Sorry, where does it say that? Yesterday, there was a delay in CC paying out the shares which is why we extended till 8 pm. Once process regularizes, cut off is 7 pm.
If pledge is processed in first batch, you’ll get the email by 2.30 and in the second batch by 5.30. It takes less than a minute to authorize the pledge. There are post pledge activities that we have to undertake too.
In this case also, we’ll have till 7 pm right? I understand that you have post-pledge work to do, but not everyone might be present for those one and half hours, espl. when they don’t even know what day their turn will be coming up. Even Nithin’s post above says 8 pm…
Yes
It’s a new system, we’ll need time too to fine tune it. For the first few days, it’ll be 7 pm. We’ll extend it later if it’s feasible.
Have to say, the implementation of the whole thing has been abysmal. From being given few weeks, to few days, to now basically 90 minutes, it’s not like people might have commitments which they can’t get out of, espl. when the day is not even known.
Of course, the concerned parties (exchange, broker, TM, CM) will blame each other for this. It’s like I’m watching a Priyadarshan movie here, except there’s no laughter but the usual confusion & uncertainity.
Update: 28th August; 2.47 pm:
We have an update from the Clearing Corporation that the shares that had to be released at 1.30pm, will now be released at 7.30 pm. We will setup a pledge for all such securities post 7.30 and allow time till 9 pm to accept the pledge.
Thanks @VenuMadhav
I received the CDSL email at 2:51 PM and have completed my OTP verification successfully.
I can now see the changes in CDSL EASI system.
Before Pledge
Current Balance = 1000
Free Balance = 1000
Pledge Balance = 0
After Pledge
Current Balance = 1000
Free Balance = 0
Pledge Balance = 1000
I’m only using CDSL EASI system, and NOT the EASIEST.
Also I have not given any POA before to Zerodha.
So this new pledging system works even when POA was not submitted before.
Also CDSL EASIEST account is NOT required, as was discussed earlier by someone.
I was just asked the CDSL TPIN while placing the New Pledge request at Zerodha Console.
And later the CDSL email, which then sent OTP to complete the pledging process.
ok, thanks for correcting me…I have also pledged some liquid fund and confirmed it as per new system…although…my was a POA Account…
No email yet. Will I receive tomorrow? @ven
Final update for today: 28th August 07:26 pm
We still haven’t received the shares from CC. We feel clients should be given enough time to authorize the pledge and hence the shares will be transferred to client account tomorrow morning and the pledge will be setup. You should receive an email from CDSL to confirm the pledge in the morning, you’ll have time until day end to confirm the pledge. Apologies for the delay, but our hands are tied. We’re doing our best to migrate to the new system choosing the path of least resistance.
New pledge placed tomorrow will be processed on Monday 2 pm; but yeah, you can pledge MFs also.
@VenuMadhav @nithin i’ve pledged scrips for trading yet to receive mail .
Kindly update!
Best
Padmanabhan K
Can we sell pledged shares in the new system? Or do we need to unpledge then wait for a day for it to reflect in the Demat and only then sell ?
Not received any mail yet , should I check it tomorrow
Please wait until Sept 01.
If you’ve setup the pledge request before 5 pm, it’s considered and the CDSL emails are already sent. If you’ve pledged post 5, then you’ll have to wait until Monday 2.30 pm.
Please check my update few posts above.
