Mirage of wealth

The bull market, fuelled by stagnant capital and protected by a captured regulator, is a dangerous mirage.

As the year 2025 comes to an end, the Nepal Stock Exchange (NEPSE) index floats resiliently above 2,600 , and market capitalisation expands into trillions of rupees . This appears similar to financial modernisation, a shift from a niche club of elite investors to a mass movement fuelled by digital access. The over 6.3 million online trading accounts in use today mark a significant surge from 740,000 accounts in early 2020.