The Presidents/Chief Executives, All Banks/DFIs, Dear Sir / Madam,
Pledge of Third Party Share against Financing to Brokers
Banks / DFIs are advised that while accepting shares as security, they must ensure that the beneficiary of the facility is absolute owner of the shares so pledged or has the necessary mandate to pledge the shares as security for availing financing facility from the bank / DFI.
Yours truly, Sd/- (SYED IRFAN ALI) Director