Perhaps there's some sort of finish on there, but it certainly feels like raw wood.
Choice of finish depends on how much darkening of the finish you will accept. If you do nothing, the wood will darken somewhat from dirt, skin oils, etc., so that's kind of inevitable.
BLO or Tung oil finishes
will darken the wood, and BLO will impart a bit of yellow tint, but they are easy to apply and easy to freshen up.
Polyurethane will darken the wood less, but it will not be as easy to freshen up the finish.
I tried both BLO and the tung oil finish on mine, but neither gave me the blonde color I was looking for. After those failures, I tried a few darker stains (walnut, mahogany, and a "Russian Red" mix), but never got anything I liked. I ended up with the black polymer handguard from Manticore, which I like much better.
I'd hit the wood with paint stripper first, just to make sure you're down to raw wood, then sand it a little to smooth out some of the rougher areas.
I do not believe there's any significant amount of oil in these stocks, so TSP isn't necessary from that standpoint, but it does tend to bleach the wood a little, which would offset the darkening effect of whatever finish you choose. In retrospect, TSP might have helped with my handguards.