Overview

• Retail investors now hold nearly 12% of unlisted NSE equity with over 146,000 participants by June 2025.
• Grey-market prices rose from ₹740 in 2021 to ₹1,775 by May 2025 and spiked to ₹2,300 in a single week on renewed listing hopes.
• Of its ₹1,388 crore settlement offer, ₹1,165 crore addresses a co-location dispute and ₹223 crore covers a dark-fibre matter.
• SEBI Chairman Tuhin Kanta Pandey has said there are no remaining obstacles to the IPO but has not committed to a timeline for issuing formal clearance.
• Low liquidity and a lack of direct SEBI oversight continue to pose risks for unlisted-share investors.