Pledged shares lock-in mechanism gains a non-transferable framework under the ICDR Regulations for market compliance. SEBI has introduced an operational mechanism under the ICDR Regulations for lock-in of pledged shares where conventional lock-in cannot be created. Such securities may be recorded as non-transferable by depositories for the applicable lock-in period, supported by issuer-level measures including Articles of Association provisions, lender or pledgee intimations, and disclosures in offer documents. Stock exchanges, depositories, merchant bankers and issuers are required to ensure compliance with the revised mechanism.