The National Securities Depository Limited (NSDL) on September 13, 2024, issued the notification regarding the Cancellation of Unconfirmed Pledges after fifteen days of the receipt of the pledge initiation request.
The following has been stated namely: -
• In case the participant of pledgee does not confirm the pledge initiation request in the NSDL Depository system within 15 calendar days, the NSDL Depository system shall auto-cancel such the pledge request and the securities lying in unconfirmed balance will move to free balance in the pledgor’s demat account.
• The NSDL Depository system will auto-cancel the aforesaid unconfirmed pledge request in the BOD of the 16th calendar day.
• The auto-cancellation process will not be applicable for Margin Pledge / Repledge and MTF pledges.
• Participants are advised that necessary changes in respect of auto-cancelation of the unconfirmed pledges will be implemented in the NSDL Depository system from BOD of September 16, 2024
• The NSDL Depository system will auto-cancel unconfirmed pledge request that are pending for more than fifteen calendar days of the receipt of the pledge initiation request i.e., on or before September 1, 2024, in the BOD of September 16, 2024. Subsequently, auto-cancellation of unconfirmed pledge requests will be carried out in the BOD process of business day.
[Notification No. NSDL/POLICY/2024/0128]
