The Commission for the Investigation of Abuse of Authority is preparing to investigate possible corruption in the procurement of the software used to operate the Nepal Stock Exchange’s automated online trading system as it has been repeatedly crashing and disrupting trading, raising doubts about its quality.
According to the anti-graft body, it decided to launch a probe into the deal after receiving a complaint last week. “We received a complaint against the frontline regulator over the issue,” said Pradeep Kumar Koirala, spokesperson for the commission.
Stating that constant technical glitches had hit investor confidence, three investors—Kumar Sitaula, Madhav Gautam and Ishwor Gurung—filed a joint complaint asking the commission to conduct an investigation. The Nepal Stock Exchange bought the software from Indian vendor YCO for Rs190 million.
The full original article can be found at kathmandupost.ekantipur.com