatiwada was an important speaker at that churning. A short excerpt of the speech given by the same Khatiwada at that time has now started following him. At a time when Dr. Khatiwada’s party UML and RSWP were also on the opposition bench. Now, RSWP parliamentary party deputy leader Biraj Bhakta Shrestha uploaded a 36-second video on his Facebook and criticized Dr. Public pressure has increased on Khatiwada to stay committed to his previous announcement.
Dr. Khatiwada had said in the Manthan, “We don’t need a new stock exchange. Let’s restructure the old stock exchange (Nepse). We don’t need new stock to facilitate about 250 companies. The new stock exchange, as I understand it, is a prepaid license, if you can stop it, stop it. I don’t think we need it. But, having said this, the current Nepse should be completely restructured. What will happen if illiterate people come to leadership in the financial market? Our financial market has seen this. This is connected to the financial market.”
Now Dr. Khatiwada will be subjected to a moral test on this 36-second video clip. Yesterday, while sitting on the opposition bench, Dr. Khatiwada said that a new stock exchange is not needed, let’s restructure the Nepal Stock Exchange. Dr. Khatiwada is currently the ‘de facto Prime Minister’. The plans and policy reforms put forward by Dr. Khatiwada are now being implemented in full swing. Now, will the same Dr. Khatiwada stop the process of distributing licenses for the new stock exchange or not?
If he can stop the licensing process for the new stock exchange, it seems that the respect of society for him will increase further. But if the licensing process for the new stock goes ahead contrary to his own public announcement, Dr. Khatiwada’s ethics will be questioned. He will either have to resign from the post of Economic Development Advisor to the Prime Minister at that time, saying, ‘I could not stop it’, or he will have to sit quietly and suffer the tarnishing of his public image.
When Singha Durbar contacted Dr. Khatiwada about the public debate on the new stock license and the old commitment, he said that he would not say anything now.
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 the case on Poush 23, alleging that there was a legal error in distributing the new stock license. The next hearing of the case 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. The writ petition claims that the board has issued ‘Directives on Providing Recommendations by the Board to Establish a Corporate Institution for the Operation of the Securities Market, 2079’, using powers not provided by law. The directive is in conflict with Section 118 of the Securities Act, 2063, and therefore, the directive, 2079, regarding the provision of recommendations by the board to establish a corporate body for the operation of the securities market has been demanded to be canceled.
It seems that the licensing process is being moved forward while the case is still under consideration in the Constitutional Bench led by the Chief Justice.
When the decision was made to grant a license for a new stock exchange in the Finance Committee meeting held on 24 Kartik 2080, RSP MP Dr. Swarnim Wagle wrote a ‘note of dissent’. The parliamentary party meeting of the Rashtriya Swayamsevak Sangh (RSS) held on 16th Magh 2081 has already decided to oppose the licensing process in the parliament meeting starting on 18th Magh, concluding that there is policy-level corruption in the new stock exchange.
On the same issue, on 1st Poush 2081, activist Rajan Sharma Parajuli, on behalf of the Youth Campaign Against Corruption, has registered a complaint with the Commission for the Investigation of Abuse of Authority. The complaint number with the Authority is c-035384/2081/09. The complainant Sharma has claimed that he has presented the basis and some facts as to how a five billion rupee commission game is being played in the license case of the new stock exchange.
The Himalayan Stock Exchange, National Stock Exchange and Annapurna Stock Exchange have applied for a new stock license. Shankar Group, led by Deepak Bhatt, a businessman who has achieved rapid growth, is working hard for Himalayan Stock, while Upendra Mahato and NRN seem to have made efforts for the National Stock Exchange. The file of Annapurna Exchange has been registered under the leadership of Captain Rameshwar Thapa.
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