Disclosure of pledged shares requires promoters to notify companies and exchanges promptly upon pledge, creation or invocation. Promoters and persons in the promoter group must notify the company within a short working-day period of pledged shares in three situations: initial post-amendment disclosure, creation of a pledge, and invocation of a pledge; the company must then disclose received information to all stock exchanges within the same working-day period where, in any quarter, the aggregate pledged shares by a promoter or promoter group exceed the lower of a fixed share count or a percentage of total shareholding or voting rights.