Despite Attempts to Create Panic in the Stock Market, There Is No Need to Fear, Says Finance Minister Dr. Swarnim Wagle
Finance Minister Dr. Swarnim Wagle has highlighted efforts to unnecessarily instill panic in the stock market and urged investors to remain calm. He stated that the government will take legal action only against those engaged in unethical activities and plans to make the stock market a model area for digitalization. He emphasized the country’s priority to remove Nepal from the grey list and clarified that investigations into issues like asset laundering are being conducted based solely on facts. This was reported on March 23 from Kathmandu.
During a meeting with economic journalists from the Economic Journalists Society (SEJAN), Dr. Wagle clarified that attempts are being made to create unwarranted fear in the stock market, but investors should not be afraid. He assured that the government has no intention of imposing punitive measures on investors, and only those involved in unethical conduct will be prosecuted in accordance with the law. “Compared to other sectors in Nepal, the stock market is more organized and transparent,” he explained. “The paperless system, transactions through banks, direct transfer of dividends to accounts, transparent tax systems, and traceability of buyers and sellers make this system reliable.”
The Finance Minister described the government’s initiative to regard the stock market as a model zone for digitalization and stated that any found guilty of insider trading, market manipulation, or other unethical practices will face legal penalties. “There is no need for investors to panic at this time; we will continue working toward improvements in the stock market,” he said. He noted that the restructuring report of the Nepal Stock Exchange (NEPSE) is being studied to advance reforms. “We are committed to implementing points 33 and 34 of the National Independent Party’s manifesto, which reflects our openness toward the stock market,” he added, expressing confidence that better days lie ahead for the market.
Dr. Wagle also stressed that the government’s current priority is to lift the country from the grey list. “There is a perception that discussions on this matter exist only on paper and are not implemented in practice, but we have reached the implementation phase,” he stated. He clarified that investigations related to asset laundering and financial crimes are grounded strictly on evidence. “We have no desire to harass any institution or individual; we adopt an open market-based economic policy, which is not lax,” he emphasized. He further explained that since legal proceedings are carried out through the courts, any actions will be taken in accordance with the law, without targeting anyone specifically.
