Margin pledge

Under SEBI’s pledge and re-pledge framework, which replaced older title-transfer collateral practices, client securities used for margin follow a pledge chain.

Haircuts apply so only a portion of the pledged value counts as usable margin.

This is the margin-collateral use case; basic pledge and unpledge mechanics sit in the depository entry.

Peak margin and haircut rules interact with how much pledged value is usable.