Record pledge within 15 days of application: Sebi to depositories
Markets regulator Sebi has asked depositories to record pledge transactions entered between lenders and borrowers within 15 days of receiving an application.
Besides, depositories – NSDL and CDSL – are required to send this information to the lenders and borrowers within this timeline.
The move will help in providing a transparent mechanism for recording pledge transactions between lenders and borrowers.
"Within 15 days of receipt of the application, the depository shall after concurrence of the pledgee through its participant, create and record the pledge and send an intimation of the same to the participants of the pledger and the pledgee," Sebi said in a notification dated July 25.
Last month, Sebi had allowed depositories to offer a system for capturing and recording the non-disposal undertaking (NDU).
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