Currently Zerodha takes T+1 days for pledging as well as unpledging equity shares for margin. Whereas, other brokerages like ICICIdirect.com allows you to Pledge as well as unpledge shares immediately.
For example: In Zerodha, if I have Stock A in my demat account, and I wish to pledge that stock and use the margin to trade in F&O…I can only use the margin and do the trade on T+1 day of pledging…however, in ICICIdirect.com as soon as pledge the stock, I am allowed to use the margin. Even in case of unpledging, in ICICIdirect.com…I am allowed to sell Stock A instantly after unpledging…however, it would take me T+1 day to sell my stock after I unpledge.
This is a little burdensome…would request you guys to please consider pledging as well as unpledging immediately. If other brokerages are doing it, why not Zerodha?
Currently, our pledging services are with ILFS. What this means is when a client pledges his shares with Zerodha, what happens in the background is that these pledged securities are moved to Zerodha’s pool account. From here it is then moved to the ILFS pool account.
ILFS will then provide the applicable margin after haircut on the pledged shares.
All pledge requests placed before 4pm is sent to ILFS the same day. They process it on the same day and the margin is deployed into the client’s account before the start of the next trading day. All pledge requests placed after 4pm will be sent to ILFS only on the next trading day.
Once we start our own pledging services/margin lending, this will be an instantaneous process.
I am unable to unpleadge my pledged shares through zerodha q holdings section. Kindly let me know the procedure to unpleadge my stocks. Is there a call and request option available?