Manner of creating pledge or hypothecation

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... intends to create a pledge on a security owned by him he shall make an application to the depository through the participant who has his account in respect of such securities. (2) The participant after satisfaction that the securities are available for pledge shall make a note in its records of the notice of pledge and forward the application to the depository. 2 [ (3) Within fifteen days of rece .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cancelled by the depository without prior concurrence of the pledgee. (7) The depository on the cancellation of the entry of pledge shall inform the participant of the pledger. (8) Subject to the provisions of the pledge document, the pledgee may invoke the pledge and on such invocation, the depository shall register the pledgee as beneficial owner of such securities and amend its records accordin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... all be effected by a participant without the concurrence of the pledgee or the hypothecatee, as the case may be.] ********* 1 Sub-regulations (1) to (11) substituted for sub-regulations (1) to (12) by the SEBI (Depositories and Participants) (Second Amendment) Regulations, 1997, w.e.f. 5-9-1997. Earlier sub-regulation (3) was amended by the SEBI (Depositories and Participants) (Amendment) Regulati .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X