Kathmandu. There are doubts about the implementation of the Securities Dematerialization Work Operation Directive, 2082 (IGIN Directive) prepared by the CDSC.
The CDSC organized a program at Hotel Himalaya in Kupondole, Lalitpur today to discuss the proposed IGIN Directive. The event was attended by representatives from the private sector, stock brokers, IPPAN and Nepal Rastra Bank, share investors and media persons. However, not a single person from the Securities Board of Nepal (SEBON) and Nepal Stock Exchange (NEPSE) were present at the meeting.
The program started half an hour later than scheduled. When the special guest was invited to the stage, the names of some executive directors including Santosh Narayan Shrestha, chairman of SEBON, were mentioned. But no one came.
Similarly, NEPSE Chairman Hemanta Basyal was invited to the program. But he didn’t come either.
As no one from SEBON and NEPSE came, the investors present there doubted that the IGIN directive would be applied. Investor Prakash Rajaure said that it was unfortunate that the representatives of SEBON and NEPSE did not come. “The chairman of SEBAN seems to be interested in his own security rather than investors’ investment security,” he said. ’
Rajaure said that regulators are playing with 70 lakh investors. “Investors have lost confidence in the regulator,” he said. ’
Rajaure also opined that financial crimes should be curbed in the name of AIGIN.
Praveen Pandak, managing director and chief executive officer of CDSC, said that the iGene guidelines have been stuck at Sebon for the past 6-7 months. “When the CDSC prepared a draft of the iGene Guidelines and sent it to Sebon, it was expected to be approved in 2-5 days,” she said. ’
