Pledge of locked-in securities permitted as loan collateral but lock-in continues preventing transfer until expiry. Pledge of locked-in specified securities is allowed where promoters' locked-in securities (excluding SR equity shares) are pledged as collateral to specified lenders for a loan granted to the issuer or its subsidiaries to finance the objects of the issue and where pledge is a sanction condition; the lock-in continues on invocation and the pledgor cannot transfer the securities until the lock-in period expires.