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By Dipesh Ghimire

CDS and Clearing Limited CEO's Stance Causes Deadlock at Sebon Meeting

CDS and Clearing Limited CEO's Stance Causes Deadlock at Sebon Meeting

Pravin Pandhak, the Chief Executive Officer of CDS and Clearing Limited (CDSC), has been at the center of a controversy that has now extended the ongoing conflict regarding the International Securities Identification Number (ISIN) system in Nepal’s securities market. A recent meeting of the Securities Board of Nepal (Sebon) came to an unresolved conclusion after Pandhak’s firm stance on the ‘double ISIN’ system led to a standoff.

The meeting, which lasted for four hours, brought together key stakeholders from the financial sector, including representatives from Nepal Rastra Bank, the Ministry of Law, and the Ministry of Finance. Despite clear support from most attendees in favor of a single ISIN system, the meeting failed to arrive at a conclusive decision. The issue at hand is the implementation of the ISIN system, with the majority advocating for the current single ISIN model. They argued that this system would resolve the ongoing issues in compliance with existing laws.

However, CEO Pandhak stood firm in his position, stating that there is no alternative to the ‘double ISIN’ system. This insistence on maintaining the dual system has exacerbated the situation and prolonged the debate over its practicality and legal standing in Nepal’s securities market.

According to sources present at the meeting, several board members voiced their concerns about the CDSC's role. Some even pointed out that CDSC is merely a technical service provider and not a regulatory body. They emphasized that attempting to push for decisions without a solid legal foundation could result in grave consequences for the financial market.

The current deadlock has raised questions about the future of Nepal’s capital market, as these disagreements continue to delay vital reforms. The inability to reach a consensus has left the issue hanging, with no clear path forward, signaling that this critical matter will not be resolved anytime soon.

The ongoing debate has led to heightened tensions within the securities sector. The broader financial community remains divided, with some calling for a more collaborative approach and others, like Pandhak, insisting on sticking to their proposed model, regardless of the mounting opposition.

As discussions drag on, the future of Nepal's securities market, particularly the ISIN system, remains uncertain. The impasse suggests that further rounds of negotiations will be necessary before a resolution can be reached, and it remains to be seen whether a legal framework will be adapted to support the double ISIN system or whether the single ISIN system will ultimately prevail.

This continued deadlock at the Sebon meeting underscores the complexity of reforming Nepal’s securities market, which now faces a crucial crossroad as it seeks modernization while maintaining regulatory integrity.

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