Pledge through the depository system must require pledge forms...

Pledge through the depository system must require pledge forms that commit the pledgee to give reasonable notice under the Indian Contract Act, 1872, and obligate both pledger and pledgee to comply with the Depositories Act, applicable SEBI regulations, circulars, and bye laws; SEBI requires depositories to maintain a standardized Pledge Request Form and to notify both pledger and pledgee at invocation, recording the pledgee as beneficial owner. Depositories must amend bye laws, implement system changes, disseminate the provisions, and complete implementation by April 6, 2026.