Request for Informal Guidance under the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 on permitting pledging of securities purchased under Non-Discretionary Portfolio Management Services (ND-PMS) arrangement

The informal guidance request under the SEBI (Informal Guidance) Scheme, 2025 seeks clarification on whether securities purchased under a Non-Discretionary Portfolio Management Services (ND-PMS) arrangement can be pledged by clients within the existing regulatory framework.