Agitated Investor Forums/Associations Head To Brokerage Houses To Close TMS; Claims 10 Broker Houses Made Non-Functional

The dissenting representatives of the investor forums/associations are heading to brokerage offices to shut down the NEPSE TMS (Trading Management System).

The members of the investor associations will divided in separate groups and head to different brokerage houses in the Putalisadak, Anamnagar area to shut down the TMS, infuriated that their demands have not been met. 

Earlier, the investor associations had requested the Broker Association to close down the TMS. However, as the TMS still remains operational, the members are proceeding to the said areas to shut the TMS operations. 

Tilak Koirala, a common investor and an activist, talking to ShareSansar over the phone confirmed that as of writing at least 10 brokerage houses in areas including Anamnagar, Putalisadak and Kamal Pokhari have been shut down. Meanwhile, the protesting investors are also heading to other brokerage houses expecting them to close their transactions for the day. 

Koirala vehemently stated, "We are politely requesting brokers to remain non-functional. Those who do not abide by this, will have to bear the consequences."

"Earlier, we had cordoned off the NEPSE office premises, requesting them to shut down TMS. However, as the data center of NEPSE is within the premises of Sighadurbar, we could not interfere," added Koirala.  

When asked about what the demand of the investors were, Koirala answered that the Capital Gain Tax (CGT) currently being levied on share transactions in the specified margins for long-term and short-term investors, respectively have to be maintained as the final tax. "Any additional taxation is not in the best interest of the investors."

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President of the Nepal Investors Forum Tulsi Ram Dhakal affirmed the protesting investors have our full moral support. "Some of the investors are visiting brokerage house to close down the TMS. We extend our full moral support to the protestors. After all, they are protesting for the best interest of the market in whatever way they deem fit." 

Dhakal further claimed that yesterday they had met with concerned officials and discussed the matter and that the officials had responded positively. "Yesterday, we had met Director General of the Inland Revenue Department (IRD) Dirgha Raj Mainali to discuss into the matter. During our meeting, he responded positively to our concerns. However, a notice regarding the tax concession rule publicized by IRD today does not clearly resolve the ongoing debate. We are ascertain on our demand to maintain CGT taxes as the final tax. The notice mentions words such as "पटके" which we are not familiar with. A clear explanation into the matter is expected and we are still in the process of discussing and negotiating with the concerned officials."