CIAA Seizes Mobile Phones of NEPSE Employees Following Insider Trading Allegations by Former Finance Minister

In the wake of allegations leveled by former Finance Minister Prakash Sharan Mahat during a recent session of the Mini Parliament Finance Committee, the Commission for the Investigation of Abuse of Authority (CIAA) has swiftly taken action against employees of the Nepal Stock Exchange (NEPSE). Mahat's accusations of insider trading among NEPSE staff have triggered a formal investigation, leading to a raid on NEPSE’s premises this past Monday.

During the operation, the CIAA confiscated the mobile phones of two employees from NEPSE's technical department. These individuals had previously been implicated in complaints submitted to the CIAA, and they have been subjected to multiple rounds of questioning.

The CIAA’s renewed intervention follows the former Finance Minister's grave allegations of insider trading, which were aired publicly in the Mini Parliament. In light of the ongoing investigation, market analysts have recommended that NEPSE temporarily suspend these employees from their duties within the technical department until the inquiry is concluded.

Reports from Bizmandu indicate that during the COVID-19 pandemic, it was discovered that relatives of the two NEPSE employees in question engaged in substantial share transactions. These revelations have cast a shadow over the transparency of the stock market and have sparked concerns among everyday investors. Despite the serious nature of the investigation, the employees in question continue to perform their duties at NEPSE, with no disciplinary action yet taken.