The issue that happened here was that CC removed these securities via the 20th Feb 2024 circular (circular link - Annexure 4, applicable from 1st March 2024 onwards). Once the team did a reconciliation for changes done in securities that were no longer allowed to be pledged, we sent an email communication informing all the impacted clients about this change on 23rd Feb 2024. As we had a short window available to us, hence we couldn’t inform 3-4 weeks in advance how we usually do in case of maturity of G-Secs. This morning (1st March 2024), we again sent another email communication to the clients who still had these securities pledged informing them about this change. Will re-look into this process and see how we can improve this further.
We still haven’t figured which specific criteria was violated which lead to CCIL removing these and subsequently NCL also removing these. @Bhuvan is actively following up for this.