Pledge charges
Pledge charges are applied per ISIN per request. No matter how many units you pledge, the charge depends on the number of different securities in one request.
For example, if you pledge Stock X, Stock Y and Stock Z, each with a different ISIN, pledge charges are 3 x Rs. 32 + GST. Quantity does not matter, only the number of distinct ISINs in the request.
What is a PSN
When you pledge shares or mutual funds, each pledge request is given a unique number called a pledge sequence number (PSN). Think of it as a receipt or token number that tracks that pledge.
- A new PSN is created every time you pledge securities.
- It is unique to a specific security (ISIN) and pledge request.
- It is used to identify and verify your pledged securities in the system.
Unpledge charges
Unpledge charges are applied per PSN. When you unpledge, the charge depends on how many PSNs your request touches.
Example
On 1 September you pledge:
- HDFC 30 qty, which gets PSN1234
- SBI 25 qty, which gets PSN7654
On 5 September you pledge HDFC 35 qty, which gets PSN5678. Your pledged securities are now spread across three PSNs.
On 10 September you place an unpledge request for 40 qty of HDFC:
- 30 qty is unpledged from PSN1234
- 10 qty is unpledged from PSN5678
Two PSNs are touched, so the unpledge charge is 2 x Rs. 32 + GST.