Pledge creation of dematerialised securities requires depository recording with pledgee concurrence and bars transfer without pledgee consent. Regulation 58 sets a procedural regime for creating, recording, cancelling and invoking a pledge or hypothecation in dematerialised securities: a beneficial owner applies through its participant which verifies availability; the depository records the pledge after pledgee concurrence and notifies participants; refusals must be reasoned; cancellations require application and pledgee concurrence; on invocation the depository registers the pledgee as beneficial owner and informs participants to amend records; hypothecation follows the same steps with prior concurrence of the hypothecator; transfers of securities subject to pledge or hypothecation require pledgee or hypothecatee concurrence.