KATHMANDU: The Securities Dematerialization Operation Guidelines 2025, unanimously endorsed by CDS and Clearing Limited (CDSC) and forwarded to the Securities Board of Nepal (SEBON), is currently under review at the board.
According to SEBON spokesperson Niranjaya Ghimire, the guidelines have not yet reached the board’s working committee. “If the proposal from CDSC is deemed sound, it will proceed as is. Only if significant errors are found will the committee recommend changes,” he said.
Ghimire said the review could be carried out either by a designated committee, including the chairperson, or directly by the board. After the review, the proposal will be forwarded to SEBON’s board of directors for discussion. “If the board finds it satisfactory, it will pass as proposed; otherwise, it will be revised and then approved,” he explained.
While no exact date has been set for the proposal to reach the next stage, Ghimire said the process will not be significantly delayed.
One key provision in the proposed guidelines is the allocation of separate International Securities Identification Numbers (ISINs) for companies that previously used a single ISIN for both promoter and ordinary shares. Under the new rules, such companies will receive two distinct ISINs, even for shares currently under lock-in.
Clause 7(2) of the guidelines states: “For companies that were issued a single ISIN for both promoter and public group securities prior to the enforcement of these guidelines — including those under lock-in periods — separate ISINs shall be provided after implementation.”
The proposal also allows CDSC to merge separate ISINs if deemed unnecessary in the future.
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