The existing provisions under the Master Circular mandate use of a ‘Client Unpaid Securities Pledgee Account’ (CUSPA) for pledging unpaid securities. The proposals include clarifying that the funding period may be shorter than five trading days, prescribing timelines for pledge release (same day or next day depending on payment timing), enabling partial release of pledged securities, and specifying auto-release timelines at the end of the sixth trading day. It also clarifies re-pledging procedures between TMs and CMs, permits extensions in exceptional cases. The feedback/ comments from stakeholders are invited.