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Securities in one demat account can be pledged infavour of an another demat account within the same depository. I.e. if a Pledgor's account is in NSDL segment, the Pledgee's account has to be in NSDL Segment only. Vis versa for CDSL segment.
This can be done to avail facility, loans etc.
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Pledge Creation |
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You need to submit a Pledge Creation form duly filled with the details of the security which you would like to pledge with the counterpart (Pledgee) DP account details. The form should be duly signed by ALL the account holders. Kindly mention the Agreement number for reference purpose, which you may please obtain from the Pledgee before execution. Also ensure the Execution date on which you would like to create the pledge.
Upon receipt of the request, HDFC Bank will process the instruction in your demat account specified. The details processed will be sent to the counterparty demat account through NSDL automatically.
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Pledge Confirmation |
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Pledgee has to check their demat account and accept the pledge through their DP. Upon acceptance,the securities will be marked as "Pledge" in your demat account infavour of the Pledgee. Once the Pledge is created, the same cannot be closed / revoked by the Pledgor.
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Pledge Closure |
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Pledgee can close the pledge through "Unilateral" option through their DP account itself. I.e. no need of Pledgor submitting a request to his DP.
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Invocation of Pledge |
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| Incase of Pledgee requires to take the securities into their books, typically incase of default by the Pledgor, they can do so without any further instruction from the Pledgor. Upon invoking the securities will be transferred automatically into the account of Pledgee. |
Disclaimer:
Whatever have been stated above are in the good interest of the Investor / Demat Applicants / holders to provide a brief picture about the depository system. You are requested go through the guidelines of the depositories before taking any further action. For detailed guidelines, you are requested to approach your nearest HDFC Bank branch. HDFC Bank will not be responsible for any misunderstanding / act based on the above. Also HDFC Bank might ask for additional information / documentation than what has been stated above to process your application / instruction.
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