Legal Entities, SEBI Status, Fees, Demat Settlement, Liquidity and Investor-Protection Due Diligence
Research cut-off: 25 September 2026
India’s market for unlisted, pre-IPO and private-company shares has grown rapidly. Investors can now find quotations for companies such as NSE, OYO, Chennai Super Kings, HDFC Securities, NSDL-era holdings, stock exchanges, asset managers, fintech companies and late-stage startups through dozens of websites and intermediaries.
But there is a fundamental problem with treating these websites like stockbrokers:
Buying an unlisted share through a website is not the same as buying an NSE- or BSE-listed share through a SEBI-registered stockbroker.
That distinction became even more important in 2026.
On 17 June 2026, SEBI reiterated its warning concerning electronic platforms facilitating transactions in securities of unlisted public companies. SEBI stated that such electronic platforms/websites are neither authorized nor recognized by SEBI for providing a trading platform in these securities. Investors using them do not receive the normal investor-protection framework associated with recognized stock exchanges, including exchange grievance mechanisms and Smart ODR for the platform transaction.
SEBI had already issued related warnings in 2016 and again in December 2024 concerning unauthorized electronic platforms facilitating investments or transactions outside recognized market infrastructure.
That regulatory reality shapes this entire comparison.
The Most Important Regulatory Distinction
MCA registration ≠ SEBI registration
A company having:
- a valid CIN,
- an MCA registration,
- GST registration,
- Startup India recognition,
- an office,
- directors,
- paid-up capital,
does not make it a SEBI-registered securities intermediary.
MCA incorporation merely establishes the existence of a legal company.
SEBI registration ≠ SEBI approval of an investment
A group company might separately hold a:
- stockbroker registration,
- Research Analyst registration,
- Investment Adviser registration,
- merchant-banker registration,
- Alternative Investment Fund registration,
- Online Bond Platform Provider registration,
while another company in the group deals in unlisted shares.
The first registration does not automatically extend to the second business.
Likewise:
A security being sold by a SEBI-registered intermediary does not mean SEBI has approved, recommended or validated that investment.
Investors should therefore be very suspicious of loose phrases such as:
- “SEBI approved shares”
- “SEBI-approved platform”
- “SEBI compliant investment”
- “SEBI registered unlisted shares”
unless the exact regulatory registration, exact legal entity and exact activity covered by that registration can be demonstrated.
How This Study Was Conducted
The following ten platforms were selected because there was evidence that they were actively involved in the Indian unlisted-share ecosystem and did more than simply publish articles or stock information.
The ten are presented alphabetically, not as a ranking:
- 3Adeal / 3A Financial Services
- Altius Investech
- InCred Unlisted
- Planify
- Precize
- SharesCart
- Stockify
- Unlisted Assets
- UnlistedZone
- Wealth Wisdom India / WWIPL
For each platform, the research examined:
- corporate identity;
- CIN;
- directors/founders;
- legal disclosures;
- transaction process;
- who acts as seller;
- where payment goes;
- demat settlement;
- buy and sell mechanism;
- fees/spreads;
- minimum investment;
- SEBI status;
- exchange membership;
- depository claims;
- investor numbers;
- transaction-volume claims;
- share coverage;
- regulatory disclosures;
- legal-document inconsistencies.
Company-reported figures are explicitly identified as such.
Company-reported numbers should not be mistaken for independently audited data.
Top 10 Indian Unlisted Share Platforms — Comparison
| Platform | Legal Entity | SEBI Status | Buy | Sell | Retail | Minimum | Fees | Demat Settlement | Counterparty | Liquidity | Major Risk |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3Adeal | 3A Financial Services Ltd, CIN U72200MH1999PLC118579 | No unlisted-marketplace authorization identified | Yes | Yes | Yes | No universal public minimum verified | Quote/spread; site says no hidden fees | Off-market demat | Often inventory/dealer model; verify deal memo | Dealer/network dependent | Seller identity, spread and exact settlement structure should be confirmed before payment |
| Altius Investech | Altius Investech Pvt Ltd, CIN U74900WB2016PTC210376 | Terms explicitly say it is not a SEBI-recognized stock exchange/trading platform | Yes | Yes | Yes | ₹10,000 as publicly stated | Quote/bid-ask economics; no universal brokerage schedule found | Buyer’s DP ID/client ID; typically direct demat delivery | Altius proprietary book for purchases | Altius may attempt to locate future buyer | Proprietary-inventory and liquidity risk |
| InCred Unlisted | ETA Fintech Pvt Ltd, CIN U62099MH2025PTC441726; site also operated by Alpha Fintech | InCred Unlisted states it is not a SEBI-registered RA/adviser; no separate marketplace authorization | Yes | Quote dependent | Yes, subject to KYC | No universal amount; ₹1,000 applies to a specific referral offer | Not standardized publicly | Off-market demat | ETA Fintech normally the seller unless otherwise specified | Dealer/network dependent | New legal structure/brand; distinguish ETA/Alpha from regulated group affiliates |
| Planify | Planify Capital Ltd + Planify Enterprises Pvt Ltd | Explicitly says it is not a recognized stock exchange | Yes | Yes | HNI/angel oriented | ₹2 lakh+ stated in risk disclosure | Quote-specific; no universal public fee found | Off-market demat | Own portfolio, referral sellers and other structures depending transaction | Matching/network dependent | Product structure and legal seller can differ from deal to deal |
| Precize | Pazago Technologies Pvt Ltd, current CIN U62013KA2021PTC150187; deals described as facilitated by Propaze Finvest | Terms state Precize is not a registered IA, broker or RA | Yes | Yes | Yes | ₹10,000 | No universal public fee schedule found | CDSL/NSDL off-market | Depends on transaction; sell process connects verified counterparties | Buyer matching/escrow model described | Legal-document/CIN freshness and Propaze counterparty identity require careful verification |
| SharesCart | Blackvolt Digital Pvt Ltd, current CIN U68100HR2017PTC068683 | No authorization identified for unlisted marketplace activity | Yes | Yes | Yes | Often ₹50,000–₹2 lakh, security dependent | Spread; sell illustration shows broker/admin/risk premium can be embedded | Off-market demat | SharesCart itself or matched third party | Several documented exit models | Marketing references to regulation must not be interpreted as marketplace authorization |
| Stockify | Stockify Fintech Pvt Ltd, CIN U67200KA2022PTC156834 | Company states it is not SEBI-registered broker, IA or RA | Offline/private deal | Yes | Yes | Security specific | Quote/spread; no uniform fee schedule found | Seller may transfer into Stockify demat | Stockify/inventory or negotiated OTC arrangement | Dealer/network dependent | Stockify explicitly positions current transactions as offline/private deals following regulatory warning |
| Unlisted Assets | Unlisted Assets Pvt Ltd, CIN U65929HR2021PTC097261 | No marketplace authorization identified | Yes | Yes | HNI-oriented | ₹5 lakh stated for purchases | Buy page says no processing fee; sell-side charges may apply | T+1 demat delivery claimed | Inventory sourced from early investors/companies; sell side can involve matched buyer | Inventory + matching | Published legal-document CIN inconsistency should be resolved before remitting money |
| UnlistedZone | IZUZ Consultancy Pvt Ltd, CIN U67200UP2019PTC118408, with InvestorZone-UnlistedZone arrangement | Current disclaimer expressly says it is not SEBI-registered broker/IA/PMS/exchange | Introductions | Introductions | Yes | Deal specific | Deal specific | Bilateral/off-market | Third-party buyer and seller | Primarily connection/discovery rather than guaranteed liquidity | Investor must identify actual seller, beneficiary and contract independently |
| WWIPL | Wealth Wisdom India Pvt Ltd, CIN U67120MP2007PTC019234 | Not a SEBI-registered stockbroker; RA application appeared under process in SEBI’s 2026 application-status records | Yes | Yes | Yes | ₹5,000 company-stated | 0% brokerage / transaction fee company-stated; spread still matters | NSDL/CDSL, generally 24–48h claimed | WWIPL is contractual counterparty in published workflow | Dealer/network dependent | Zero brokerage does not eliminate bid-ask spread/liquidity risk |
All minimums, fee policies and operating descriptions above are as publicly observable/reported as of 25 September 2026 unless otherwise stated. Inventory and quotations can change daily.
1. 3Adeal / 3A Financial Services Limited
Corporate identity
Legal entity: 3A Financial Services Limited
CIN: U72200MH1999PLC118579
Incorporated: 1 March 1999
Founder/Promoter: Rajan Manubhai Shah
Current directors identified in corporate records: Rajan Manubhai Shah, Bhavana Rajan Shah and Ajay Naginbhai Rathod.
Registered office:
204, 2nd Floor, Sahyog Building, above Central Bank of India, S.V. Road, Kandivali West, Mumbai, Maharashtra 400067.
The company states that it is a subsidiary of 3A Capital Services Limited and describes itself as operating in unlisted, delisted, suspended and pre-IPO securities.
Its 1999 incorporation makes 3A Financial Services the oldest legal entity among the ten businesses reviewed in this study.
That does not by itself establish transaction safety, but operating history is relevant due-diligence information.
Business model
3Adeal operates largely as an OTC unlisted-share marketplace/dealer rather than a conventional exchange.
Its website states that investors can buy shares directly and that the platform covers 100+ companies. This is a company-reported figure observed as of 25 September 2026.
Search-indexed catalogue pages contain far more individual product/listing entries, but these should not be interpreted as the number of unique currently tradable companies because duplicates, historic pages and variants may exist.
Buy and sell facility
Buy: Yes.
Sell: Yes.
Pre-IPO: Yes.
Unlisted public companies: Yes.
Private companies: Offered selectively.
Delisted/suspended securities: Also part of the stated business.
The dealer-style transaction structure means the most important pre-payment question is:
Exactly which legal entity or beneficial owner is selling the particular shares being quoted?
A prospective buyer should insist that this be stated in the transaction confirmation.
Minimum investment and fees
No universal current minimum investment was found in the public material reviewed.
3A states that it does not charge hidden fees, but that should not be interpreted as meaning that there is no economic transaction cost.
In OTC markets, the platform may earn through the difference between:
- its acquisition price,
- its selling quote,
- and its repurchase/bid price.
Always compare the buy and sell quote for the same security.
SEBI/exchange/depository status
No SEBI authorization for operating an unlisted-share trading platform was established for 3A Financial Services in this review.
Likewise, using NSDL/CDSL demat settlement does not make the company a depository participant or a SEBI-authorized exchange.
Notable strengths
- Long operating history.
- Established corporate identity.
- Broad unlisted/pre-IPO focus.
- Multi-city presence.
- Direct transaction capability.
Key limitations
- Bid/ask spread is more important than “zero hidden charges.”
- Exact counterparty should be documented.
- Inventory-based liquidity is not equivalent to exchange liquidity.
- No exchange investor-protection mechanism exists for the OTC transaction.
2. Altius Investech Private Limited
Corporate identity
Legal entity: Altius Investech Private Limited
CIN: U74900WB2016PTC210376
Incorporated: 17 March 2016
Founder & CEO: Sandip Ginodia
Co-founder: Abhishek Ginodia
Current statutory directors identified: Abhishek Ginodia and Alka Ginodia.
Registered office:
73A, Ganesh Chandra Avenue, Kolkata, West Bengal 700013.
Altius describes its management as having decades of equity-market experience, but investors should distinguish management experience from the age of the legal entity itself.
Transaction model — unusually clear disclosure
Altius deserves attention for one reason: its terms explain the economic structure more explicitly than many competitors.
The terms state that investors can buy unlisted/pre-IPO/startup shares:
from the proprietary books of Altius Investech Pvt Ltd.
That means the investor is not simply placing an anonymous exchange order.
Altius itself may already own the shares and act as the seller.
Its terms further state that shares are delivered using the buyer’s:
- DP ID; and
- Client ID,
and generally indicate delivery within approximately 12 hours where inventory is available.
If inventory becomes unavailable, an order may be cancelled/refunded.
Selling later
Altius says it may assist the investor in liquidating holdings if it can locate another buyer, but it explicitly warns that:
- liquidity is not assured;
- and a future resale price could be materially below the investor’s purchase price.
This is an important disclosure.
Minimum investment
₹10,000, according to the platform’s published FAQ reviewed as of 25 September 2026.
User base and coverage
Altius states that it has:
- 8,000+ clients served;
- 300+ companies tracked.
These figures are company-reported and not independently audited, observed as of 25 September 2026.
Funding/backers
Altius says it raised approximately US$1 million in August 2021 from investors including Saurabh Aggarwal, Pinak Dattaray, Harsh Sarawagi, Dalal Family Office and Credo Minerals.
This is company-reported historical fundraising information.
Regulatory status
The company’s own terms clearly state that the platform is not a stock exchange or trading platform recognized by SEBI.
This is preferable to vague regulatory marketing.
Key advantages
- Clear disclosure of proprietary-book model.
- Relatively low stated minimum.
- Established OTC specialization.
- Exit/liquidity limitation explicitly disclosed.
Key risks
- Investor bears dealer/counterparty risk.
- Liquidity depends on Altius finding future demand.
- Spread may be economically more important than explicit brokerage.
- Proprietary-book availability can change after an order.
3. InCred Unlisted
Important 2026 structural change
InCred’s unlisted-share business deserves special treatment because the structure appears to have evolved.
In September 2026, the group introduced the dedicated InCred Unlisted brand.
Current terms identify:
Primary legal entity / owner: ETA Fintech Private Limited
CIN: U62099MH2025PTC441726
Incorporated: 1 March 2025.
Directors identified: Bhupinder Singh and Vijay Krishna Kuppa.
Registered office:
The Capital, Unit 1203, 12th Floor, B Wing, Plot C-70, G Block, Bandra Kurla Complex, Mumbai 400051.
The current legal documentation also says that the website may be operated by Alpha Fintech Private Limited, while ETA Fintech owns the InCred Unlisted brand/business.
Who actually sells the shares?
The current terms provide an unusually useful answer:
Unless otherwise mentioned, ETA Fintech Private Limited will be the counterparty/seller.
That is materially different from a platform that merely connects two unrelated investors.
The investor is therefore often purchasing from an InCred group company/inventory entity.
Historical Alpha Fintech structure
Earlier InCred Money documentation identified Alpha Fintech Private Limited as the seller/counterparty for unlisted shares.
Investors examining older InCred Money material should therefore verify which entity appears on the current invoice, bank account and transaction confirmation rather than assuming the older legal structure still applies.
A critical regulatory distinction
InCred’s wider ecosystem includes Oro Financial Consultants Private Limited, which has operated regulated corporate-bond/stockbroking infrastructure and has disclosed registration such as:
SEBI stockbroker registration: INZ000312534.
However:
That registration should not be interpreted as SEBI authorization of ETA Fintech’s or Alpha Fintech’s unlisted-share marketplace.
Different legal entity. Different activity.
This is a textbook example of why group-level regulatory branding must not be confused with the status of an individual transaction.
Examples of securities shown
Current or recently published InCred inventory pages have included names such as:
- NSE;
- Chennai Super Kings;
- Metropolitan Stock Exchange of India;
- Indian Gas Exchange;
- NCDEX;
- Orbis Financial;
- PharmEasy;
- PPFAS-related securities;
- HDFC Securities;
- Carrier;
- ASK;
- AB InBev India.
Inventory is dynamic and this is not a statement that all were available on identical terms on 25 September 2026.
Minimum investment
Current dedicated terms mention a ₹1,000 minimum for a particular referral offer, while other InCred material has promoted the ability to start with a single share.
Neither should be treated as a universal minimum for every security.
Regulatory disclosure
InCred Unlisted states that its representatives are not acting as SEBI-registered investment advisers or research analysts in connection with the unlisted offering.
Key advantages
- Recognizable financial-services group.
- Current terms identify the principal counterparty.
- Broad inventory.
- Dedicated unlisted business launched in 2026.
Key limitations
- Legal structure has changed.
- Alpha/ETA/Oro must not be conflated.
- An affiliate’s SEBI registration does not authorize the unlisted marketplace.
- Dedicated platform has a relatively short standalone operating history.
4. Planify
Corporate structure
Planify operates through more than one corporate entity.
Planify Capital Limited
CIN: U65990HR2021PLC093712
Incorporated: 16 March 2021.
Directors identified include:
- Rajesh Kumar Singla;
- Urmila Rani Singla;
- Davinder Kumar Singla.
Planify Enterprises Private Limited
CIN: U74990DL2018PTC342098
Incorporated: 24 November 2018.
Directors identified include:
- Rajesh Kumar Singla;
- Urmila Rani Singla.
Founder/CEO: Rajesh Singla.
Planify says its private-market activity began around 2019.
Business model
Planify’s own documents indicate that shares may come from:
- Planify’s own portfolio;
- referral clients;
- companies;
- institutions;
- or other structured/pooled arrangements depending on the product.
Its legal documentation therefore needs to be read transaction by transaction.
One product should not automatically be assumed to have the same ownership and settlement model as another.
Retail versus HNI positioning
Planify’s risk disclosures state:
- ticket sizes are generally ₹2 lakh or more;
- the proposition is targeted towards angel/HNI investors rather than the mass retail public.
This is a useful suitability disclosure.
Buy transaction
Planify’s documentation says:
- the platform facilitates execution;
- payment should originate from the same investor whose name is to receive the shares;
- third-party payment/transfer is not permitted;
- refunds can be made if inventory becomes unavailable.
User base and transaction volume
Planify states that it has handled:
- 10,000+ investors;
- 250+ investment opportunities/companies;
- approximately ₹150 crore of transactions.
These are company-reported, unaudited figures found on material reviewed as of 25 September 2026.
Other registrations
Planify discloses registrations/identifiers relating to other financial-service activities, including AMFI-related registrations.
Those registrations should not be treated as authorization for an unlisted-share exchange.
Its own terms state that Planify is not a recognized stock exchange.
Key advantages
- Broad private-market focus.
- Detailed company research.
- Significant disclosed transaction history.
- Clear HNI orientation.
Key limitations
- Legal seller can vary.
- Multiple legal entities increase the need to identify the contracting entity.
- Minimum investment is substantially higher than several competitors.
- Transaction matching does not produce exchange-like liquidity.
5. Precize
Corporate identity
Brand: Precize
Website owner/operator: Pazago Technologies Private Limited.
Current corporate records show:
CIN: U62013KA2021PTC150187
Incorporated: 30 July 2021
Directors: Nikhil Agrawal and Shankar Lal Gidra.
Current registered-office record identified:
547/15 Tapasya, 1st Floor, A Block, near VI Store, Shakar Nagar, Bengaluru, Karnataka 560092.
Important legal-document discrepancy
Precize’s website terms reviewed during this research still displayed the earlier CIN:
U72900KA2021PTC150187
whereas the current corporate record uses:
U62013KA2021PTC150187.
The numeric company identifier remains recognizably related, but the corporate activity code/CIN has changed.
That does not by itself imply misconduct.
It does mean:
The investor should obtain a current invoice/contract showing the current corporate identity before transferring funds.
The site’s legal material also states that transactions are facilitated by Propaze Finvest.
The legal constitution and role of that counterparty deserve separate verification before payment.
Buy process
Precize currently advertises:
- KYC/registration;
- selection of quantity;
- payment through supported banking rails;
- demat transfer, commonly within approximately 24 hours.
The platform states a minimum investment starting around ₹10,000 as of 25 September 2026.
Sell process
Precize’s published seller guidance describes:
- investor submits the holding for sale;
- platform connects the investor with a verified buyer;
- money can be routed through an escrow-type mechanism;
- securities move through an off-market CDSL/NSDL transfer;
- the buyer receives the shares.
That is closer to an agency/matching structure than a traditional anonymous exchange.
Regulatory status
Precize’s own legal disclosure says it is not a SEBI-registered investment adviser, broker or research analyst.
Key advantages
- Low entry threshold.
- Digital process.
- Seller workflow describes escrow and direct demat mechanics.
- Significant research/content infrastructure.
Key limitations
- Site legal documents contain a stale CIN.
- Investor must identify the exact Propaze/other transaction counterparty.
- “Escrow” should be verified by identifying the escrow bank/account/legal agreement—not merely accepting the word on a webpage.
- Liquidity remains dependent on locating another buyer.
6. SharesCart
Corporate identity
Legal entity: Blackvolt Digital Private Limited
Current CIN: U68100HR2017PTC068683
Previous CIN: U74999HR2017PTC068683
Incorporated: 20 April 2017.
Founder & Director: Keshow Goyal.
Current corporate records identify directors including:
- Keshow Goyal;
- Ishita Aggarwal.
Office disclosed by the business:
1st Floor, Plot 2, Landmark Tower, South City 1, Gurugram, Haryana.
Publicly disclosed scale
SharesCart reports:
- 70,000+ platform users;
- ₹500 crore+ transaction value;
- 200+ unlisted companies.
All three numbers are company-reported, not independently audited, and observed on its website as of 25 September 2026.
Among the ten businesses studied, 70,000+ is the largest disclosed number explicitly described as platform users.
That does not prove that all 70,000 users have completed investments.
SharesCart’s Sell Models
SharesCart provides one of the more detailed public explanations of different liquidity routes.
Model 1 — Outright sale
The investor sells directly to SharesCart.
SharesCart becomes the buyer/counterparty.
Payment is stated to occur around T+1, subject to the transaction conditions.
Model 2 — Best-effort buyer matching
SharesCart attempts to locate another buyer.
The seller accepts or rejects the quoted price.
After acceptance and transfer, settlement follows.
There is no guaranteed timeline to find a buyer.
Model 3 — Transfer shares to SharesCart first
Under another workflow, the seller may transfer shares into a SharesCart demat account, after which SharesCart attempts to locate the eventual buyer.
This reduces settlement friction but exposes the seller to additional counterparty/custody risk while the shares are held away from the seller’s own demat.
Token/commitment model
SharesCart also describes a structure in which a commitment/token amount can be involved when arranging a buyer.
Investors should read cancellation terms carefully because a commitment can potentially be forfeited after the parties have agreed a transaction.
Fees and Spread
SharesCart’s own seller material provides an illustration in which approximately 5% can be embedded for broker/administrative/risk-premium economics.
This is an illustration rather than a universal 5% tariff.
The important lesson is that unlisted platforms may earn through:
bid/ask spread rather than a visible “brokerage fee.”
Regulatory language requires care
SharesCart material has at times used terms such as SEBI-regulated/compliant in its marketing context.
An investor should not interpret this as evidence that Blackvolt Digital’s unlisted-share marketplace has been authorized by SEBI.
The correct test is the exact legal entity + exact SEBI registration number + exact permitted activity.
Key advantages
- Detailed exit procedures.
- Both principal and matching models.
- Meaningful company-reported user base.
- Large company-reported transaction volume.
Key limitations
- Different sell modes produce different counterparty risks.
- Transferring stock to platform demat introduces platform exposure.
- Spread can be significant.
- Regulatory marketing needs to be checked against the exact registered entity.
7. Stockify
Corporate identity
Legal entity: Stockify Fintech Private Limited
CIN: U67200KA2022PTC156834
Incorporated: 20 January 2022.
Directors:
Piyush Jhunjhunwala and Rahul Khatuwala.
Stockify’s website identifies:
- Piyush Jhunjhunwala — Founder/CEO;
- Rahul Khatuwala — Co-founder;
- and also presents Bineet Agarwal and Ashish Chawla in co-founder/team roles.
Registered office:
26, First Floor, Unit 2, 16th Cross, 18th Main, JP Nagar 5th Phase, Bengaluru 560078.
Company-reported scale
Stockify states:
- ₹2,000 crore+ trades executed;
- 5,000+ verified investors;
- 100+ companies.
These figures are company-reported and not independently audited, observed as of 25 September 2026.
A separate statement referring to 10+ years of experience should be interpreted as management/team experience, not company age: Stockify Fintech itself was incorporated only in 2022.
Current regulatory positioning
Stockify expressly states that it is not a SEBI-registered stockbroker, investment adviser or research analyst.
Following SEBI’s warnings regarding electronic unlisted-share platforms, Stockify has also emphasized that its website is informational and that actual private-share transactions occur through offline/private bilateral deals, rather than an exchange-like web trading engine.
That distinction is important.
Sell transaction mechanics
Stockify’s published process includes:
- seller and Stockify agree on quantity and price;
- LOI/documentation is executed;
- seller provides PAN/Aadhaar/Demat Client Master List and other KYC;
- seller transfers securities to Stockify’s demat account;
- Stockify settles the payment pursuant to the transaction.
Here, Stockify takes a much more direct role than an information-only introduction site.
NRI evidence
Stockify’s seller documentation specifically asks an NRI seller for an NRO bank statement.
That makes Stockify one of the platforms in this review for which publicly visible evidence of at least an NRI sell-side process was found.
However, that does not mean an NRI can legally buy every security offered.
FEMA pricing, sectoral caps, entry routes, reporting and issuer-level restrictions still apply.
ISIN transparency
Stockify’s listings also display ISIN and, for some securities, information concerning the relevant depository, which is useful for security-level due diligence.
Key advantages
- Detailed seller transfer process.
- Public ISIN information.
- Explicit current regulatory disclaimer.
- NRI sell-side documentation.
Key limitations
- The legal company is young despite the team’s longer experience.
- Seller transfers shares to Stockify before payment under the documented workflow.
- Company-reported transaction volume has not been independently audited.
- Liquidity remains dealer/network dependent.
8. Unlisted Assets
Corporate identity
Legal entity: Unlisted Assets Private Limited
Current CIN: U65929HR2021PTC097261
Incorporated: 27 August 2021.
Current corporate records identify directors including:
- Divam Sharma;
- Ruchi Sharma.
Its management/team pages also identify individuals including Divam Sharma, Pulkit Gupta, Basant Handa and Shubham Sharma, with Shubham described in a co-founder role.
Registered office identified in current corporate data:
Building No. 10, Third Floor, Poorvi Marg, DLF Phase 2, Gurugram, Haryana 122008.
Legal-document discrepancy
A version of Unlisted Assets’ published terms reviewed during this study carried a different/legacy CIN from the current corporate record.
Because the current corporate master data identifies U65929HR2021PTC097261, an investor should insist that:
- quote;
- agreement;
- invoice;
- bank beneficiary;
- PAN/GST details;
all resolve to the same current legal entity before payment.
Again, a stale website document is not evidence by itself of wrongdoing—but it is exactly the sort of discrepancy that good due diligence should identify.
Buy-side model
The company states:
- minimum investment ₹5 lakh;
- inventory of 200+ companies;
- no additional processing fee for the buy transaction;
- shares delivered directly to the investor’s demat, generally around T+1;
- deal slips/invoices/agreements issued within roughly 24 hours;
- inventory sourced from early investors and companies themselves.
These are company-reported operating terms as observed on 25 September 2026.
Sell side
Unlisted Assets describes a different structure for sales.
It may:
- examine the investor’s inventory;
- introduce the holding to potential HNI/buyer networks;
- facilitate an agreed transaction;
- assist with demat transfer from seller to buyer.
Sell-side charges may be disclosed during the listing/deal process.
This means the platform can effectively use:
- an inventory model when selling to investors;
- and a matching/agency model when helping existing investors exit.
Key advantages
- Direct documentation promised.
- Large stated inventory.
- T+1 delivery model.
- Clear high-ticket/HNI focus.
Key limitations
- ₹5 lakh minimum is high.
- Sell liquidity is not guaranteed.
- Buy and sell models are not identical.
- Legal-document/CIN consistency should be checked before every transaction.
9. UnlistedZone
Corporate identity
Principal operating company: IZUZ Consultancy Private Limited
CIN: U67200UP2019PTC118408
Incorporated: 24 June 2019.
Current statutory directors identified:
- Umesh Chandra Paliwal;
- Dinesh Gupta.
The platform also describes its founding team as including:
- Umesh Paliwal;
- Santosh Singh;
- Dinesh Gupta.
UnlistedZone operates in conjunction with an InvestorZone-UnlistedZone arrangement.
Current 2026 business positioning
This platform is particularly interesting because its current disclaimer is explicit.
As of 1 July 2026, UnlistedZone says that it:
- serves as an informational platform;
- connects buyers and sellers;
- does not itself facilitate direct transactions;
- is not a SEBI-registered broker;
- is not a SEBI investment adviser;
- is not a portfolio manager;
- and is not a recognized stock exchange.
That positioning is materially more conservative than calling itself an online securities exchange.
What does that mean for an investor?
The investor must identify:
- actual seller;
- seller’s legal ownership;
- bank-account beneficiary;
- share quantity;
- ISIN;
- demat account from which securities will come;
- settlement timing;
- contractual recourse.
UnlistedZone’s involvement in introducing two parties does not automatically make UnlistedZone the legal counterparty.
Scale claims
UnlistedZone states:
- 30 lakh+ visitors served cumulatively;
- approximately 3 lakh+ visitors per month;
- 500+ shares tracked.
These are company-reported website/research reach figures observed as of 25 September 2026.
They should not be described as:
- 30 lakh customers;
- 30 lakh investors;
- or 30 lakh completed transactions.
Website visitors and investors are very different metrics.
Share/research coverage
Its research universe has included widely followed private-market securities such as:
- NSE;
- Zepto;
- SBI Mutual Fund-related holdings;
- other pre-IPO/private-market companies.
Availability should always be checked live because “tracked” does not equal “available to buy.”
Key advantages
- Very broad stated research coverage.
- Explicit current regulatory disclaimer.
- Long-running information/research presence.
- Large company-reported audience.
Key limitations
- Discovery is not liquidity.
- Buyer/seller must conduct their own counterparty verification.
- Website visitor numbers are not transaction counts.
- There may be no principal willing to buy back the investor’s shares later.
10. Wealth Wisdom India Private Limited — WWIPL
Corporate identity
Legal entity: Wealth Wisdom India Private Limited
CIN: U67120MP2007PTC019234
Incorporated: 24 January 2007.
Current corporate records identify directors including:
- Pawan Jirati;
- Niresh Maheshwari;
- Mandeep Singh Dilawari;
- Chirag Patwari;
- Krishna Kumar Patwari;
- Ratish Chandra Gupta.
WWIPL describes itself as established in 2007 and has therefore operated for approximately 19 years as of 2026.
WWIPL Transaction Mechanics
Its FAQ provides relatively concrete transaction instructions.
Buying
The buyer:
- agrees the deal with WWIPL;
- supplies KYC documentation including PAN/Aadhaar and Client Master details;
- transfers money to WWIPL’s bank account;
- WWIPL transfers the securities to the investor’s NSDL/CDSL demat.
Typical settlement is represented as approximately 24–48 hours, subject to circumstances.
Selling
For a sale:
- the investor agrees quantity/price;
- supplies KYC and bank/demat information;
- transfers shares to WWIPL’s demat account;
- WWIPL states that seller payment follows, generally within 24 working hours.
This establishes a relatively clear principal/dealer relationship compared with platforms that merely make introductions.
Fees
WWIPL advertises:
0% brokerage / zero transaction charges
with a minimum investment starting around ₹5,000, as publicly represented as of 25 September 2026.
But investors must understand:
Zero brokerage does not mean zero transaction cost.
Suppose WWIPL quotes:
- Buy: ₹1,100
- Sell: ₹950
The economic spread is ₹150/share even though the brokerage line says zero.
The correct comparison is therefore the all-in buy/sell spread, not simply brokerage.
SEBI status
WWIPL itself states that it is not a SEBI-registered stockbroker and that its website is not a recognized stock exchange.
An additional nuance exists:
SEBI’s published Research Analyst application-status records during 2026 listed Wealth Wisdom India Private Limited’s Research Analyst application as “Under Process”, with an application date of 16 January 2026. It appeared as under process in multiple subsequent SEBI status publications.
An application under process is not a registration.
And even if an RA registration is ultimately granted, it would relate to research activity—not authorization of an electronic unlisted-share exchange.
Research infrastructure
WWIPL also maintains:
- company research;
- valuation information;
- financial ratios;
- annual reports;
- PRIMEX 40;
- unlisted-company data.
That gives it one of the more visibly developed research layers among the platforms reviewed.
Key advantages
- Long operating history.
- Low stated minimum investment.
- Clearly described buy/sell settlement process.
- Explicit zero-brokerage policy.
- Substantial research infrastructure.
Key limitations
- Investor still bears OTC counterparty risk.
- Zero brokerage may coexist with material bid/ask spread.
- Research Analyst application should not be misrepresented as a current registration.
- Some legacy informational material should be checked against current tax/regulatory law.
How the Actual Transaction Structures Differ
This is arguably more important than the platform’s brand name.
| Platform | Who normally sells? | Who receives buyer’s money? | Where are shares before purchase? | How do they reach buyer? | Later exit |
|---|---|---|---|---|---|
| 3Adeal | 3A/inventory or arranged counterparty; verify each deal | Transaction entity specified in deal | Dealer/counterparty demat | Off-market demat | Dealer/network |
| Altius | Altius | Altius | Altius proprietary book | DP ID/client ID off-market transfer | Altius attempts to find buyer |
| InCred Unlisted | Normally ETA Fintech unless otherwise stated | ETA/identified transaction counterparty | ETA/group inventory or transaction counterparty | Off-market demat | Quote/network dependent |
| Planify | Planify portfolio/referral/institution/other structure | Deal-specific Planify/transaction entity | Depends on product | Off-market demat | Matching/network |
| Precize | Third-party/deal-specific counterparty | Deal-specific; seller process describes escrow | Seller/counterparty demat | CDSL/NSDL off-market | Buyer matching |
| SharesCart | SharesCart or matched seller | SharesCart/transaction counterparty | SharesCart or third-party demat | Off-market | Outright sale or matched buyer |
| Stockify | Stockify/inventory in relevant deals | Transaction entity | Stockify/counterparty demat | Off-market | Stockify/private OTC transaction |
| Unlisted Assets | Inventory sourced from early investors/companies | Unlisted Assets/identified entity | Inventory/counterparty | Direct demat claimed | Buyer matching |
| UnlistedZone | Third-party seller | Third-party/deal counterparty | Seller’s demat | Bilateral off-market transfer | Third-party matching |
| WWIPL | WWIPL in published workflow | WWIPL bank account | WWIPL/counterparty demat | NSDL/CDSL transfer | Sell back/dealer network |
This table illustrates why saying:
“I bought the share from Platform X”
can be legally incomplete.
The platform may be:
- seller;
- buyer;
- broker-like introducer;
- inventory dealer;
- referral service;
- technology interface;
- escrow coordinator;
- or some combination of these.
NSDL/CDSL Settlement Does Not Mean Platform Approval
Another common misunderstanding is:
“The shares came into my CDSL account, so the platform must be CDSL approved.”
That conclusion is incorrect.
Almost anyone legally owning dematerialized securities may make an off-market transfer through their depository participant, subject to applicable rules and restrictions.
CDSL provides an official securities/ISIN search facility that investors can use to validate a security.
NSDL’s infrastructure similarly supports off-market instructions containing information such as:
- source client ID;
- target client ID;
- ISIN;
- quantity;
- consideration;
- transaction purpose.
The correct interpretation is:
The depository records the movement of securities. It does not necessarily validate the price, investment merit, platform or seller’s representations.
None of the ten platform entities should be assumed to be a CDSL/NSDL Depository Participant merely because its transactions ultimately settle in demat.
What Documents Should an Investor Receive?
For a properly documented unlisted-share transaction, expect some combination of:
- quotation/deal confirmation;
- legal seller identity;
- seller PAN/entity details where appropriate;
- invoice/deal slip;
- bank-payment confirmation;
- ISIN;
- quantity;
- agreed per-share price;
- total consideration;
- Client Master Report;
- demat transfer confirmation;
- beneficiary account statement;
- contract/agreement/LOI;
- tax documentation where applicable.
A simple WhatsApp message containing:
“Send ₹10 lakh here and NSE shares will come tomorrow”
is not satisfactory due diligence.
Popularity and Scale Analysis
This category is especially prone to misleading marketing.
Website visits, registered users, KYC users, paying investors and completed transactions are five different things.
The evidence found during this research is therefore classified below.
| Platform | Public scale metric | Classification | As-of / observation |
|---|---|---|---|
| SharesCart | 70,000+ platform users | Company-reported | Observed 25 Sep 2026 |
| SharesCart | ₹500 Cr+ transactions | Company-reported | Observed 25 Sep 2026 |
| SharesCart | 200+ unlisted companies | Company-reported | Observed 25 Sep 2026 |
| Planify | 10,000+ investors | Company-reported | Material reviewed 25 Sep 2026 |
| Planify | ₹150 Cr transaction value | Company-reported | Material reviewed 25 Sep 2026 |
| Planify | 250+ opportunities | Company-reported | Material reviewed 25 Sep 2026 |
| Altius | 8,000+ clients | Company-reported | Material reviewed 25 Sep 2026 |
| Altius | 300+ companies tracked | Company-reported | Material reviewed 25 Sep 2026 |
| Stockify | 5,000+ verified investors | Company-reported | Observed 25 Sep 2026 |
| Stockify | ₹2,000 Cr+ trades | Company-reported | Observed 25 Sep 2026 |
| Stockify | 100+ companies | Company-reported | Observed 25 Sep 2026 |
| UnlistedZone | 30 lakh+ visitors served | Company-reported traffic/reach — NOT customers | Observed 25 Sep 2026 |
| UnlistedZone | 3 lakh+ monthly visitors | Company-reported traffic estimate — NOT customers | Observed 25 Sep 2026 |
| UnlistedZone | 500+ shares tracked | Company-reported research coverage | Observed 25 Sep 2026 |
| 3Adeal | 100+ companies | Company-reported | Observed 25 Sep 2026 |
| Unlisted Assets | 200+ companies | Company-reported | Observed 25 Sep 2026 |
| WWIPL | 19+ years operating history | Corporate history / company-reported positioning | As of 2026 |
Website traffic
Reliable independently measured monthly-traffic figures were not consistently available across all ten businesses from equivalent sources.
For that reason, this study deliberately does not manufacture a traffic ranking by mixing:
- Similarweb estimates;
- SEO-tool estimates;
- Google results;
- company analytics;
- visitor counters.
UnlistedZone’s reported 3 lakh+ monthly visitors, for example, remains a company-reported traffic claim, not independently verified customer data.
Evidence-Based Distinctions
These are not rankings of investment safety.
They simply identify areas where the public evidence is relatively clear.
Longest operating legal entity
3A Financial Services — incorporated 1999
Among these ten identified operating companies, 3A Financial Services has the longest corporate history.
WWIPL, incorporated in 2007, also has a comparatively long operating record.
Corporate age, however, should never substitute for transaction-level due diligence.
Largest Publicly Disclosed User Count
SharesCart — 70,000+ platform users
This is the largest explicit “users” figure identified among the selected platforms.
It is company-reported, not independently audited, as of material reviewed on 25 September 2026.
UnlistedZone’s much larger 30-lakh figure refers to visitors served, so comparing the two directly would be misleading.
Broadest Publicly Claimed Research Coverage
UnlistedZone — 500+ shares tracked
This is a company-reported research-coverage metric, not proof that 500 securities are simultaneously available to transact.
Other broad disclosures include:
- Altius — 300+ tracked;
- Planify — 250+ opportunities;
- SharesCart — 200+ companies;
- Unlisted Assets — 200+;
- Stockify — 100+.
Definitions differ too much to construct a scientifically valid ranking.
Regulatory Credentials
There is no defensible “winner” for SEBI authorization of the unlisted-share marketplace itself.
That is because SEBI’s June 2026 position expressly warns that electronic platforms providing trading in unlisted public-company securities are not recognized/authorized in the manner a recognized exchange is.
Some businesses or related group companies may possess registrations for:
- stockbroking;
- bonds;
- mutual-fund distribution;
- insurance;
- research;
- other regulated activities.
Those registrations must be evaluated separately.
Most Explicitly Documented Sell Workflows
Rather than declaring one platform’s technology “strongest,” the public documentation permits a narrower conclusion.
SharesCart publishes one of the most detailed descriptions of alternative exit structures:
- outright purchase;
- best-effort matching;
- platform-demat route;
- token/commitment route.
WWIPL, Altius and Stockify also disclose relatively concrete counterparty/demat procedures.
Transparency about a process should not be interpreted as a guarantee of its safety or liquidity.
Most Explicit Zero-Brokerage Policy
WWIPL
WWIPL explicitly advertises zero brokerage / zero transaction charges.
Investors should still calculate the dealer’s bid/ask spread.
Research Offering
Among the reviewed platforms, WWIPL, UnlistedZone, SharesCart, Planify and Precize all maintain substantial private-company research ecosystems.
WWIPL’s publicly documented toolkit is particularly extensive, including:
- PRIMEX 40;
- financial ratios;
- company reports;
- annual reports;
- valuation/research tools.
UnlistedZone, meanwhile, claims the broadest tracked-share universe at 500+.
These are observations about the published research offering, not a judgment that the resulting research is necessarily more accurate.
Unlisted Shares and IPO Lock-In
Buying a pre-IPO security does not guarantee that it becomes immediately saleable after IPO.
Under the SEBI ICDR framework, pre-issue capital held by non-promoters is generally subject to a six-month lock-in from the date of IPO allotment, subject to specified categories and exceptions. SEBI continued to address the operational implementation of these lock-in provisions in 2025–26.
Therefore:
“IPO happened” does not necessarily mean “I can sell tomorrow.”
Investors need to verify the applicable lock-in for their specific holding.
Private Company Shares Need Additional Care
There is another important distinction:
Unlisted public limited company
Shares are unlisted but the entity is a public limited company.
Private limited company
Transferability may be restricted by:
- Articles of Association;
- shareholder agreements;
- Right of First Refusal;
- Right of First Offer;
- board approval;
- existing shareholder rights;
- company-level restrictions.
A demat credit alone should not be treated as proof that every contractual transfer condition has been satisfied.
NRI Investors: Extra Layer of Regulation
An NRI transaction is not simply:
“Platform accepts NRI KYC, therefore I can buy.”
Foreign-investment rules can impose:
- permitted/prohibited sectors;
- sectoral caps;
- entry routes;
- pricing rules;
- reporting;
- payment-channel requirements.
RBI’s foreign-investment framework requires, among other things, pricing compliance when securities of an unlisted Indian company move between residents and non-residents. For a resident-to-non-resident transfer, pricing generally cannot be below fair value determined using an internationally accepted valuation methodology, subject to applicable regulations. Non-resident-to-resident transactions face corresponding pricing constraints.
Reporting such as FC-TRS may also apply.
Among the platforms examined, Stockify provides explicit public evidence of an NRI sell process involving an NRO bank statement.
For the others, NRI capability should be considered case-by-case unless confirmed in writing for the exact transaction.
Taxation of Unlisted Shares in India
As of 25 September 2026, unlisted shares generally become long-term capital assets when held for more than 24 months.
For transfers occurring under the post-23 July 2024 regime, long-term capital gains are generally taxed at 12.5% without indexation, subject to taxpayer-specific provisions, surcharge, cess, residency and treaty considerations.
Short-term gains on unlisted shares generally fall under the applicable normal short-term capital-gains treatment rather than the concessional listed-equity STT regime.
Investors should use the current Income-tax Act rather than relying on an unlisted platform’s older FAQ: tax pages on private-market websites can remain online after legislation changes.
How to Verify an Unlisted Share Platform Before Sending Money
This checklist is more important than any “Top 10” list.
1. Identify the exact legal entity
Do not accept only a brand name.
Ask:
“What exact company am I contracting with?”
2. Verify the CIN on MCA
Go to MCA’s company master-data service and verify:
- company name;
- CIN;
- incorporation date;
- registered office;
- company status;
- directors;
- filing status.
If website, invoice and MCA records disagree, resolve the discrepancy first.
3. Verify every SEBI claim yourself
Search the exact legal entity in SEBI’s relevant intermediary database.
Check:
- registration number;
- intermediary category;
- validity;
- entity name.
Never accept merely:
“We are SEBI compliant.”
Ask:
“What is your SEBI registration number, and which exact activity does it authorize?”
4. Check exchange membership claims
If the company claims to be a broker/member, independently search:
- NSE;
- BSE;
- MSEI.
Confirm that the membership belongs to the same legal entity, not merely an affiliate.
5. Identify the legal seller
Ask:
“Whose demat account currently owns the shares?”
Possible answers include:
- platform itself;
- promoter;
- employee;
- ESOP holder;
- early investor;
- fund;
- family office;
- other third-party seller.
This should be known before payment.
6. Verify the ISIN
Never buy merely on company name.
Confirm:
- issuer name;
- ISIN;
- security class;
- face value;
- partly/fully paid status where relevant.
CDSL maintains an official searchable securities/ISIN facility.
7. Verify the share class
The company may have:
- equity shares;
- preference shares;
- CCPS;
- CCDs;
- differential-voting shares;
- employee shares.
“XYZ company shares” is not precise enough.
8. Verify legal ownership
Request evidence that the seller actually possesses the shares.
For larger transactions, consider requesting:
- recent demat holding statement;
- masked proof of beneficial ownership;
- corporate authorization if seller is a company.
9. Verify the bank-account beneficiary
The beneficiary should match the contractual counterparty or clearly documented escrow structure.
A major warning sign is:
Company invoice + payment to unrelated individual’s savings account.
10. Understand whether escrow is genuine
If a platform says “escrow”:
ask for:
- escrow bank;
- escrow account owner;
- escrow agreement;
- release conditions.
“Escrow” is not a magic investor-protection word.
11. Insist on written transaction documentation
At minimum:
- company/security;
- ISIN;
- quantity;
- per-share price;
- total consideration;
- fees;
- taxes;
- expected settlement;
- seller;
- buyer;
- cancellation/refund conditions.
12. Calculate the bid/ask spread
Ask the platform simultaneously:
“At what price will you sell me 1,000 shares today?”
and:
“At what price will you buy 1,000 shares from me today?”
Example:
Buy quote: ₹1,200
Sell quote: ₹1,020
Effective immediate liquidity discount:
₹180 / ₹1,200 = 15%
A platform charging “zero brokerage” can still be expensive.
13. Compare valuation with company fundamentals
Determine:
- implied market capitalization;
- revenue;
- EBITDA;
- PAT;
- book value;
- outstanding shares;
- recent primary funding valuation;
- recent secondary transaction valuation;
- listed peer multiples.
A cheap-looking ₹100 share can represent an extremely expensive company.
14. Check transfer restrictions
Review:
- Articles of Association;
- shareholder agreement where available;
- ROFR;
- ROFO;
- board consent;
- lock-ins;
- ESOP restrictions.
Particularly important for private limited companies.
15. Check future IPO lock-in
For genuine pre-IPO securities, determine whether your shares would be locked following listing.
Do this before buying, not on IPO day.
16. Understand the exit mechanism
Ask:
“If I need ₹20 lakh in seven days, who will buy my shares?”
Possible answers:
- platform guarantees buyback;
- platform may buy from inventory;
- platform will seek another investor;
- investor must independently find a buyer.
Those are radically different liquidity profiles.
17. Check regulatory warnings
Search:
- SEBI orders;
- SEBI press releases;
- RBI warnings where applicable;
- MCA filings;
- NCLT;
- High Court/Supreme Court databases;
- exchange disciplinary actions.
SEBI’s June 2026 warning should be considered baseline reading before using any electronic unlisted-share platform.
18. Search litigation and complaints by legal entity
Do not search only:
“PlatformName scam”
Search the actual legal company name.
For example:
"XYZ Private Limited" SEBI order
"XYZ Private Limited" NCLT
"XYZ Private Limited" complaint
This frequently produces very different results.
19. Never confuse reviews with financial safety
Google reviews, testimonials and YouTube videos can help assess:
- service quality;
- responsiveness;
- settlement delays.
They cannot establish:
- solvency;
- legal title;
- regulatory authorization;
- custody safety.
20. Start with a settlement-size test
For an unfamiliar intermediary, an investor considering a very large transaction may first independently verify the entire cycle with a much smaller legitimate transaction:
- payment;
- invoice;
- demat credit;
- ISIN;
- ownership statement;
- documentation.
This does not eliminate risk, but it can expose operational problems before a much larger transfer.
Red Flags That Should Stop a Transaction
Be especially careful if a platform or salesperson:
- refuses to disclose the legal seller;
- asks for payment to an unrelated personal bank account;
- will not provide its CIN;
- calls itself “SEBI approved” without an exact registration;
- claims CDSL/NSDL “approval” merely because it uses demat;
- guarantees an IPO date;
- guarantees returns;
- guarantees listing gains;
- refuses to provide the ISIN;
- cannot explain the share class;
- quotes only a buy price and refuses to provide a sell price;
- promises guaranteed liquidity without a contractual mechanism;
- pressures the investor to pay immediately;
- offers an implausibly large discount versus the market;
- provides inconsistent entity names between bank account, invoice and website.
A Better Way to Compare Two Unlisted Platforms
Suppose Platform A quotes:
NSE share: ₹2,000
and Platform B quotes:
NSE share: ₹1,950
Do not automatically choose B.
First compare:
| Check | Platform A | Platform B |
|---|---|---|
| Buy price | ₹2,000 | ₹1,950 |
| Immediate sell quote | ₹1,880 | ₹1,650 |
| Spread | 6% | 15.4% |
| Seller disclosed | Yes | No |
| Shares already held | Yes | “Arranged after payment” |
| Settlement | T+1 | 3–5 days |
| Bank beneficiary matches contract | Yes | Unclear |
| Invoice | Yes | WhatsApp only |
| Exit facility | Dealer quote | Buyer matching |
| ISIN confirmed | Yes | Yes |
The apparently cheaper platform can easily be the economically weaker transaction.
What “Pre-IPO” Really Means
“Pre-IPO” is one of the most abused expressions in this market.
It can mean:
Stage 1 — IPO formally underway
The company has filed a DRHP.
Stage 2 — IPO planning
The company has appointed bankers or publicly announced plans.
Stage 3 — IPO possible someday
Management has discussed listing.
Stage 4 — Pure marketing
A dealer simply labels a popular private company “pre-IPO.”
Therefore:
Never assign an IPO premium merely because a dealer uses the phrase “pre-IPO.”
Check SEBI’s filings yourself.
Platform-by-Platform Regulatory Snapshot
| Platform | Unlisted marketplace itself SEBI-authorized/recognized? | Separate regulatory fact worth knowing |
|---|---|---|
| 3Adeal | No authorization established in this review | Corporate entity dates to 1999 |
| Altius | No; terms explicitly say not a recognized exchange | Proprietary-book seller model |
| InCred Unlisted | No authorization established for ETA/Alpha marketplace | Other InCred entities have separate regulated businesses; do not conflate |
| Planify | No; expressly not recognized exchange | Other product registrations do not authorize unlisted exchange |
| Precize | No; says not broker/IA/RA | Pazago/Propaze roles must be differentiated |
| SharesCart | No marketplace authorization established | Check exact entity behind any regulatory claim |
| Stockify | No; expressly says not broker/IA/RA | Current transaction positioning is offline/private |
| Unlisted Assets | No authorization established | Transaction entity/CIN should be reconciled with current legal docs |
| UnlistedZone | No; explicitly disclosed | Current model emphasizes buyer/seller connection |
| WWIPL | No; not registered stockbroker | Research Analyst application was under process during 2026, not equivalent to registration |
Final Assessment
India now has a meaningful ecosystem for accessing unlisted and pre-IPO shares, but it remains fundamentally different from exchange trading.
The ten significant active intermediaries examined here represent several distinct business models:
Principal/inventory dealers
Examples include models documented by:
- Altius;
- WWIPL;
- InCred Unlisted;
- SharesCart in certain transactions;
- Stockify in certain transactions.
Inventory plus matching
Examples include:
- Unlisted Assets;
- Planify;
- SharesCart.
Buyer/seller connection
UnlistedZone’s current positioning is particularly explicit about operating primarily as an informational/connectivity platform rather than an authorized securities exchange.
Digital facilitation/escrow-style matching
Precize describes this kind of structure for parts of its sell process.
None of these models should automatically be regarded as better merely because of the label.
The critical questions remain:
Who owns the share?
Who is selling it to me?
Who receives my money?
What ISIN will be delivered?
What legal entity is on my contract?
What is the true bid/ask spread?
How will I get out?
What protection do I have if settlement fails?
And, following SEBI’s 17 June 2026 warning, investors should operate on the assumption that an electronic unlisted-share website does not provide the same regulatory and investor-protection framework as trading through a recognized stock exchange.
That does not mean every unlisted transaction is illegitimate.
It means the due diligence burden is substantially greater.
Bottom-Line Evidence Summary
Based strictly on publicly supportable evidence reviewed through 25 September 2026:
- Longest operating legal entity: 3A Financial Services — incorporated 1999.
- Largest disclosed platform-user count: SharesCart — 70,000+ users, company-reported, not independently audited.
- Largest disclosed visitor/reach metric: UnlistedZone — 30 lakh+ cumulative visitors and 3 lakh+ monthly, company-reported website traffic, not customers.
- Broadest claimed share-research coverage: UnlistedZone — 500+ tracked shares, company-reported.
- Most explicit zero-brokerage policy among those reviewed: WWIPL — 0% brokerage/transaction charge claimed; bid/ask spread must still be evaluated.
- Most detailed publicly documented alternative sell workflows: SharesCart.
- Most explicitly documented proprietary-book purchase model: Altius.
- Clearly documented NRI sell-side process: Stockify, including NRO bank documentation.
- Notable research infrastructures: WWIPL, UnlistedZone, Planify, SharesCart and Precize.
- SEBI-authorized unlisted electronic marketplace: No such conclusion is supportable for any of the ten platforms reviewed.
That final distinction is the single most important finding of this research.
MCA registration is not SEBI registration.
SEBI registration for one activity is not approval of another activity.
Demat settlement is not platform approval.
“Pre-IPO” is not an IPO guarantee.
And website popularity is not investor protection.