CIAA Raids Securities Board; Seizes Documents of 89 Companies Awaiting IPO Approval

The Commission for the Investigation of Abuse of Authority (CIAA) has raided the Securities Board of Nepal (SEBON), seizing documents related to 89 companies in the pipeline for Initial Public Offering (IPO) approval, including 33 hydropower firms.

According to SEBON’s assistant spokesperson, Tolakant Nyaopane, a CIAA team confiscated the documents submitted by companies seeking IPO approval. The action follows complaints filed by hydropower companies alleging they were asked to pay commissions during the IPO approval process.

Just a day before the raid, representatives of these companies had held discussions with the Independent Power Producers’ Association of Nepal (IPPAN), announcing their intention to formally demand clarification from the Board.

The issue also surfaced in Wednesday's House of Representatives meeting, where several lawmakers called for an investigation into alleged irregularities and commission demands by SEBON officials.

The raid has cast a shadow over the regulatory body’s credibility and raised serious questions about transparency in the IPO approval process.