Investors’ "Hunger Strike" to start from Sunday; Demand resignation of the finance minister

With the bearish trend continuing in stock market, investors have decided to start hunger strike from Mangsir 23 with a motive of protection of assets. The main demand of the investors is the resignation of the Finance Minister Dr. Yubaraj Khatiwada.

The stock market has been on a continuous downfall with the introduction of Online Trading system and the change in sentiment of the investors.

Following the same, the investors have announced relay hunger strike to be started from Sunday. The hunger strike will start from 10 AM on Sunday in the premises of Nepal Stock Exchange.

Previously the pressure group had demanded the following demands:

The demands were as follows:

1. The government should have clear stand and guidelines regarding the securities market. It must bring in special programs for the expansion of the market.
2. Online Trading System should reach ordinary investors immediately.
3. The board must make required provisions to include Non Residential Nepalese and Nepalese citizens living in abroad in the market.
4. Marginal Trading through brokers must be implemented.
5. Margin type lone should be at 80% of the value of the shares and the risk weighted average should be set at 100% or less to make loans cheaply accessible. BFI’s should be allowed to float 25% of the total loan capacity for margin type loan, not 25% of the core capital.
6. The board is required to establish Market Makers and Dealership that is in the pipeline of the board since past three years.
7. Companies that have received credit rating of Grade 4 or 5 should not be allowed to issue IPO. Preventing the hydropower and other such companies from issuing IPO units provisions of the governing body are met.
8. Before proposing right issue, the promoter and ordinary shareholders are required to deposit 75% of the said issue, only upon which the issue may be made public and proposed at the AGM.
9. Commercial Banks should be provided with broker’s license and new brokers from all districts of the country should be provided with license to make the securities market accessible to all the people.
10. On issuing FPO, the condition must be that the price of the shares should not be more than the Net worth per share.