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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
Unlisted shares settle off-market, demat account to demat account. What KYC you need, how the transfer moves, and the restrictions that can delay or block it.
Last reviewed 5 Jul 2026
A listed trade settles through an exchange clearing house, which stands between buyer and seller and guarantees the trade. An unlisted transfer has no clearing house. It is an off-market transaction — a direct movement of shares from one demat account to another, instructed to the depository (NSDL or CDSL) by the delivering side.
Because there is no exchange guarantee, sequencing is what protects both sides. On the platform, money is verified before shares move on a buy, and shares are received before any payout on a sell. That sequencing does the job the clearing house does on an exchange.
You need an active demat account to hold unlisted shares, and you will share your demat details when you enquire so the desk can settle directly into your account. Full KYC — your PAN and a client-master (CML) or demat statement — is required before the transfer step, when shares actually change hands.
The client-master is simply a document from your broker or depository participant that confirms your demat account details and the holdings in it. It is used both to route a transfer correctly and, on a sale, to verify that the shares you want to sell are genuinely held in your name.
On a purchase, once your payment is verified, the desk instructs an off-market delivery from its demat account to yours for the agreed quantity. You then see the shares credited in your demat, usually within two to three business days, subject to depository timelines. On a sale, you instruct the delivery from your account to the desk's, the desk verifies the credit matches the agreed trade, and your payout is released.
Depository processing, corporate actions, and company-level steps can all affect timing. The timeframes shown across the platform are typical, not guaranteed.
Not every unlisted share can be transferred freely. Some carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock. Transfers can also be subject to the company's articles of association, a right of first refusal held by existing shareholders, or a requirement for board approval.
Where a restriction applies, it can delay settlement or prevent it entirely, so it is checked before a trade is committed. If a lock-in or approval affects a name you are looking at, the desk flags it before you commit.
This guide is general educational information about unlisted shares — not investment, legal, or tax advice, not a recommendation, and not an offer. Unlisted shares are illiquid and carry a high risk of loss. Read the full Risk Disclosure and do your own diligence, and consult a SEBI-registered adviser, before you invest.
Read the full risk disclosure before you enquire.