Section 22(4) in The Government Securities Regulations, 2007
(4)The Government security in respect of which pledge, hypothecation or lien has been recorded in the books of the bank or its agent, as the case may be, matures for repayment, the maturity proceeds shall not be payable to the holder of the security, without the written concurrence of the pledgee or creditor along with duly executed Form XVI.Explanation .-For the purpose of regulation 21 and this regulation,-(a)"pledgee" means a person in whose favour the Government security has been pledged;(b)"creditor" means a person in whose favour the Government security has been hypothecated or a lien in respect thereof has been created.
