Learn unlisted shares & pre-IPO investing
Explainers, frameworks, and step-by-step guides on unlisted shares, pre-IPO investing, and the Indian private markets.
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Start with the fundamentals — what unlisted shares are, whether they're legal, and how buying works.
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Basics
What unlisted shares are, how they differ from listed stocks, and how the depository system works in India.
Investment strategy
Position sizing, sector concentration, liquidity planning, and exit strategies for unlisted equity.
Legal & taxation
SEBI rules, capital gains treatment, RBI guidelines, demat transfer mechanics, and compliance for private securities.
FAQs & support
KYC, CMR downloads, off-market transfers, and other operational questions from Polemarch users.
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89 guides
Documents Needed to Sell Unlisted Shares: the Full Checklist
Most delays in an unlisted share sale are document delays. The complete seller's checklist: PAN, CMR, holding statement, purchase or ESOP grant records, the SPA and DIS — organised by the stage of the sale where each is actually needed.
Seven Costly Mistakes People Make Selling ESOPs
Most ESOP value is lost to process errors, not market moves: exercise windows that lapse at resignation, perquisite tax nobody budgeted for, skipped ROFR processes, informal deals with no agreement, and blocks dumped in one go. The seven mistakes, with fixes.
How to Value Startup Shares When You Want to Sell
The headline valuation from the last funding round is where seller expectations start — and where most disappointment begins. What actually sets your price: recent secondary transactions, illiquidity and block-size discounts, and the preference-vs-equity gap.
Primary vs Secondary Shares: Who Gets the Money
In a primary transaction the company issues new shares and keeps the money. In a secondary, an existing shareholder sells and keeps the money. That one distinction explains dilution, pricing gaps, and why the entire unlisted market is a secondary market.
The Unlisted Share Transfer Process, From SPA to Settlement
An unlisted share sale settles through an off-market transfer between demat accounts — no exchange involved. The full sequence: purchase agreement, company-side approvals, the DIS instruction, depository differences, and verified payout in T+2 working days.
Tax on Selling Unlisted Shares: What Sellers Actually Pay
Selling unlisted shares can involve up to two taxable events: perquisite tax when ESOPs are exercised, and capital gains when the shares are sold — with a 24-month holding period separating long-term from short-term. Plus the TDS rules NRI sellers cannot skip.
How ESOP Liquidity Actually Works in India
ESOPs only turn into money at the last of four stages, and the cash can come from four very different places: a company buyback, a structured secondary, an open secondary sale, or an IPO. What each source pays, when it happens, and what it needs from you.
CMR Rejected? The Seven Reasons It Usually Happens
A rejected client master report almost always comes down to one of seven causes. Here is how to identify which one you hit, and what to do about it, in order of how often it happens.
How to Download Your Client Master List from Motilal Oswal
Motilal Oswal's client master report sits inside the DP-Class portal under Reports → CMR Report New, and exports instantly to PDF. The exact path, the password, and the CDSL-or-NSDL question.
How to Download Your CML / CMR from SBI Securities
SBI Securities has no self-serve CMR button. Requesting it by email from your registered address is the reliable route. Includes the CDSL-vs-NSDL distinction that catches out SBI bank-DP customers.
How to Get Your CMR / CML Copy from ICICI Direct
ICICI Direct is one of the few brokers with a real self-serve CMR download — digitally signed and same-day. Here is the exact path, the password, and the NSDL-format detail worth knowing.
How to Get Your CMR / CML Copy from Angel One
Angel One does not expose a self-serve CMR download. The reliable route is an email from your registered address to support. Here is exactly what to send, what to expect back, and the password quirk specific to Angel One.
CML vs CMR: What a Client Master List Actually Is
CML, CMR, Client Master List, Client Master Report, DP Master — brokers use all of these for what is essentially the same one-page demat document. Here is what it contains, why it differs by depository, and which one you actually need.
Unlisted Shares vs SIP — One Illiquid Bet or Steady Liquid Investing?
Unlisted shares are a lump-sum, illiquid bet on a single company. A SIP is systematic, liquid, rupee-cost-averaged investing into funds. Can you even 'SIP' into unlisted? Here's the honest comparison.
Unlisted Shares vs IPO Investing: Buy Early or Wait?
You can buy a company's shares before it goes public, or apply in the IPO and hope for an allotment. One trades certainty for early entry; the other adds allotment uncertainty and a price band. Here's how to choose.
Unlisted Shares vs AIF — Buy Directly or Invest Through a Pooled Fund?
Unlisted shares give you direct ownership of one company. An AIF pools investor money into a managed fund with a ~₹1 crore minimum across Categories I, II and III. Here's how to choose.
Unlisted Shares vs PMS — Direct Ownership or a Managed Portfolio?
Unlisted shares give you direct ownership of one pre-IPO company. A PMS gives a professional manager discretion over a ~₹50 lakh portfolio. Different access, control, and risk — here's how to choose.
Unlisted Shares vs Fixed Deposits
Fixed deposits offer near-certainty and modest returns; unlisted shares offer growth potential and real risk. They sit at opposite ends of the risk spectrum. Here's an honest comparison.
Unlisted Shares vs Gold
Gold is a hedge; unlisted shares are a growth bet. They play opposite roles in a portfolio. Here's an honest comparison of volatility, liquidity, returns, and who each suits.
Unlisted Shares vs Real Estate
Real estate and unlisted shares are both long-term plays, but they differ enormously in ticket size, effort, liquidity, and risk. Here's an honest comparison for Indian investors.
Unlisted Shares vs Bonds in India
Unlisted shares and bonds sit at opposite ends of the risk spectrum. One offers growth and uncertainty; the other offers predictable income. Here's an honest, side-by-side comparison for Indian investors.
Is the NSE Unlisted Share a Good Investment?
Is the NSE unlisted share a good investment? Rather than a verdict, this evergreen framework walks through the bull case, the bear case, and the specific things to check before deciding for yourself.
How Much of Your Portfolio Should Be in Unlisted Shares?
There is no single right percentage for unlisted shares in a portfolio. This article offers a position-sizing framework — small satellite allocation, risk capacity, and liquidity — to help you think it through, illustratively rather than prescriptively.
Should You Invest in Unlisted Shares? Pros & Cons
Should you invest in unlisted shares? This balanced breakdown lays out the real pros and cons side by side, then helps you judge whether they fit your situation — without a hard buy or sell call.
Are Unlisted Shares Worth It for Retail Investors?
Unlisted shares offer the chance to invest before an IPO — but they come with illiquidity, valuation uncertainty, and real risk. Here is an honest, balanced look at whether they are worth it for retail investors.
Pre-IPO Investing for Beginners in India
A plain-language introduction to pre-IPO investing in India — what it means, the honest risk-reward, how to actually start, and the common beginner mistakes worth avoiding.
What Happens to an Unlisted Share's Price When It Lists?
Follow an unlisted share from your entry price, through the IPO price band, to the listing-day open. Lock-in rules and why the listing price can land above OR below what you paid.
Upcoming IPOs From the Unlisted Space (How to Track Them)
Instead of chasing rumours, learn the public signals — DRHP filings, banker mandates, SEBI observations — that reliably flag which unlisted companies are moving toward an IPO.
Do You Need a Demat Account for Unlisted Shares?
Yes, you need a demat account to buy unlisted shares. They're held electronically in CDSL or NSDL, just like listed shares. Here's how it works and how to open one.
How to Choose the Best Platform to Buy Unlisted Shares in India
There's no single 'best' app for unlisted shares — there's the right one for you. Use this neutral framework covering registration, demat settlement, transparency, and fees to decide.
How Long Should You Hold Unlisted Shares?
Unlisted shares are a multi-year hold by nature. Between illiquidity, the 24-month tax line, and the wait for an IPO or buyback, here's how to think about your holding period.
What's the Minimum Investment to Buy Unlisted Shares?
Unlisted shares are usually sold in minimum lots, so the real entry ticket is often ₹15,000 to a few lakh — not the price of a single share. Here's why, and what to expect.
Unlisted Shares vs Listed Shares: Key Differences
Listed shares trade on NSE/BSE with instant liquidity and transparent pricing. Unlisted shares trade privately, with different rules for settlement, regulation, and tax. Here's the full comparison.
Rule 11UA, FMV & Section 56(2)(x) for Unlisted Shares
If you buy unlisted shares below their fair market value, Section 56(2)(x) can tax the difference as your income. Here's how Rule 11UA computes FMV and how to stay onside.
Is Dividend on Unlisted Shares Taxable?
Dividends on unlisted shares are fully taxable in the shareholder's hands at slab rate since FY 2020-21. The company also deducts TDS under Section 194. Here's how it works.
Tax on Bonus & Split Unlisted Shares
Bonus and split unlisted shares change your share count but follow specific tax rules. Bonus shares carry a nil cost; splits divide the original cost. Here's how the holding period works.
Tax on Gifting & Inheriting Unlisted Shares
Gifting and inheriting unlisted shares each carry their own tax rules. Here's when a gift is taxable in the recipient's hands, and how the original cost and holding period carry over.
Section 54F Exemption on Unlisted Share Gains
Section 54F lets you exempt long-term capital gains on unlisted shares if you reinvest the sale proceeds into a residential house. Here are the conditions, caps, and traps.
Book Value vs Unlisted Share Price: What's the Difference?
Book value is a company's net worth on paper; the share price is what investors pay. The two rarely match — and the price-to-book ratio explains why.
Where to Check Unlisted Share Price History & Trends
Unlisted shares have no public price chart. To track trends, use platform quote history, last-funding-round data, peer movements, and dealer commentary — and understand why no live chart exists.
Fair Value vs Market Price of Unlisted Shares
Fair value is what an unlisted share is intrinsically worth; market price is what you pay today. The gap between them is driven by illiquidity, scarcity, and sentiment.
How Are Unlisted Share Prices Determined in India?
Unlisted shares have no live exchange price. Their quotes are built from the last funding round, comparable listed peers, real-time demand and supply, and the dealer's spread.
Most-Traded Unlisted Shares in India & How to Evaluate Them
Which unlisted shares are most actively traded in India, and how should you evaluate them? This evergreen framework covers the categories that draw interest and the checklist to assess any name.
How to Buy Tata Capital Unlisted Shares
Tata Capital is the Tata Group's financial-services arm and one of the largest NBFCs in India. Here's what the company does, why investors track it, and how to buy Tata Capital unlisted shares.
How to Buy Chennai Super Kings (CSK) Unlisted Shares
Chennai Super Kings Cricket Ltd is one of the few ways retail investors can own a stake in an IPL franchise. Here's what the company is, why it's popular, and how to buy CSK unlisted shares.
How to Buy OYO (Oravel Stays) Unlisted Shares
OYO, operated by Oravel Stays, is one of India's most-watched pre-IPO names. Here's what the company does, why investors are interested, and exactly how to buy OYO unlisted shares.
How to Buy NSE (National Stock Exchange) Unlisted Shares
NSE Ltd, the company that operates India's largest stock exchange, is itself not listed. Here's what the company does, why investors track it, and how to buy NSE unlisted shares step by step.
How to Read a DRHP as a Retail Investor — The 8 Sections That Actually Matter
Every IPO company must file a DRHP (Draft Red Herring Prospectus) with SEBI before listing. Most retail investors never read it. Here are the 8 sections that matter most and the red flags that reveal whether an IPO is worth applying to.
GMP (Grey Market Premium) Explained — What It Tells You and What It Doesn't
GMP (Grey Market Premium) is one of the most discussed numbers in the Indian IPO market. But most retail investors misunderstand what it actually measures. Here's exactly what GMP is, how it's calculated, and why it's unreliable as a trading signal.
What Happens to Your Unlisted Shares if the Company Shuts Down?
Company failures are rare but real. If an unlisted company you invested in shuts down, here's exactly what happens to your shares, what the liquidation waterfall looks like, and what you can write off in your ITR.
SEBI Lock-In Rules for Pre-IPO Shareholders — What You Need to Know
When a company you invested in through unlisted shares goes public, SEBI's lock-in rules determine when you can sell. Here's exactly who is locked in, for how long, and the key exceptions that may apply to secondary market buyers.
SEBI Rules for Unlisted Shares — What Retail Investors Need to Know
SEBI has specific rules around unlisted shares — from public offer restrictions to reporting requirements for companies. Here's what retail investors need to understand about the regulatory landscape before buying.
Polemarch vs Grey Market — What's the Difference for Unlisted Shares?
Many investors encounter 'grey market' dealers before finding regulated platforms. Here's exactly how the grey market works, why it carries significant risk, and what the difference is when you transact on a platform like Polemarch.
Why Unlisted Share Prices Differ Across Platforms and Brokers
If you check the price of an unlisted share on two different platforms, you'll often see different prices. This isn't fraud — it's how price discovery works in the absence of a stock exchange. Here's why prices differ and what a fair price looks like.
Angel Investing vs Buying Unlisted Shares — What's the Difference?
Angel investing and buying unlisted shares both involve private company equity, but they are very different activities. Here's how they compare on risk, return, minimum investment, and what kind of investor suits each.
Unlisted Shares vs Mutual Funds — Which Is Right for Your Portfolio?
Unlisted shares and mutual funds both grow wealth over time — but through very different mechanisms. This comparison covers liquidity, returns, risk, tax, and when each belongs in your portfolio.
Indian SaaS Unlisted Shares — How to Invest in India's Software Boom Before the IPO
India has produced several world-class SaaS companies selling globally. Many of these are still unlisted. Here's how to evaluate and invest in Indian SaaS companies before they IPO.
Healthcare and Pharma Unlisted Shares in India — What Investors Should Know
India's healthcare sector is growing at double digits, driven by insurance penetration, diagnostics expansion, and digital health. Several high-quality healthcare companies remain unlisted and accessible to pre-IPO investors.
Defence Sector Unlisted Shares in India — A Beginner's Guide
India's defence budget and indigenisation mandate are driving a wave of private sector defence companies. Many of these companies are unlisted and accessible to retail investors. Here's how the sector works and what to look for.
NSE Unlisted Shares — What They Are and How to Buy Them
NSE (National Stock Exchange) is one of India's most profitable companies and yet it is not listed on any exchange. Its shares trade in the pre-IPO unlisted market. Here's everything you need to know.
Quick Commerce Unlisted Shares in India — Swiggy, Zepto, Blinkit and Beyond
India's quick commerce sector — Swiggy Instamart, Zepto, and Blinkit — is one of the fastest-growing in the world. Here's how investors can access these companies through unlisted shares and what to consider before buying.
How to Sell Unlisted Shares in India — the Complete Process
There is no exchange for unlisted shares, so selling them is a five-step bilateral process: value the holding, get an offer, sign the agreement, transfer off-market, get paid. Here is the whole journey, who the buyers are, and how long each step takes.
What Documents Do You Need to Buy Unlisted Shares on Polemarch?
Four documents are needed to complete Polemarch KYC and buy your first unlisted share: PAN, Aadhaar, bank account, and demat CMR. Here's exactly what to prepare for each.
How to Transfer Unlisted Shares Between Demat Accounts
Transferring unlisted shares between two demat accounts is done via an off-market DIS transfer. Here's the exact process, the stamp duty payable, and what to watch out for.
Can NRIs Buy Unlisted Shares in India? FEMA Rules Explained
NRIs can invest in Indian unlisted shares under FEMA regulations, but the rules differ from resident Indian investments. Here's exactly how the NRI route works, including repatriation and tax implications.
Capital Gains Tax on Unlisted Shares in India — A Complete Guide
Everything investors need to know about capital gains tax on unlisted shares in India: LTCG vs STCG, the 24-month holding period rule, current rates, indexation, and legal ways to reduce your bill.
Tax on ESOP Buyback in India — What Employees Actually Pay
ESOP buybacks trigger two separate tax events for employees: tax at exercise and capital gains tax at sale. Most employees only plan for one. Here's how the full tax calculation works.
How to Calculate Indexed Cost of Acquisition for Unlisted Shares
Indexation can significantly reduce your long-term capital gains tax on unlisted shares. Here's the exact formula, current CII values, and worked examples for FY 2024-25.
TDS on Unlisted Share Sales in India — Does It Apply?
TDS (Tax Deducted at Source) generally does not apply to unlisted share sales between Indian residents. But there are important exceptions for NRIs and buybacks. Here's the full picture.
How to Show Unlisted Shares in Your ITR — Complete Filing Guide
Many investors hold unlisted shares but don't know how to declare them in their Income Tax Return. Here's a complete guide to which ITR form, which schedule, and what information you'll need.
IPO Allotment vs Buying Unlisted Shares — Which Gives Better Returns?
Applying for an IPO and buying unlisted shares before the IPO are two very different strategies. Here's how they compare on returns, risk, capital required, and lock-in.
Can I Lose All My Money in Unlisted Shares?
Yes, you can lose your entire investment in unlisted shares. Here are the five specific scenarios where total loss is possible and how to reduce each risk.
How to Verify Unlisted Shares Before Buying — 5 Checks That Take Under 10 Minutes
Five quick verification checks you can do in under 10 minutes before buying any unlisted share in India — ISIN, MCA, seller's demat, platform KYC, and invoice.
Fraud in the Unlisted Shares Market — 7 Red Flags Every Investor Must Know
The unlisted share market has more fraud than any other retail investment category in India. Here are 7 specific red flags to check before transferring any money.
Is Buying Unlisted Shares Legal in India?
Buying unlisted shares is fully legal in India. Here's the regulatory framework, what SEBI oversees, and where the lines are drawn between legal platforms and illegal grey-market dealers.
What Happens to Your Unlisted Shares After an IPO?
You bought unlisted shares. The company just announced its IPO. Here's exactly what happens next — from DRHP filing to listing day and beyond.
IPO-Bound Companies: Top Unlisted Shares to Watch in 2025–2026
India's IPO market is booming. We break down which unlisted companies are IPO-bound in 2025–2026, what signals to watch, and how investors can position before listing.
How to download your CMR copy (all brokers)
Verified CMR-download instructions for the 15 brokers we support. Required for Polemarch KYC.
How to calculate the valuation of an unlisted company
Five methods — DCF, comparables, revenue multiples, scorecard, and last-round — with when each one is the right tool.
Tax on unlisted-share investments in India (2026 guide)
Capital gains treatment, holding periods, stamp duty, TDS, and how to report unlisted-share P&L on your ITR.
Step-by-step guide to buying pre-IPO shares
From browsing an opportunity to the shares landing in your demat — a complete walkthrough of what happens at each step on Polemarch.
KYC is stuck — what do I do?
Common KYC failure modes on Polemarch and how to clear each one yourself.
Pre-IPO vs ESOP buybacks vs secondary: which is which?
Three labels that sound similar but mean very different things for price, liquidity, and counterparty. A jargon-free breakdown.
How funds reach Polemarch: VBA, IMPS, RTGS explained
Every deposit gets its own virtual bank account, locked to your source bank. Here's how the rails work.
What is an ISIN and why it matters for unlisted shares
The 12-character unique identifier behind every share you buy. How ISINs work in India and what to check before you transact.
Liquidity risk in unlisted shares: a practical guide
Why you can't always sell when you want to, how to estimate exit windows, and the names that trade often enough to be considered liquid.
Off-market transfers: stamp duty, DIS, and what can go wrong
Every unlisted-share trade in India settles via an off-market transfer. Here's the mechanic and the 3 failure modes.
CDSL vs NSDL: which demat account do you actually have?
The two Indian depositories, what distinguishes them, how to tell which one holds your account, and why it matters for unlisted shares.
How to Download Your CMR From Zerodha, Groww, HDFC, and Other Brokers
Your CMR (Client Master Report) is required for Polemarch KYC. Here's exactly how to download it from Zerodha, Groww, HDFC Securities, ICICI Direct, Angel One, and Kotak Securities.