Two ijns in the discussion: Sebon to discuss the law strengthening committee, why did the CDSC call?
लगानी न्यूज
Kathmandu. CDS and Clearing Limited has come up with the ‘Securities Dematerialization Operation Directive 2082’ to provide two International Security Identification Numbers (IGNs) in the capital market.
With the TAG_OPEN_div_40 CDSC sending the draft of the guidelines to the Board, Sebon has initiated discussions on the issue. For this, SEBON has not only called the officials of the CDSC within the board but also discussed it. According to board sources, SEBON today (Tuesday) summoned Managing Director of CDSC Prabin Pandak and held discussions.
was called this morning and discussions were held with the chairman of the board, officials of the concerned department of the board along with pandak. “After the draft of the law is prepared, we have to call the concerned bodies and discuss the matter, that is why we have called the CDSC and discussed it,” said an official of the board. Sebon has taken the opinion of the CDSC on this issue and further discussions have been forwarded.
Now the issue will be studied by the Law Strengthening Committee in Sebon. Sebon, who heads the committee, is not a member of the board of directors representing the Ministry of Law. Binod Kumar Bhattarai from the Ministry of Law is the member of the board.
TAG_OPEN_div_34 The Law Strengthening Committee headed by him is going to discuss the draft guidelines sent by the CDSC. This committee is a permanent structure within the board.
Board sources said that the committee will study and give suggestions on the draft guidelines. Sebon will amend the guidelines and send them to the CDSC for implementation.
CDSC has sent the draft of the guidelines to Sebon, which has created a huge controversy regarding the two iGene numbers. Due to the absence of two engine numbers, there has been a problem in listing the shares of some companies. Earlier, shares were listed even when there was only one igen number. Cdsc claims that in the last few years, the founder shareholders and directors of hydropower companies, manufacturing companies have started selling shares during the lockdown period. Sebon, however, claims that even an IGen number can prevent the sale of shares during the lockin period against the law. However, SEBON, as a regulatory body, has not yet made public its official position that this should happen.
In the draft guidelines sent by the CDSC to Sebon, the guidelines include the process of dematerializing securities, the process of issuing ijn of securities, the process of merging the ijn, the process of separating the ijn, the issue and sale manager has to follow.
Guidelines state that after the agreement of materialization, according to the type of securities issued by the organized organization, the same type of securities group should be given to the same type of securities group and different types of securities groups separately. According to the management letter and regulations of the organized organization, if the shares of the founder and the general group are separated, the founder and the general share group should be given separate IG. Prior to the implementation of this directive, the same igene for the securities of the founder and the general group will be given to the securities during the lock-in period, after the implementation of the guidelines, different icons will be given.
In the method of providing IGNs, ‘CDSC will have to create an engine from the electronic system on the basis of the unique stock symbol and reference number provided by the securities market for tradable securities in the secondary market of securities.’ However, the unique stock symbol and reference number provided by the securities market will not be required for securities that are not traded immediately in the secondary market of securities.
similarly, “Information about the design and registration provided for securities should be provided to the concerned organized organization, registrar of shares, securities market and board”. Similarly, the registrar and the transfer representative or organized organization will have to request the CDSC to set up the IPO file and upload it and deposit it in the beneficiary’s account after verifying the details prepared in accordance with the prevailing law. ।
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