सिडिएससी प्रमुखको नियुक्ति विवाद उच्च अदालत पाटनमा, संवैधानिक र कानुनी प्रश्न उठेLegal Challenge Filed Against CDSC Chief’s Appointment, Case Reaches Patan High Court
सिडिएस एण्ड क्लियरिङ लिमिटेड (सिडिएससी) की प्रबन्ध निर्देशक तथा कार्यकारी प्रमुख प्रविन पन्दाकको नियुक्ति र निरन्तरतामाथि संवैधानिक तथा कानुनी प्रश्न उठाउँदै उच्च अदालत पाटनमा रिट दर्ता भएको छ। वरिष्ठ अधिवक्ता उत्तमबहादुर श्रेष्ठले आइतबार दायर गरेको रिटमा पन्दाकसहित नियुक्ति प्रक्रियामा संलग्न सात निकायलाई विपक्षी बनाइएको छ।
रिट निवेदनमा पन्दाकको नियुक्ति गैरकानुनी भएको दाबी गर्दै त्यसबाट मुलुकको पूँजीबजार र वित्तीय प्रणालीमा गम्भीर असर परिरहेको उल्लेख गरिएको छ। निवेदनमा दोहोरो ISIN (इन्टरनेसनल सेक्युरिटिज आइडेन्टिफिकेसन नम्बर) विवादका कारण सेयर अभौतिकीकरण प्रक्रिया प्रभावित भएको, संस्थापक सेयर निष्क्रिय बनेको र लगानीकर्ताको अर्बौँ रुपैयाँ जोखिममा परेको दाबी गरिएको छ।
न्यायाधीश अवनी मैनाली भट्टराईको इजलासले अन्तरिम आदेशको विषयमा छलफल गर्न चैत ८ गते दुवै पक्षलाई उपस्थित हुन आदेश दिएको छ। अदालतले सोही दिन पन्दाकको नियुक्ति प्रक्रिया र त्यसबाट उत्पन्न विवादको वैधताबारे प्रारम्भिक सुनुवाइ गर्ने अपेक्षा गरिएको छ।
सिडिएससी सञ्चालक समितिले पन्दाकलाई २०८१ पुस १४ गते चार वर्षे कार्यकालका लागि नियुक्त गरेको थियो। तर रिटमा उक्त निर्णय कानुनी शासन, सुशासनको सिद्धान्त तथा नेपाल स्टक एक्सचेन्ज (नेप्से) को कर्मचारी सेवा सर्त विनियमावली विपरीत भएको दाबी गरिएको छ।
निवेदक श्रेष्ठका अनुसार पन्दाक मूलतः नेप्सेका नवौँ तहका कर्मचारी हुन्। विनियमावलीअनुसार एक वर्षभन्दा बढी अवधिका लागि बेतलबी काजमा पठाउन नपाइने व्यवस्था हुँदाहुँदै उनलाई चार वर्षे कार्यकालसहित सिडिएससीको प्रमुख बनाइएको रिटमा उल्लेख छ। यसलाई सार्वजनिक संस्थामा पदस्थापनासम्बन्धी कानुनी मापदण्डको उल्लंघनका रूपमा व्याख्या गरिएको छ।
रिटमा पन्दाकको कार्यशैलीले पूँजीबजारमा थप अन्योल सिर्जना गरेको आरोप पनि लगाइएको छ। दोहोरो ISIN विवाद समाधान नहुँदा सेयर अभौतिकीकरण प्रक्रिया ठप्प भएको, लगानीकर्ताको करिब ३५ अर्ब रुपैयाँ बराबरको सेयर बन्धकजस्तै अवस्थामा पुगेको र विदेशी लगानीकर्तामाथि अघोषित प्रतिबन्धको अवस्था सिर्जना भएको दाबी गरिएको छ।
निवेदनमा यस्ता समस्याले बजारको विश्वसनीयता कमजोर बनाएको र लगानी वातावरणमा नकारात्मक सन्देश गएको उल्लेख गरिएको छ। अदालतको आगामी सुनुवाइले सिडिएससी प्रमुखको नियुक्ति प्रक्रिया मात्र होइन, त्यससँग जोडिएको पूँजीबजारको संरचनागत समस्या र संस्थागत सुशासनको विषयमा समेत दिशानिर्देश दिने अपेक्षा गरिएको छ।
अब चैत ८ गते हुने सुनुवाइले पन्दाकको नियुक्ति वैधानिक ठहरिने वा बदर हुने भन्ने टुंगो लगाउने सम्भावना रहेको कानुनविद्हरूको भनाइ छ। यस प्रकरणले नेपालको पूँजीबजारमा संस्थागत नियुक्ति र नियमनको अभ्यासमाथि पुनः बहस सुरु गराएको छ।
A writ petition has been filed at the Patan High Court challenging the appointment and continuation of Prabin Pandak as Managing Director and Chief Executive Officer of CDS and Clearing Limited (CDSC). The petition raises serious constitutional and legal questions, arguing that the appointment process violated established laws and governance standards.
The writ was registered on Sunday by senior advocate Uttam Bahadur Shrestha, naming Pandak and seven institutions involved in the appointment process as respondents. The petitioner claims that the decision was unlawful and has adversely affected Nepal’s capital market and financial system.
Allegations of Regulatory and Market Disruption
The petition argues that Pandak’s appointment has contributed to major disruptions in market operations, particularly due to the unresolved dual ISIN (International Securities Identification Number) controversy. According to the filing, the dispute has stalled the share dematerialization process, rendered founder shares inactive, and exposed investors to financial risks worth billions of rupees.
It further claims that administrative inefficiency and weak governance under the current leadership have undermined investor confidence and created operational uncertainty within the securities settlement system.
Court Schedules Hearing on Interim Order
A bench led by Judge Avani Mainali Bhattarai has summoned both parties for a hearing on Chaitra 8 to deliberate on an interim order. The court is expected to examine the legality of the appointment process and assess whether immediate corrective measures are required.
Legal experts say the hearing could play a decisive role in determining whether Pandak will be allowed to continue in office during the ongoing legal proceedings.
Disputed Appointment Process
The CDSC Board appointed Pandak for a four-year term on Poush 14, 2081. However, the writ contends that this decision contradicts the principles of rule of law, good governance, and the employee service regulations of the Nepal Stock Exchange (NEPSE).
According to the petitioner, Pandak is originally a ninth-level employee of NEPSE. Under existing regulations, employees on unpaid deputation are not allowed to serve in external institutions for more than one year. Despite this provision, Pandak was appointed for a full four-year term, which the petition describes as a clear legal violation.
Impact on Investors and Foreign Participation
The writ also highlights the broader consequences of the disputed appointment on the capital market. It claims that nearly NPR 35 billion worth of investor assets have effectively become locked due to administrative delays and unresolved technical issues.
In addition, the petition alleges that the situation has created an undeclared barrier for foreign investors, discouraging cross-border participation and weakening Nepal’s investment climate. Legal uncertainty and operational instability, it argues, have increased market volatility and reduced institutional trust.
Governance and Institutional Accountability in Question
Beyond the appointment itself, the case has raised deeper concerns about governance practices within key market institutions. Analysts note that CDSC plays a central role in clearing, settlement, and securities custody, making leadership credibility and legal compliance crucial for market stability.
The petitioner argues that allowing an allegedly unlawful appointment to continue sets a dangerous precedent and weakens accountability mechanisms across the financial sector.
Awaiting Judicial Direction
The upcoming hearing on Chaitra 8 is expected to determine whether Pandak’s appointment complies with existing legal frameworks and administrative norms. The court may also issue broader guidance on institutional governance and personnel management in public financial bodies.
Legal observers believe the verdict could have far-reaching implications, not only for CDSC but also for regulatory practices across Nepal’s capital market ecosystem. The case has reignited debate over transparency, merit-based appointments, and the enforcement of service regulations in key financial institutions.
As proceedings move forward, market participants and investors are closely watching the court’s response, hoping it will bring clarity and restore confidence in the country’s securities infrastructure.
