PAYA JATRA

Paya is the virtuous ceremony documenting the procession of devotees impersonating warrior deities, while wearing ravishing adornments, alongside Khadgas showcasing their enthusiasm, which relents to enchant those feasting the proceedings. The term “Paya” annunciates the elucidation from the expression concerning Newar community defining ‘Pa’ as war weapons used during ancient times such as axe or swords and ‘ya’ specifying the course of procession or festival. This festival obligates the community to fully involve themselves, which is gleefully showcased by their willingness to participate in the procession consisting of members from Newar community, who advance towards various areas of Nepal. In this prestigious ceremony, the elderlies are supposedly expected to lead the way in an amenable manner, alongside the participation of approximately 30 to 40 individuals parading closely in which later the parade is transitioned to be graced by the youngest members. The Jatra exhibits the triumph of victory gained over lies and deceitfulness, by truth and trust. This Glorious festival is acclaimed after the attaining of Maha Nawami , titled as Kala Ratri, reflecting the death of the demon attained by Devi. Forwarding towards the day after Kala Ratri –Dashami which is known to embody the victory of reputable Devi through honorary welcome filled with garlands and sacrifices delectable for her liking, which is the day the belief is recommenced into a procession.

The celebration transpires in salient places, in particular Kathmandu- Taleju, Bhaktapur, Banepa Panauti and Patan. Nonetheless, each place has its own formalities that fall under prioritization, emanating to differentiate the celebration from one another. This ancestral ceremony lasts for approximately 8 to 9 days, starting from Durbar square in Lalitpur, then proceeding accordingly. The birth of this legendary procession originated from the very Licchavi period which lasted from 400 to 700 CE. Evidently, King Mandev has been deemed credible for accomplishing his desires to inaugurate such tradition in history. Thereby, the Jatra has been known to be associated with Goddess Man Maheshwari worshipped by King Mandev embodying the reasoning for the King commencing to showcase the gratitude he possessed for the goddess. The significance of the celebration is instilled till the date, thereby, the unique celebration has managed to entice and cumulate devotees from all around the region.

Unfortunately, the procession was declared to be halted for 24 years in Patan considering numerous justified reasons. The adversity was hugely burdened upon Mr. Samrajya Shrestha, the owner of Omega technology located in Dhobighat, a member of the community, despite not having the obligation to bear, his realization to enumerate his traditions on generational basis weighed immensely. Being a correspondence of ancestry residing from Licchavi period (direct ancestry of King Mandev), he felt the pledge to recommence the Jatra fall upon him. This contribution of his has been yet another triumphant the society has been gratuitously bestowed through. Consequently, leading our team for an elaborated interview with the respected and reputable Samrajya Sir, deliberating his experience with his business as well as the journey of resuming Paya Jatra.

The originality of Omega technology advanced through consideration regarding the frequented loadshedding Nepal had been facing prior 13 years, understanding the requirements for eliminating or merely easing the issue, gave initiation to establish Omega technology, targeting and serving to solve the power backup and voltage regulation concerns of individuals residing in Nepal.

2. What intrigued the operation of such a business then, certainly a reputed one now?

Fascinated by the technical field my initial job after graduating was to perform computer assembling which was during 91 or 92 BS. The fascination later translated to become a choice of mine, during the initial stages however, admittedly the business faced numerous complications featured by various situational circumstances. Transitioning from a partnership operation to a solo one catered obvious hurdles , regardless , my gratitude remains for those days as now I acknowledge myself to be at a remotely stable stance.

3. Whirling towards the matter of struggles, what were the hurdles faced by the business during its establishment or initial stages?

The vision and expectations were the reasoning for my initiation towards establishment of the business which remains identical even today regardless of the circumstances. However, the regulation of the market has to be one of the most difficult portions that had to be understood properly in order for the business to flourish. During the beginning stages the company was determined for production which was possible through excessive import of raw materials narrowing down to a screw from India. The exorbitant cost had been an issue followed by the requirement for accumulating enough stock for persistent production. This caused the business to rationally run under massive credits which definitely became brutal at times ,however learning consistently from the evolution of the market , we now regulate under controlled import , willingly purchasing from local vendors , fending to supply the products and services efficiently ,rather than mass producing.

4. Referring to the operation of the business, how is it promoted and what might be the Future catered by Omega technology?

Advertisements have been least of our priority, addressing the formation of our small/locally operated business. Considering the capital required to be segregated for the purpose alone which might be a boulder of burden to us, one on one dealings is the tactics, a traditional one at that but has worked the best out of all till now. However, we definitely engage in PRs which does enough promotion.

Innovation is something we decided to forward as one of our competitive advantages in future, being more service oriented and obviously rendering the ability to reach most difficult geographical distributions in Nepal has been a priority that is to be followed down the years.

5. Despite owning a sole proprietorship, your contributions for rejuvenating the Paya Jatra back to the community is undeniably plausible, How did you make it possible?

Restoring the culture has to be one of the proudest junctures I have accomplished for my people, which evidently wasn’t all rainbows and butterflies. For regulating these forms of Jatras it requires years of preparations, specifically highlighting my case; I had to first figure out the financing portion which had been a reasoning/ factor for the Jatra to get halted for such a long period-24 years. I alongside Kathmandu Valley Preservation Trust, precisely Ranjit Kant sir, we together worked religiously for generating funds required for the Jatra to resume. This proposition regrettably saw the end of a tunnel, leaving us with the dilemma to figure out a strategy to reinforce the agenda. I have to say Ranjit Kant Sir has to be one of the most dedicated individuals I have met, the history and legends had exhilarated so much admiration in him, he was willing enough to work furiously for the success. Fortunately, through the grace of the deity, we happened to come across Chiri Bahadur Maharjan, an elected mayor who had just won, committed to recommence the Jatra, the hope was definitely re-stored and the urge to do our fullest magnified.

6. Proceeding towards your accomplishment, what sort of preparations are the community expected to perform before the Jatra?

Recommencing the Jatra requires massive preparations, particularly in the case of Patan, we had to restore the destroyed ammunition. The house which was solely dedicated for the Jatra had to be re-build considering it was demolished by the earthquake of 90s BS. Most of the ammunition were perpetuated under the assurance of the museum which had to be revived. The formal initiation was forwarded by myself, basically a fulfilment of my purpose and serving my traditions. This required full assistance whether it might be catered towards finance, physical or merely my presence. For years , I had to train myself to balance the circumstances considering I had a company to run alongside, which was responsible for contributing funds to its optimum capacity. Regardless of the persistence, the funds were falling short, which enlightened me personally on how being financially fulfilled was required specifically to serve the community and render it through certain changes. Nonetheless, this also was a reason for our organization “Man Manyathvi Paya Jatra '', an assemblage of funds or simply a Basket Fund to be introduced. The instigation to reconstruct everything which was recognized as an obligation by involved parties, was how the resumption of Paya Jatra started.

7. What purpose does “Man Manyathvi Paya Jatra” serve?

Systematic formulation of funds through which such Jatras can be conducted with ease is a decisive principal the Fund collection supports. The financial assistance forwarded by the collection is invested thoroughly towards exhilarating the authenticity of the tradition. It also documents the proceedings and financial contributions made by individuals, organizations or any other involved entities, presenting the possibility to regulate the Jatra in a more professional way. And conclusively, advances to urge the government to promote such practices , gracing them the recognition they deserve.

8. What forms of shortcoming did you fend through during the proceedings?

I, alongside other dedicated individuals falling from relatively unstable homes, were not immune to the sacrifices that were constrained during the preparation of the Paya Jatra. This rendered a debate within me, to the idea if the regulation of the Jatra itself was a justifiable reward for them. Unlike them, I at least had a business I could turn towards when in need, which wasn’t identical for most of the involved individuals. Despite, complications terrorizing us in each milestones the end results made it worth it.

9. Conclusively, what deposition would you want to forward for next generation hopefully following your steps?

Understanding the contemporary way, the new generation is fostered by, regarding the willingness they have, to experiment through eccentric cultures and trends, I would appeal to offer them an expedition on how distinct, beautiful, and dignified the culture laying outside their doors are. Through the hastiness of the advancements, youngsters forget the excitement and fascination that is relented when engaging in such cultures; however, they are accepted towards a completely divergent one. The easiness that courses within yourself knowing that the culture and tradition forwarded by your ancestors are being followed religiously is explicable. Being familiar with your traditions speaks a lot about how valuable you are as a person; the tradition ends up being associated with your identity differentiating you from the crowd. The knowledge forwarded by these traditions and cultures are unfathomable yet extremely required. However, the lack of attention segregated for stimulating the need to follow such tradition has been a default the country goes by each passing year, which can be considered as a reason for youngsters being completely oblivious to their existence. Therefore, urging to forward significance of such practices are to be mandatorily done, not only by the state but by the respected guardians as well, with heightened association the tradition will live long and serve to preserve the identity we have been forwarded by our ancestors.

- Dikshya Khadgi & Shrijan Tamrakar (LACM)

- Bibek Dhoj Thapa (LACM Alumni)

In the December of 2019 when the whole world was starting to hold its breath due to the emerging Covid-19 situation, a small group of investors at NEPSE took a sigh of relief. The index which was facing an overwhelming bearish run had seen a rise of about 53.24 points that month. Over the next couple of years, NEPSE would witness an unnatural charge from the bulls which would rally the index up to a historical high of 3227.11 points. This joy was short lived as the bears had had enough of it and started thrashing the index down through multiple psychological levels which has left many investors in dismay. So what are these ebbs and flows NEPSE shows across different period of time? To figure this out we may look at it through the lens of a “market cycle” analyst.

Market cycle is a wide term referring to trends or patterns that emerge during different markets or business environments. New market cycles form when trends within a particular sector or industry develop in response to meaningful innovation, new products, or regulatory environment. These cycles are often hard to pinpoint until after the fact and rarely have a specific, clearly identifiable beginning or ending point which often leads to confusion or controversy surrounding the assessment of policies and strategies. However, most market veterans believe they exist, and many investors pursue investment strategies that aim to profit from them by trading securities ahead of directional shifts in the cycle.

A stock market cycle is the typical evolution of a stock's price from an early uptrend to price high through to a downtrend and price low. Richard Wyckoff, a prominent trader and pioneer in technical analysis, developed a buy-andsell stock cycle that occurs over four distinct stages: Accumulation, Markup, Distribution and Markdown.

Accumulation: Buying imbroglio

Around 2019, Nepse’s bearish momentum had slowed down as the index refused to stay below the level of 1100. There were multiple attempts to breakdown this level but each of them proved futile. But what caused the selling to slow down one might wonder. The answer, discounted prices and easing liquidity.

During this phase, overall market sentiment is bearish but valuation is very attractive. This is what catches the eye of smart money and traders who may also be referred to as “early adopters”. As the media was preaching doom, those who had been holding gave up and sold. But for every seller throwing the towel there was someone to hold it in discount. basically just have something (mostly good) to say about the market. This is when the good times really start rolling.

Initial Markup Phase: All aboard the bullish train!!

A sign of an early markup phase would be the market making Higher-highs and Higher-lows in terms of how it is moving along the index. The psychology behind it maybe said as the buyers slowly starting to overpower the sellers by defending against any major selling pressures which aim to push the market down. A change in public sentiment maybe felt as the market slowly starts creeping upwards.

We may say that NEPSE started this phase from the end of the year 2019 as it showed resilience against the sellers by staying put in the support zone of 1100s which changed into a burst of bullish rally as we moved into the year 2020. Some major factors which accredited to this turn of event could be NEPSE embracing online trading system, covid-19 and the lockdown which followed soon after. The lockdown which forced the economy to a standstill caused a major liquidity surplus in the financial markets which was funneled into the stock market which was up and running amidst all of this commotion.

During this stage, NEPSE saw a massive rise in the number of daily active traders all thanks to NEPSE adopting a fully automated trading software now known as NEPSE Online Trading System (NOTS). It paved an easier way for the late majority to jump in the band wagon due to the fear and greed of being left out of this hype train everyone else was getting on.

The volumes of shares and transaction amount started increasing substantially. Valuation started climbing well beyond historical norms and just as all of this was going on, logic and common sense finally had had enough and

If you don’t know what “Euphoria” feels or looks like, talk to a trader or investor during the market’s late markup phase. Its celebrations all around. They all have their own analysis, speculation or

Distribution: The Last kiss

Amidst all the celebration going around, the regulator body of the stock market Securities Board of Nepal (SEBON), somehow thought that it would be a good idea to publish a statement which explicitly mentioned a list of 51 companies, citing that these companies were risky to get involved with. Public sentiment was seriously hurt and the next day, a bloodbath ensued in NEPSE. Every company in the index had closed red. In the aftermath, the resilient bulls emerged victors but seriously maimed. NEPSE continued its upward move but this time it was much slower and pullback towards the downside were more frequent. what’s happening before it has fully happened as generally this phase is in full swing when people come to realize the top has occurred.

These frequent pullbacks are a major indicator of distribution phase. Laggards sitting on the sidelines see these pullbacks as a buying opportunity and jump in. But while these late majority players are getting in, smart money and insiders are unloading their holdings. It is at this stage, prices make one last parabolic move what is known as a selling climax in Technical Analysis where largest gains happen over a short period of time. But these gains are short-lived and the bears slowly start overpowering the bulls which pushes the market to the next phase of its cycle.

On 19th Aug, 2021, NEPSE touched 3227 points, the highest in its history till now which many have dubbed it to be the index’s “Last Kiss”.

This is the final stage of the market before it starts accumulating again and we may say that this is the very stage NEPSE is going through as this piece is being written. It is definitely the most painful stage of the market especially in a market like ours where the only way to profit is to buy low and sell high. As this stage proceeds, the lows become lower and many people decide to keep holding as their investments fall way below what they had initially paid for. Many people don’t realize

Most people who decide to hold have only seen green and force themselves into denial, thinking that the market can never go against them. A number of factors have lead NEPSE into this stage some more than others such as, a major liquidity crunch in the market, heavy outflow of the country’s foreign reserves a looming recession on top of a faltering economy, a loss of faith in the country’s political scenario and so on. Another notable factor could be some of the radical moves made by Nepal Rastra Bank (NRB) the federal bank of Nepal to counter the aforementioned problems which had an adverse effect on the stock market’s sentiments notably the rising interest rates of banks. A lot of anxiety and frustration can be felt among the investors and traders as NEPSE has already lost more than one third of its value from what it was during its peak bullish phase. A lot of blame game is going on, fingers are weary, desperate to find someone to point at. But who really is responsible for where we have arrived? The answer a lot of people and at the same time nobody. We should take this as just another natural phenomenon. Just a river flows in its own rhythm the market dances to its own rhythm too.

Final Words: Morning star

In the stock market patience is a virtue. Despite all the anxiety felt because of where the market will go next, we must always remember even the darkest of nights eventually see dawn. The market will not forever go in a downward spiral there will eventually come a time when it has to turn around and start running the other way. Until then, keep looking for that morning star over the horizon.