Kathmandu. A complaint has been lodged with the Commission for the Investigation of Abuse of Authority (CIAA) after the Code and International Standard Identification Number (IGN) provided by the employees at the Nepal Stock Exchange (NEPSE) and CDS and Clearing (CDSC) were made earning vessels.
It has been demanded that the employees of NEPSE and CDSC have misused their authority and created single-ign and single codes of some companies in collusion with the businessmen. Amar Lamsal has lodged a complaint with the CIAA to stop the distortion in the name of the icon. He lodged a complaint with the CIAA through the registration number of C-067370.
Lamsal has filed a complaint with the CIAA alleging that nepse and CDSC have created confusion among the investors by giving the same code and igen, even though the shares of the founders of the real sector and hydropower companies will be locked in for three years. According to the complaint, NEPSE provides the same code number to the shares divided into promoter and public and on the basis of the same code, cdsc has been exploiting the general investors by giving the same icon number and also misusing the authority. they have sold. Which is the misfortune of Nepal’s stock market and the illegal activities being carried out by NEPSE. ’
In addition, NEPSE and CDS, in connivance with the company’s founders, have been mixing two different types of shares of a company in the same basket to harm small and general investors and discourage them from the market. Similarly, opening of share locking and consumption are two different issues, but now nepse and CDS in collusion with the company’s founders have been allowing the locking opened shares to be sold in the same basket.
Similarly, according to the letter issued by the Ministry of Finance to the then Nepal Securities Exchange Market on March 29, 2009, the price of the founder shares will be sold at a 50 percent lower price compared to the public shares if it has not been converted. However, now the listed companies have been selling at the same price as the general public share in the secondary market after the locking period.
Even now, there are clearly two codes and igene while listing the shares of banks and financial institutions. Similarly, some investment companies and manufacturing companies have also been provided with different codes and engines. However, in connivance with NEPSE and CDSC, some companies in the rear sector, including hydropower, were developed as earning money by bargaining by giving the same code and icon. According to the complaint, the founder investors of Super My Hydro have sold the shares of Super My Hydro without opening the lock-in, while the founder investors of The Ankhukhola Hydropower Project have also left after selling the shares due to the same code engine.
In addition, the complaint has also demanded to protect the interests of the general investors by bringing the concerned bodies including Securities Board of Nepal, NEPSE, CDSC under the purview of chhabin to give two different codes and icons to all the companies in the pipeline to be listed in the IPO in order to prevent distortions and anomalies seen in the capital market of Nepal in the coming days. Lamsal also demanded that companies that had the same code and igene earlier but had the lock-in period should also be given different codes and icons.
