Pure Energy Limited had filed a writ petition at the Patan High Court demanding a single International Securities Identification Number (ISIN) for both its founder and ordinary shares.

The company sought to dematerialize its 6.4 million shares under a unified ISIN and to block the existing regulatory practice of assigning separate ISINs for different categories of shares.

However, a joint bench of Justices Ganesh Prasad Baral and Surya Prasad Parajuli dismissed the petition, stating that there was no sufficient legal basis to grant the requested order.

The petition named several respondents, including the Ministry of Finance, the Securities Board of Nepal (SEBON), CDS and Clearing Limited (CDSC), NEPSE, and related officials.

With this ruling, the existing practice of maintaining separate ISINs for promoter and public shares has been legally validated.

CDSC has already proposed a draft directive to SEBON that includes provisions for combining promoter and public shares under a single ISIN, subject to approval by a company’s general meeting.

However, many stakeholders in the energy sector continue to oppose the dual-ISIN system, arguing that it creates unnecessary complexity in trading and share management.