Practice Drills: Analyzing Promoter Pledge Disclosures

A practice-first course built around the actual documents. You already know what promoter pledging is and why it can go wrong; here you work the filings themselves. You pull every pledge related disclosure for a stock from NSE, BSE and screener.in, then decode SAST Regulation 31 encumbrance disclosures, release and invocation filings, the encumbrance columns of the quarterly shareholding pattern, the reasons-for-encumbrance disclosure and non-disposal undertakings. Then you do the numbers: aggregate pledges across promoter group entities, build a quarterly pledge trend, estimate the share price at which lenders start calling margin, and test whether the market could absorb a forced sale. The final chapter trains judgment: reconciling numbers that disagree across filings, classifying sample disclosures as routine or distress, and a capstone review of one sample company end to end. Built for experienced retail investors, active traders and HNI investors who hold mid and small caps where pledge risk actually bites.