By Lal Singh Unlisted shares gain interest with investors in 2026 as more Indian companies delay their IPOs and increase their capital intake through private sources. These are the shares of those companies which do not trade in the stock exchange like NSE, BSE etc. Investors buy and sell them through private deals, intermediaries or specialized platforms. With the right process and discipline, unlisted shares have the potential to provide high levels of growth, but require careful planning and due diligence.
This guide explains how to buy unlisted shares in India in 2026.
What Are Unlisted Shares?
Unlisted shares refer to the ownership in the shares of companies that are still held privately or in anticipation of an IPO in the future. Promoters, early investors, venture capital firms and employees through ESOPs are the usual holders of these shares. Since exchanges do not regulate the prices, the buyers and the sellers negotiate the values privately.
In 2026, investors keep an eye on unlisted shares of pre-IPO companies, subsidiaries of listed companies, and large startups as these businesses tend to display great growth before listing.
Why Investors Buy Unlisted Shares in 2026
Investors purchase unlisted shares to get access to the stocks of a company at an early stage. Many high growth firms remain private for longer, so this creates opportunities outside of public markets. Investment in non-listed firms is also useful in helping investors diversify out of regular stocks.
If a company does list successfully however, early investors can often benefit from valuation re-rating. However, the investors must accept low liquidity and remain for a longer period of time.
Methods to Buy Unlisted Shares in India
Use Specialized Online Platforms
A number of digital platforms are currently making it easy to unlisted share transactions. These platforms list available shares, display company details, and guide investors through secure transfers.
The process remains straightforward:
- Create an account on the platform
- Complete KYC verification
- Select the company and quantity of shares
- Make payment at approved channels
- Receive Shares Directly In Your Demat Account
These platforms are appropriate for retail investors in search of structured access to the unlisted market.
Work With SEBI-Registered Brokers or Wealth Managers
Many investors favour SEBI-registered brokers and wealth management firms for investments in unlisted. These professionals help buyers to get connected with sellers – promoters, early investors or the employees. They also help them with pricing, documentation, and compliance.
This route is best for those investors who want larger allocations or pre-IPO expert placements.
Buy Directly Through Private Transactions
Investors can also purchase shares that are not listed through existing shareholders. Employees often sell ESOP shares, and promoters may sell stakes during private rounds. Brokers typically handle these over-the-counter (OTC) transactions to make sure they are safe to do legally and operationally.
Invest Indirectly Through AIFs or PMS
Alternative Investment Funds (AIFs) and Portfolio Management Services (PMS) present an opportunity for an indirect exposure to unlisted companies. Fund managers take care of company selection, valuation and risk management. This option is suitable for investors who would like diversification, but prefer the guidance of professionals. Most PMS’s and AIFs have higher minimum investments.
Step-by-Step Process to Buy Unlisted Shares
Start by conducting research on the business model, financials, quality of the management, and the outlook for growth of the company. Strong basics are more important than hypes from the markets.
Next, is to fill up your KYC and make sure of an active demat account. For all the genuine investments and transactions that are unlisted, the credits are done on shares by your demat account through CDSL or NSDL.
After finalizing the deal, transfer funds using traceable banking channels. The seller then transfers the shares by means of an off market transaction. Always check the ISIN and ensure demat credit before concluding that the transaction is done.
Risks You Must Understand
Unlisted shares have liquidity risk. You may not find buyers very quickly, especially when the market is in a downturn. Prices also fluctuate greatly because there is no regulation of valuations by exchanges.
Investors are exposed to longer holding periods and have to wait for IPOs, acquisitions, or private buyers to exit. Taxation is also different from listed shares and thus investors should plan with the help of a tax advisor.
How to Sell Unlisted Shares
Investors sell unlisted shares through brokers, platforms or to direct buyers. Many holders hold and wait for the company’s IPO and sell after mandatory holding periods. Active investors pay attention to the market demand and exit slowly to be able to manage the price risk.
Final Thoughts
Unlisted shares provide exciting opportunities in the changing Investment landscape in India 2026. Investors who follow a disciplined approach, check demat credits, work with trusted intermediaries and have a long-term perspective stand a better chance of being successful.
Unlisted Investing offers reward through patience, research and controlling of risk. When investors put these components together, unlisted shares can be an aggressive addition to an investor’s diversified portfolio.