Kathmandu, May 7 -- The Commission for Investigation of Abuse of Authority (CIAA) on Wednesday raided the office of the Securities Board of Nepal (SEBON) and seized files of 89 hydropower companies currently undergoing the initial public offering (IPO) approval process, following allegations of board officials demanding commission for the approval.

According to SEBON sources, CIAA officials arrived at the board's premises on Wednesday afternoon and confiscated all IPO-related files under review. The move follows media reports and public accusations suggesting SEBON officials demanded commissions ranging from 5 to 7 percent from company promoters in exchange for clearing IPO approvals.

The issue was raised in Parliament earlier this week...