Pledged shares again seem to have rocked the markets, with promoters of more than 782 listed companies to have pledged a massive Rs 1,53,000 crore as security to meet the cash needs for various activities that indicate the absence of a vibrant corporate bond market in the country.

It is contemplated that GTL Infrastructure’s lenders have sold the company’s stocks, causing big fall in the scrip. Besides GTL infrastructure, there are various other companies that have undergone the same procedure and are considered to have sold their stocks promptly. Orchid Chemicals and S. Kumars are the major among the companies to have sold their stock and even to have denied any such sale on being questioned by the officials.

The analysis that has been by the SMC Global Securities has shown that where promoters of 44 countries have pledged 90-100 per cent of their holding, at the same time the promoters of 169 companies have been seen to have pledged 50-100% of their holding.

Market circles after having notified that in many cases, the shares pledged were with non-banking finance companies (NBFCs), has further to do away with this practice suggested that there should be some regulatory requirement, wherein the company must disclose the names of the lenders.