KATHMANDU: Nepal Communist Party (Maoist Center) Chair Pushpa Kamal Dahal ‘Prachanda’ has demanded a fresh competitive process for issuing a new stock exchange license.
Speaking in Parliament as the leader of the opposition, Prachanda claimed that the current process is illegal and should be scrapped.
“I am telling you from this very podium, just like telecommunications frequencies, the state should treat stock exchange licenses as national assets. If they are to be issued, it should be through open competition, not through commissions. The current illegal process must be canceled,” he said.
He accused the government of attempting to issue stock exchange licenses through backdoor arrangements by drafting regulations that are not in line with existing laws.
“The ruling party’s members should not take this personally. This government is using your support and votes as a detergent to wash away crimes, as a golden elixir to cleanse criminals.
Now, intermediaries have set their sights on the Securities Board. The government is trying to manipulate the stock exchange licensing process by drafting unauthorized regulations,” Prachanda added.
He further alleged that the controversy surrounding Reliance Spinning Mills’ IPO audit was settled through political influence in the selection of the Securities Board leadership.
“What happened to the fake audit scandal of the spinning mill’s IPO? Let me answer—it was settled within the Securities Board itself,” he claimed.
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