Kathmandu: A formal complaint has been lodged through the Prime Minister’s “Hello Sarkar” grievance platform against Prabin Pandak, the head of CDS and Clearing Limited, accusing her of unlawfully holding her position with the backing of political influence and power. The complaint, addressed to the Prime Minister, alleges that Pandak secured her appointment by leveraging personal and political connections rather than following due process.
According to the complaint, Pandak is said to have used her association with Kshitij Thebe, a leader linked to the ruling political sphere, as well as her alleged proximity to former Prime Minister K. P. Sharma Oli, to pressure officials at both Nepal Stock Exchange and CDSC into facilitating her appointment. The आरोप suggests that institutional checks were bypassed under political pressure.
The complaint further claims that multiple petitions had previously been filed with the Commission for the Investigation of Abuse of Authority regarding both her appointment and alleged financial irregularities. However, it alleges that due to political patronization, these complaints were never properly investigated, allowing her to continue in her role without scrutiny. It also accuses her of maintaining close ties with the anti-corruption body’s leadership, which allegedly shielded her from accountability.
Pandak, who is originally a ninth-level employee at NEPSE, is said to have been deputed to CDSC in a manner that violates internal regulations. The complaint points out that she has remained in the top executive role at CDSC for over a year on deputation, exceeding permissible limits, and has allegedly acted with a sense of impunity, portraying herself as above legal constraints.
Serious allegations have also been raised about her conduct after assuming leadership. The complainant accuses her of harassing businesspersons and traders, engaging in coercive practices such as blackmail, and making irresponsible statements on social media. These claims, if substantiated, could have significant implications for governance standards within Nepal’s capital market institutions.
Another key issue highlighted in the complaint is the controversial implementation of a “dual ISIN” (International Securities Identification Number) system. The complaint argues that this approach contradicts both international norms and Nepal’s own legal framework, effectively holding the capital market “hostage” and discouraging foreign investment. Critics claim that such practices undermine market confidence and create unnecessary barriers for investors.
The complaint also alleges that Pandak has openly defied directives from regulatory authorities, including the Securities Board of Nepal and NEPSE, instead exerting pressure on officials within these institutions. This, the complaint argues, reflects a breakdown in institutional hierarchy and governance.
Beyond administrative and financial concerns, the accusation extends to her involvement in a political rally while holding a senior government position. Such actions, if proven, would raise questions about neutrality and professionalism expected from officials in key financial institutions.
The case now rests with the Prime Minister’s Office, where the complaint has been formally registered for review. Whether it leads to a formal investigation or further action remains to be seen, but the allegations have already sparked debate over political interference, regulatory independence, and accountability within Nepal’s financial sector.
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