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What is Pledge or Hypothecation of Shares Held in a Depository

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The pledge/hypothecation transactions go through the following procedures: Pledge/hypothecation creation Pledge/hypothecation closure Pledge/hypothecation invocation

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The pledge/hypothecation transactions go through the following procedures: Pledge/hypothecation creation Pledge/hypothecation closure Pledge/hypothecation invocation Procedure for creation of pledge/hypothecation by the pledgor The pledgor will submit an instruction to its DP to initiate a pledge/hypothecation request in the DPM (software provided by NSDL to the DP) indicating the option 'create a pledge/hypothecation' in the pledge/hypothecation form. The pledgor will indicate therein, the agreement number, closure date of the pledge/hypothecation (this date is indicative of the duration of pledge/hypothecation), pledgee's details, and the details of securities to be pledged.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Home : Services : Basic Services : Pledge / Hypothecation Pledge / Hypothecation Features Securities held in a depository account can be pledged/hypothecated to avail of loan/credit facility. Pledge of securities in NSDL depository requires that both the borrower (pledgor) and the lender (pledgee) should have account in NSDL depository. The pledge/hypothecation transactions go through the following procedures: Pledge/hypothecation creation Pledge/hypothecation closure Pledge/hypothecation invocation Procedure for creation of pledge/hypothecation by the pledgor The pledgor will submit an instruction to its DP to initiate a pledge/hypothecation request in the DPM (software provided by NSDL to the DP) indicating the option 'create a pledge/hypothecation' in the pledge/hypothecation form. The pledgor will indicate therein, the agreement number, closure date of the pledge/hypothecation (this date is indicative of the duration of pledge/hypothecation), pledgee's details, and the details of securities to be pledged. The DP will check for the completeness of the form. The DP has to ensure that symbols like '-', '{' , '}', '[', ']', and ':' should not be the first character of the agreement number and that the securities requested to be pledged exist in the pledgor's account. If not so, the DP will return the same to the pledgor for rectification. If the form is complete in all respects, the DP will accept the form for processing and issue an acknowledgment for the same to the pledgor. The DP will enter the details of the request in the DPM, generate a pledge/hypothecation instruction number for the request and release the request to NSDL. The securities pledged are moved from 'Free balances' to 'Pledged balances' account. Thus the securities pledged will not be available to pledgor for any other purpose. The DP shall write the pledge/hypothecation instruction number on the pledge/hypothecation form and intimate the same to the pledgor. The details of the pledge/hypothecation are electronically communicated to the DPM of pledgee's DP through the DM for confirmation.

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