Overview

• Nithin Kamath highlighted that unlisted share markets lack transparent price discovery and adequate regulatory oversight.
• HDB Financial Services set its IPO price band at ₹700–₹740 per share, roughly 40 percent below its previous unlisted trading peak of over ₹1,500.
• He cautioned that delayed IPOs, such as the long-awaited National Stock Exchange listing, can leave investors unable to exit their holdings.
• SEBI has labeled transactions in unlisted shares as illegal under current securities laws, adding a legal risk for participants.
• Kamath advised retail investors to opt for mutual funds instead of unlisted equities given disclosure gaps and potential tax complications.