Kathmandu. The Patan High Court has refused to issue an interim order in response to a writ petition filed by Pure Energy demanding not to issue the International Securities Identification Number (IGN).

Golyan Group had demanded that Pure Energy should be given a single IGN and that Sebon should withdraw the guidelines made by the CDSC. The court refused to issue an interim order on the demand.

Currently, there is a single IGN. The CDSC has passed the ‘Securities Dematerialization Operation Directive-2082’ on July 26 and sent it to the Securities Board of Nepal (SEBON) for approval.

The board has been withholding the directive for 6 months.

During this period, the board remained silent on approving the directive after Pure Energy filed a lawsuit in court.

The Patan High Court on Tuesday issued an order not to issue an interim order in response to a writ petition filed against the implementation of the double IGN provision. At the same time, the procedure related to dual IGN will not stop at the Securities Board for long.

The icon dispute between Sebon-CDSC: Questions over board’s regulatory capabilities?

CDSC has passed the ‘Securities Dematerialization Operation Directive-2082’ for the implementation of the provision of issuing two different IGs to promoters and ordinary shareholders and sent it to the Securities Board of Nepal for approval.

It is said that this issue has been discussed in the board several times. The file is currently on hold by Sebon’s Law Enforcement Committee. With the High Court’s order on Tuesday, moral pressure has also increased on the board on what to do with this directive.