Perils Of Pledging

One Foreign Institutional Investor (FII) client in a UK-India joint venture equity research firm based in Mumbai told the head of the firm that “if you see what I see in the promoters’ pledged shares market, you would think twice about investing in most Indian companies”. This FII client’s remarks were based on an analysis of the quantum of shares pledged by promoters of over 400 companies since February when the Securities and Exchange Board of India (SEBI) introduced these new disclosure requirements.

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Source: BW

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