New Delhi, March 24 -- Imagine a captain navigating stormy seas. To keep the voyage going, they hand over parts of the ship as security to borrow fuel. The journey continues, but the ship itself is now partially in someone else's hands. That's what promoter pledging feels like.

In the world of stocks, promoters are the captains of their companies. When they pledge their shares, they offer a piece of their control in exchange for cash. This money may be used for business expansion, debt repayment, or even personal obligations. On the surface, the ship keeps sailing-but the risk of losing control quietly builds.

Not all pledging is bad. In some cases, it's just smart financing. But when pledging spikes sharply, it can be a warning sign: t...