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Use the full path where your PEM file located it may be like this supposei have keeped my PEM file in model directory then my path would be like this
stream_context_set_option($ctx, 'ssl', 'local_cert', '/var/www/abc/testws/public_html/WebService/application/models/ck.pem');
It is working for me.
dev.trynbuyindia.com/ck.pem is this correct..???
Put your certificate in local machine same folder from where you are running php script and change its path in the script