We are sending this email to all our customers who have pledged securities, explaining how to migrate pledge from the old system to the new system which is mandated to go live from Sep 1st. So every evening over the next few days we will unpledge securities, credit it back to the demat and send a link to authorize the new pledge. Make sure to act when you get the email so that you will continue to get margin for these stocks on the the next trading day.
In light of the recent regulatory changes in the method of accepting stocks as margins, the stocks that you have pledged with us will be unpledged and moved back to your demat account. We have already initiated a pledge request under the new pledge system for the stocks that have been transferred back. You will have to authorise the pledge by visiting the link that you have received on the registered email ID/mobile number.
Once you’ve clicked on the link, you will be redirected to CDSL’s webpage where you are required to enter your PAN number and generate an OTP that you will have to key in to authorise the pledge. The process is illustrated below:
We request you to carry out this activity before 8.00 PM today in order to ensure that you continue receiving margins against stocks. Failure to authorise the pledge in time may result in unavailability of collateral margins which may in turn lead to positions being squared off and/or penalties charged for lack of margins. We regret having to perform this activity in such a rushed manner, but this was because Market Intermediary Institutions (exchanges, depositories, clearing corporations, etc.) could only implement and support the new pledge system from today.
Dear Nithin, can we initiate…new pledge request for liquid fund today…I have already pledged stocks as per old system.which I will authorize when the link comes…
In the meantime, Can I initiate new pledge of other stocks/liquid fund as per new system for addition margin and safety today…
I also get same email from zerodha. But I didnt get any link to click and they told me to do this today evening before at 8pm. What to now. Please help
Hey Sandeep, the Clearing Corporation (CC) were to release securities at 4.30, they’re citing a delay at their end. As soon as the shares are released (tentative 6.45 according to CC), we’ll move them to your account and setup a pledge. You should receive the email then, authorization can be done in under a minute. Sorry for the rush, various issues at MIIs have led us to push this process to the last minute.
I have several liquid funds pledged, but I haven’t received any email yet. Does everyone have to do this today, or will some people go through the process tomorrow?
Rs 30 is what we have planned for a round trip of Pledge+unpledge. There are multiple hops in this pledge - pledge from your demat to clearing member and from clearing member to clearing corporation. And unpledge the same way back.
The SEBI requirement is that all shares have to be returned before Aug 31, 4 days from now. If you’ve pledged, we’ll get you to migrate to new system on one of the days in the next 4 days. Hard to chalk out a schedule, there are dependencies at the CC/Depository level. We’ll email you and give you sufficient time to accept the pledge and migrate.
I have not received any email to verify new pledge uptil now and the common email I received asked to pledge by 8 pm today - “Failure to authorise the pledge in time may result in unavailability of collateral margins which may in turn lead to positions being squared off and/or penalties charged for lack of margins” … Now I am afraid. Please make sure there is no issue or loss due to delay in this process at your or CC end.
