Specified securities held by promoters and locked-in may be pledged with any scheduled
commercial bank or public financial institution as collateral security for loan granted by such bank or institution, subject to the following:

(a) if the specified securities are locked-in in terms of clause (a) of regulation 36, the loan has been granted by such bank or institution for the purpose of financing one or more of the objects of the issue and pledge of specified securities is one of the terms of sanction of the loan;

(b) if the specified securities are locked-in in terms of clause (b) of regulation 36 and the pledge of specified securities is one of the terms of sanction of the loan.