Parties Unveil Election Manifestos Ahead of HoR Polls, Divergent Agendas on Capital Market Reform

Political parties have unveiled their election manifestos ahead of the House of Representatives election scheduled for Falgun 21. The manifestos, which include electoral promises and formal commitments to citizens, have drawn significant attention, particularly regarding policies related to the capital market.

The Nepali Congress, CPN-UML, and Rastriya Swatantra Party (RSP) have presented different perspectives on the stock market in their manifestos. The ruling and major opposition parties have focused on regulatory reforms, investor protection, and market expansion, while RSP has proposed more comprehensive structural changes.

CPN-UML has included capital market development in a traditional manner, emphasizing effective regulation, reform, and mobilization of long-term investment while ensuring investor protection. Nepali Congress has proposed connecting citizens and Non-Resident Nepalis through mobile applications, controlling insider trading, introducing advanced monitoring systems, and establishing a protection fund for small investors.

The Rastriya Swatantra Party has prioritized capital market reforms in its manifesto. It has proposed amendments to the Securities Act, restructuring of the Securities Board of Nepal, technological modernization, and strengthening investor protection mechanisms. The party has also pledged to introduce intraday trading, short selling, futures, and options in a phased manner.

RSP has further committed to improving the IPO system, ensuring fair allotment, reforming book-building mechanisms, and facilitating timely listing. It has also emphasized stable taxation policies, expansion of the bond market, and mobilization of long-term capital through infrastructure bonds.

Nepal Investors Forum Chairman Tulsiram Dhakal stated that political parties have prioritized the private sector, agriculture, and hydropower in their manifestos. He believes that effective implementation of these policies could bring significant transformation to the capital market and the overall economy. However, investors remain concerned about weak implementation of past commitments.

Overall, market observers note that RSP’s manifesto appears more comprehensive in addressing structural challenges of the capital market, while major parties’ agendas seem relatively superficial. If the proposed reforms are effectively implemented, Nepal’s stock market is expected to develop into a modern, transparent, and internationally competitive financial system.