Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Nepal Stock Exchange (NEPSE) has decided to remove Praveen Pandak from her position as Managing Director of CDS and Clearing Limited (CDSC), recalling her back to NEPSE.
Pandak, who was serving in NEPSE’s senior management, had been appointed as the head of CDSC under the existing governance structure, where the NEPSE Chief Executive Officer chairs the CDSC board. She was also a board member of CDSC during his tenure.
A meeting of the NEPSE Board of Directors held this morning decided to recall Pandak from CDSC. She has been accused of colluding with certain business houses and operating through a “setting” arrangement.
Sources said Pandak had come under pressure from sections of the business community after reportedly refusing to approve a request related to issuing duplicate ISIN numbers. The dispute escalated, drawing opposition from influential business groups.
Following the complaint and growing pressure, NEPSE moved to remove Pandak from CDSC and reassign him back to the stock exchange.
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