Frequently asked questions

It is a share in a company that is not traded on a stock exchange. Ownership changes hands through a negotiated off-market transfer between two parties rather than through an order book. 'Pre-IPO' usually means the company has signalled an intention to list, but the two terms are often used loosely and a pre-IPO label carries no guarantee that a listing will happen.

Neither. Unlisted Key publishes information about unlisted companies and helps you raise an enquiry to buy or sell. We do not run an order book, we do not hold your securities or your money, and we do not give investment advice. Every transaction is settled directly between you and the counterparty through your own demat account.

It is an average of quotes collected from dealers willing to transact in that share, shown with the date it was collected and the number of quotes behind it. It is indicative. It is not an exchange price, it does not guarantee availability, and the price you finally transact at may differ.

Because there is no continuous trading. A price only updates when new dealer quotes are collected. For thinly quoted companies that may be once a week or less. The price chart on a company page shows dated snapshots for exactly this reason — drawing a daily line would imply activity that does not exist.

A demat account with either depository, a PAN, and completed KYC with us. Shares are credited to your demat account after payment is settled with the seller. If you do not already have a demat account, open one before raising an enquiry — the transfer cannot be completed without it.

Typically two to five working days from price confirmation, depending on how quickly funds and the delivery instruction slip move. Availability confirmation can take longer for thinly traded names because stock has to be sourced from a holder willing to sell.

Yes. Each company page shows a minimum quantity, usually set by what dealers are willing to transact in. For higher-priced shares the minimum is smaller; for low-priced shares it is larger.

Raise a sell enquiry with the company name, quantity and how you hold the shares. Our desk confirms a price with buyers, you transfer the shares through a delivery instruction slip, and funds are released to your registered bank account on receipt.

Physical certificates must be dematerialised before they can be transferred. Your depository participant handles this; it usually takes two to four weeks. Raise the enquiry anyway — we can tell you what the share is worth while the dematerialisation is in progress.

Illiquidity above all — you may not find a buyer when you want one, at any price. Beyond that: a listing may never happen or may be delayed for years; pre-IPO shares carry a statutory lock-in after listing; valuations are based on infrequent quotes and can move sharply; and disclosure by unlisted companies is thinner than by listed ones. Treat any money committed here as money you can leave committed.

No. Shares can and do list below the price at which they changed hands in the unlisted market. A listing is a liquidity event, not a profit event.

PAN, an address proof, a bank proof and a client master list from your depository participant. Verification usually takes one to three working days. You can raise an enquiry before KYC is complete, but a transaction cannot be settled until it is.

Up to two of each. One of each must be marked primary; settlements default to the primary accounts unless you say otherwise on an enquiry.

You receive an enquiry ID immediately and the status is set to New. Our desk contacts you, verifies your details, confirms availability and price, and then moves to settlement. You can follow every stage from My Enquiries in your account.