Govt. has no intention to trouble share market: Minister Wagle

Refuting the news report about government spreading fear in the share market, Finance Minister Dr Swarnim Wagle said the government is not working against the interest small investors.

During his discussion with the Society of Economic Journalists- Nepal (SEJON) in Kathmandu on Monday, the Finance Minister argued that the government has a clear policy towards share market. “It has not intended to unnecessarily target the small investors.” Any move to frighten the share market is inappropriate, he pointed out. Nepal’s share market is more systematic and transparent than other sectors, he said, adding that paperless system, transactions through a banking system, the deposits of dividend direct into the bank accounts, a clear tax system and the tracking system for sell and purchase have increased the credibility in the stock market. “We have taken the stock market as a model area of digitalization,” he mentioned, adding that such model will be expanded to other areas as well. Stating that there is no situation for interrogating the share market investors about the source of the investment, he reiterated that the government has not pursued a policy of carrying out a crackdown on the share market.

The Finance Minister, however, warned of action to those involved in insider trading, manipulation and other unethical practices. He urged investors not to panic over the decline in the market, promising efforts to further improve this sector. “Golden days are ahead. This government has a five-year term and the one-week scenario is too insufficient to reach the conclusion.”

He took time to say that to free the country from the gray list of the Financial Action Task Force is the first priority of the government, reinstating its image internationally.

As Dr Wagle said, the ongoing investigations into money-laundering and financial offences are based on long-term evidences and the government has a policy of prioritising economic fine in the white-color crimes.

The government never intends to practice a selective action against any individual or institution, said the Minister adding the government believes in open economic policy, but not the uncontrolled one.