Kathmandu – During the House of Representatives meeting on July 21, independent MP Amresh Kumar Singh delivered a speech, claiming that the share prices of certain companies were artificially inflated. Following his remarks, the Nepal Stock Exchange (NEPSE) index fell by 145 points—the largest drop to date after he pointed out that the share prices of four companies were excessively increased. Soon after his speech, investors began protesting against Singh, and investor organizations collectively issued a statement demanding an apology from him.

MP Singh has asserted that his remarks were intended to protect the general public from falling into a “trap.” He also mentioned that he is preparing to reveal more details in the upcoming House of Representatives meeting. According to him, investors have been planning to deceive the public by artificially inflating the share prices of companies with poor financial indicators. Below is an edited portion of the conversation between MP Amresh Kumar Singh and Banking News:

Q: After your comments on the stock market in the House of Representatives, investors have been heavily criticizing you. Are you feeling relaxed or pressured at this time?

Singh: First, I want to say that the people elected me to act in the country’s best interest. Millions of ordinary people who have deposited their money in cooperatives are currently suffering. Some people sold vegetables, others sold milk, and they saved bit by bit. The state is not in a position to respond to their cries. I raised my voice about this issue 4-5 years ago.

The state should not serve as a service provider but as a regulator. While the private sector should take on the role of service provider, the government must remain in a regulatory position. Unfortunately, in Nepal, regulatory institutions have become monopolized, and this monopoly extends to the stock market, business, industry, and customs. When you speak out against stock market practices, you face continuous criticism. Some even question my educational qualifications.

I challenge them to explain the book value, profit per share, and assets of the companies in question. Last time, I spoke for only three minutes in the House. Now, I am making more thorough preparations for the next session. Middlemen control all business sectors in Nepal, but you cannot get rich by deceiving ordinary people in the stock market. I am here to prevent that.

Q: Can you recall the insults you received after your speech in the House, where you mentioned specific companies?

Singh: There has been a lot of abuse, including many harsh and intolerable insults. This shows that Nepal is still in a primitive state. Educated people have gone to the Gulf, and those educated in Bangladesh sit and protest here. Nepal’s educated youth have no conducive environment to live in their country. Those investors use ‘clubhouse’ and social media to trap ordinary people in the stock market.

Q: How are they abusing you? Through phone calls, text messages, and social media?

Singh: They are sending me abusive messages and calling me all night. I have stopped answering unknown numbers. Calls come in as late as 11 or 12 o’clock at night. Their strategy is to create ‘propaganda’ overnight and then profit the next day. I understand their game very well. I am not afraid of their abuse. They claim I lack knowledge about the stock market, but they should be able to explain their company’s book value, dividend, and earnings per share.

In the market, companies with good financial indicators see appropriate share prices. However, the share prices of companies with poor indicators have increased more. With Bishnu Prasad Poudel’s arrival in the Ministry of Finance, the market has continuously risen, but there has been no improvement in the economy during this time.

Q: How did you know that the company’s value was being manipulated in the rising stock market and that ordinary people would be trapped by it?

Singh: Many are accusing me of speaking in the House for money. Others claim I am trying to increase my share price. To this day, I have never bought or sold a single share, nor has my family. I am a public servant, not a stock trader. One Harshad Mehta destabilized India’s economy, and today, there are ten Harshad Mehtas in Nepal.

I was studying in India at the time, and Mehta died in jail. Similarly, Nepal’s Mehtas should also face jail time. Ordinary people should not be cheated. I am ready for any debate on this matter.

Q: Does that mean the issue you have raised now will not be set aside?

Singh: That’s correct. I do not abandon an issue once I start it. I am not a coward. I take up an issue only after understanding it thoroughly. I have raised my voice on issues such as education, electricity tariffs, cooperatives, and the Bhutanese refugee scandal. Now, I have raised this issue as well. I will not be intimidated by anyone’s threats until I see it through to the end.

Q: Does this mean you are prepared for all the challenges that may come in the days ahead?

Singh: I won’t explicitly say that, but I am not backing down. Earlier, I also spoke about Bhutanese refugees. At that time, I was attacked on social media, with photos of me undressed being circulated. When the Accounts Committee was pressuring Kulman Ghising, it stopped after I spoke. When I speak, people listen, from the Prime Minister to the opposition leaders. The monopoly in the stock market will be dismantled.

If the state does nothing, it will be exposed. I will also discuss the current Governor, Minister of Finance, and regulatory bodies in the House. The truth cannot be hidden. When the state fails to regulate properly, the practice of deceiving ordinary people increases.

Q: I was going to ask about the trolling. You brought it up yourself. Yesterday, there were memes comparing the NEPSE with and without clothes. How did you feel seeing that?

Singh: I laughed at it. I admire the wit of the person who made the meme. However, Nepal is currently experiencing “crony capitalism,” and ordinary people are falling victim to it. Four middlemen are cheating common people out of 24,000 rupees.

Q: But the stock market fluctuates based on supply and demand. After your speech in the House, a statement was issued, and they argue that the market fell by 145 points because of you.

Singh: If organizations had built the country, Nepal would be much more advanced by now. I oppose trade unions and organizations that aim to weaken the state. I also read the statement issued by the investors. Have they sought permission to speak about the stock market in the ‘clubhouse’? Do they have a license to mislead the public on social media? I questioned the financial indicators of the companies whose share prices are excessively rising. My comment about companies that aim to cheat the public by inflating share prices shocked them.

Q: But isn’t there a provision that a public official cannot point out a specific company in a public forum?

Singh: If there isn’t, there should be a provision to file a lawsuit against me. I have been involved in litigation before. I am still pursuing the Ncell case in the Supreme Court. Parliament is also a place to protect the people’s interests. I am a member of the Nepali Parliament, elected by the people, not by any middleman.

Q: Investors’ organizations have claimed that your speech caused a loss of 2 billion rupees and that financial action should be taken. What are your thoughts?

Singh: I am ready for that. Let’s call in all the experts and discuss it. I have said it repeatedly: they should have been able to explain the dividend history of the company in question. There is no financial discipline in Nepal, and I am urging the government to enforce it. This issue spans from Singha Darbar to the provinces and municipalities. I will continue to raise my voice on this matter.

Q: Earlier, you mentioned that there is no reason for the market to increase with Poudel coming to the Ministry of Finance. Can you elaborate on that?

Singh: This market has been artificially developed in collaboration between the Ministry of Finance and Nepal Rastra Bank.

Q: On that day, you and two other MPs spoke in the House of Representatives. Do you think the market should have dropped so drastically because of that?

Singh: Yes. This stock market has become like a house of cards. A market that can decline so dramatically after one or two people speak cannot be considered sustainable or reliable.