Kathmandu. Finance Minister Dr. Swarnim Wagle has said that the government is not in any crackdown targeting small investors.

During a discussion with the Society of Economic Journalists of Nepal (SEJON) on Monday, Finance Minister Wagle clarified that the government’s policy towards the share market was inappropriate to terrorize the small investors. “The government has no intention of taking action against small investors,” he said.

According to him, the stock market in Nepal is more systematic and transparent than many other sectors. According to him, the sector is credible due to paperless system, transactions through banks, direct deposit of dividends, clear tax system and tracking of transactions and purchases. “We have taken the stock market as a model area of digitalization,” he said, adding that the aim is to extend the same model to other areas as well. ‘

Finance Minister Wagle has clarified that there is no situation to ask the investors ‘where did they get the property from’ in the share market. He, however, said that those involved in insider trading, market manipulation or other unethical activities will be prosecuted under existing laws.

Urging the investors not to panic, he said that work would be started to improve the stock market in the coming days. He added that necessary reforms would be implemented after studying the NEPSE restructuring report and an investor-friendly approach would be adopted at the policy level.

“There is no need to be anxious when the market has fallen, golden days are approaching,” he said, adding, “The government has come for a five-year term. During the discussion, Finance Minister Wagle said that the government’s liberal policy towards share market would be proved through the implementation of points 33 and 34 of the Rastriya Swatantra Party’s manifesto.

He said that the first priority of the government is to remove Nepal from the ‘grey list’ of the Financial Action Task Force (FFF). According to him, the ‘grey list’ has affected the country’s image in the international arena as well as negative impact on the investment climate.

“We are not limited to papers, we have already entered the implementation phase,” he asserted. Stating that the ongoing investigation into money laundering and financial crimes was moving ahead on the basis of long-term evidences, he clarified that the government has a policy of giving priority to monetary fine in white-collar crimes.

“It is not our intention to trouble any person or institution,” he said, adding, “We believe in open market economy but it is not a loose economy.” Stating that justice would be settled through the court, he made it clear that no one would be spared from action as per the law, but no arrests would be made targeting the private sector.