Nepal: Investors on hunger strike, demand resignation of Fin Min, officials

A group of investors in Nepal have been on a hunger strike in front of the Nepal Stock Exchange here demanding the resignation of Finance Minister Yubraj Khatiwada, Governor of Nepal Rastra Bank Chiranjibi Nepal and three officials.

The strike, which began on Monday, is being led by investors Tilak Koirala and Hari Dhakal as part of a pressure group formed by the community.

Agitators are demanding the resignation of Chairman of Securities Board of Nepal Rewat Bahadur Karki, Chairman of Nepal Stock Exchange Laxman Neupane and Chairman of Insurance Board Chiranjibi Chapagain.

"The promises which the government authorities have been making for the improvement and upliftment of investors for last three-four years have not been fulfilled. We demanded swift implementation of measures to protect the interests of investors but the government did not pay any attention. As a result, we have started the hunger strike to pressurise the government," Koirala, a former economic journalist, told ANI.

Koirala alleged that the Finance Ministry and other concerned authorities did not show its readiness to bring reformation in the stock market. "Finance Minister Dr Yubraj Khatiwada and the head of other regulatory bodies do not want to expand and improve the finance market because of which we are now forced to go on a hunger strike demanding for their resignations," he added.

The group of investors has also published its 14-point demands concerning reformations in the capital market, protection of investors and creating a conducive environment for investment.

"The veteran economist (Khatiwada) is himself the Finance Minister. However, this has become a horror. He is well aware of the issues but is acting indifferently. He has been ignoring 1.7 million share investors," alleged Sushma Dhungana, one of the investors in Nepal stock market.

"Previously during an event of the Nepal Stock Exchange Board at Bhrikutimandap (Kathmandu), he (Khatiwada) had mocked saying 'I deposited my money in fixed deposit and my friend invested in bonds. Now you look at me and look at my friend, it seems better to do this rather than invest in the share market'. An economist turned Finance Minister who is driven by the hunger of interest has been causing this problem to us. We are not heard anywhere," she added.

The Finance ministry had reportedly formed a committee to discuss the investors' issue and a report was to be prepared. However, the ministry denied it.

The group of investors has now vowed to continue their protest until their demands are met.