Kathmandu. The CDSC today held a discussion program with stakeholders to discuss the draft Securities Dematerialization Work Operation Directive, 2082 (IGIN Directive). Although the representatives of Securities Board of Nepal (SEBON) and NEPSE were not present in the meeting, representatives of Nepal Rastra Bank, stock brokers, IPPAN, investors and media persons were present.
In the discussion, the special guests expressed their views on the double engine to be given to the shares of the company in the proposed guidelines. Speaking at the program, IPPAN Chairman Ganesh Karki said that it was wrong to say that pressure is being exerted not to bring the iGene directive. “If that is the case, then action should be taken against those exerting unnecessary pressure,” he said. When one person made a mistake, he didn’t put everyone in one basket. ’
Opposing the double IGN, Karki also challenged the IPO to be stopped. “The private sector is needed but everyone is being disappointed. Everybody has investment in hydropower. The election slogan has also been given priority to hydropower,” he said, adding, “If we do not want the prosperity of the country, then why build hydropower?”
On the occasion, Chairman of Nepal Chamber of Commerce Kamlesh Kumar Agrawal said that the double engine has not developed the capital market. “This happened when the price of the company gave the same return was different,” he said. ’
Agrawal said that a few years ago, Nepal Rastra Bank (NRB) had amended BAFIA to make the double engine the same. “The doubling engine will cause problems,” he said, “It creates confusion among investors.” There will be technical problems in issuing bonus shares and issuing right shares. It also increases regulatory risk. Therefore, you have to make a single engine. ’
During the discussion, investor Prakash Rajaure said that financial crimes in the name of iGene should be controlled. Taking the names of some companies, he said, “The promoter will increase the value of the company which has 90 percent shares and the general public 10 percent will increase the value of the company to Rs 1,000 and then sell all the shares to the general public.” Should we raise that money and invest it abroad?”
Rajaure also said that the investors of Reliance Spinning Mills, which has brought the IPO through book building method, are crying. “We all need to unite to stop such economic crimes,” he said.
Other special guests also said that it would be appropriate for all the regulators of the stock market to work together on the issue of iGin. They were of the view that if all parties were honest, there would be no need for double irony. However, they argued that the system of doubler engines does not mean that everything will be ruined.
