पूँजी बजार सुधारका लागि विश्लेषक कोइरालाको ३० बुँदे सुझावAnalyst Koirala Proposes 30-Point Plan to Reform Nepal's Share Market

Kathmandu — Share market analyst and investor Tilak Koirala has presented a 30-point set of recommendations to the government and regulatory bodies, aiming to make Nepal's stock market more transparent, orderly and investor-friendly. Koirala said the suggestions were put forward to resolve the existing problems in the capital market and to ensure its sustainable growth and expansion.

The recommendations place primary emphasis on reviewing tax policy, restructuring NEPSE, modernising technology and bringing greater policy clarity. Koirala has called for the capital gains tax raised through the budget to be rearranged along more scientific lines. He suggests differentiating the rate based on the holding period — a lower rate for those who hold shares longer and a higher rate for those who buy and sell within a short span.

In line with the recommendations of the committee formed to restructure the Nepal Stock Exchange (NEPSE), Koirala argues that the Ministry of Finance should promptly take a proposal to the Cabinet, allotting at least 30 percent of the stake to a foreign strategic partner and 15 percent to domestic listed institutions.

He has also proposed amending various securities-related acts and regulations to make them mutually consistent, and ensuring that IPOs brought through the book-building process reserve fixed portions for institutional and general investors. Investor complaints should be heard within three days, he says, with all grievances settled within 30 days under a "zero pending complaints" policy.

On the technology front, his recommendations call for the immediate rollout of an automated surveillance system, automated EDIS, a multi-broker mapping system, and dedicated SME and startup platforms. The proposals also cover margin trading, opening up dealer licences, and classifying stockbrokers into full brokers and commission brokers.

To preserve market integrity, Koirala stresses introducing a licensing requirement for advisory services and taking immediate action against those spreading rumours and engaging in price manipulation through social media. He also suggests barring any political leader, lawmaker or minister from making public statements in ways that could influence the capital market.

His suggestions further include setting up a separate special court to handle securities-related offences, and promoting the bond market and mutual funds. Finally, Koirala calls on the Ministry of Finance to form an all-party task force to drive forward the reform and development of the securities market, carrying out the tasks that need immediate attention.