https://www.taxtmi.com/caselaws?id=465127 An interim restraint order against a broker and related entities was treated as in personam, not in rem, so it did not extinguish a bank's pre-existing pledge over dematerialised securities. The Depositories Act, 1996 and the depository framework were described as a self-contained code governing creation and invocation of such pledges, with the beneficial owner recorded in depository records treated as the relevant owner for that purpose. The circulars on pledging of client securities were held to regulate broker conduct, not to impose the same obligations on the bank. The bank's acceptance and invocation of the pledge was therefore supported by due diligence, and no breach of the interim order or the circulars was made out. en-us Fri, 18 Feb 2022 00:00:00 +0530 Sun, 07 Dec 2025 20:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465127 An interim restraint order against a broker and related entities was treated as in personam, not in rem, so it did not extinguish a bank's pre-existing pledge over dematerialised securities. The Depositories Act, 1996 and the depository framework were described as a self-contained code governing creation and invocation of such pledges, with the beneficial owner recorded in depository records treated as the relevant owner for that purpose. The circulars on pledging of client securities were held to regulate broker conduct, not to impose the same obligations on the bank. The bank's acceptance and invocation of the pledge was therefore supported by due diligence, and no breach of the interim order or the circulars was made out. Case-Laws SEBI Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465127