KATHMANDU: Finance Minister Dr. Swarnim Wagle has alleged that a limited group has manipulated the capital market, engaged in insider trading, and misused Rs 15–16 billion of public funds to accumulate illegal wealth.

Speaking at a House of Representatives’ Finance Committee meeting on Tuesday, he said financial institutions and the capital market have increasingly fallen under the control of certain individuals, calling it a serious concern.

Wagle said the government is working to make the capital market transparent, professional, and globally competitive, with reforms underway in financial institutions and the stock exchange.

He added that past practices of market manipulation and insider trading allowed influential groups to capture economic institutions and exert political influence.

He also said ongoing reforms aim to strengthen good governance, with the current focus on building a strong foundation for future development.