KATHMANDU, AUGUST 30
Agitated investors of the secondary market have warned of protests against the ruling coalition if the proposals made by the Securities Board of Nepal (SEBON), which were submitted to the Cabinet and have since been forgotten, are not approved within two days.
Today, the Investors Unity Committee (IUC) submitted a letter to Chief Executive Officer of Nepoal Stock Exchange (Nepse) Krishna Bahadur Karki regarding the issue, warning of protests if their demands are not met by Thursday.
Issuing a statement today, the Investor's Unity Committee said that the government has been mum on the proposals submitted by SEBON despite reaching a 19 point-agreement with the committee for the introduction of proper rules, regulations, technological innovation, and required infrastructure for the development of the capital market.
The committee has accused the Cabinet, among other ministers, of being against the proposal, and thus decelerating the process, adding that the delay has angered the 5.3 million investors involved in the sector.
"There were 50 brokers for just one million investors about 10 years ago. The number of brokers has remained unchanged despite the increase in the number of investors by five folds at present. The syndicate maintained by the 50 brokers and barring capable stock brokers to enter the market has slowed its growth significantly," the statement reads.
The Investors Unity Committee has warned of holding protests if the proposal of SEBON is not approved along with the initiation of efforts to implement other approvals as mentioned in the manifesto.
A version of this article appears in the print on August 31, 2022 of The Himalayan Times.
