Himal Press 
KATHMANDU: Share investors have filed a complaint at the Commission for the Investigation of Abuse of Authority (CIAA) accusing senior officials of the Securities Board of Nepal (Sebon) and the Nepal Insurance Authority (NIA).
They have accused Sebon Chairman Ramesh Kumar Hamal and Executive Director Muktinath Shrestha and, NIA Chairman Surya Prasad Silwal and Executive Director Raman Poudel of abusing their authority by permitting four insurance companies to float their public issue by adding premiums going against the Insurance Act, 2022.
Sebon and NIA permitted Citizen Life, Sun Nepal Life, IME Life and Reliable Life insurance companies to launch publish by adding a premium on their shares with a face value of Rs 100 each. IME Life, Sun Nepal Life, Reliable Life, and Citizen Life floated their public issue by adding premiums of Rs 136.91, Rs 139, Rs 157 and Rs 144, respectively.
“We request CIAA action to scrap these illegal decisions of the past and prevent the authorities concerned from taking similar decisions in the future,” the applicants have stated in their complaint.
The investors have asked the CIAA to investigate all the documents related to licensing, IPO issuance, appointment of issue manager, credit rating, and correspondences related to these four companies.
They have also requested the anti-graft body to investigate policy corruption while allowing Ghorai Cement Factory to float its public issue by adding a premium.
